Devon Energy was one of three leading U.S. oil and natural producing companies to announce the joining of a partnership to improve their transparency in methane emissions reporting, an announcement that was hailed by one environmental group. It was also a sign of the growing power of the ESG movement.
Devon along with Pioneer Natural Resources Company and ConocoPhillips joined the Oil and Gas Methane Partnership 2.0 Initiative. The initiative’s mission is to improve the industry’s transparency in methane emissions reporting and encourage progress in reducing those emissions.
“Deployment of advanced methane detection technology and enhanced transparency are key components to Devon’s broader emission reduction strategy, including our aim to achieve net zero GHG emissions for Scopes 1 and 2 by 2050,” said Rick Muncrief, President and CEO, Devon Energy.
“We believe that collaboration and collective efforts are needed to advance meaningful change at a fast pace, and are excited to be joining OGMP 2.0 with our industry peers that share Devon’s intention of delivering energy to the world while reducing our impact on the environment.”
The announcement said that the companies’ membership in OGMP 2.0 demonstrates their commitments to reducing methane emissions and meeting U.S. and global energy demand with reliable and responsibly sourced production.
“Reducing greenhouse gas emissions, including methane, is an important priority for ConocoPhillips, and we are pleased to join industry members and stakeholders to advance this important area of emissions management,” said Ryan Lance, ConocoPhillips Chairman and Chief Executive Officer. “We believe that applying the rigorous OGMP 2.0 reporting standard across our global assets will be a vital step on our path to net-zero operational emissions by mid-century.”
“With Pioneer, Devon and ConocoPhillips joining OGMP 2.0, we have significantly increased the participation of U.S.-based companies,” said Giulia Ferrini, OGMP 2.0 Manager at UNEP. “We hope their membership encourages others to join this global effort aimed at improving methane emissions measurement and transparency, thereby supporting the goals of the Paris Agreement and the Global Methane Pledge.”
The move also brought praise from at least one environmental group, the Environmental Defense Fund.
“All eyes today are on the oil and gas industry. Stakeholders are demanding real, robust emissions data that they can trust,” said Mark Brownstein Senior Vice President for Energy at the fund.
“Cutting methane emissions is the simplest, fastest way to help meet our energy and climate goals, even as the world moves forward on long term decarbonization. Solutions exist for companies to cut emissions quickly and cost-effectively. OGMP provides a comprehensive and transparent framework to see and compare their results.”
The OGMP 2.0 Initiative is a voluntary, public-private partnership between the United Nations Environment Programme, the European Commission, the Environmental Defense Fund and over 80 oil and gas companies aimed at minimizing methane emissions from global oil and gas operations. Its work has helped to raise awareness of methane emissions and contributed to the growing priority of mitigation activities.