An Open Letter to Oil and Gas Executives
Why your company risks losing its competitive edge to methane emissions
We understand – you’ve got a big job on your hands.
You’re under pressure from all sides: regulators, investors, and consumers, all clamouring for you to demonstrate that you’re taking steps to reduce your environmental impact, as soon as you can.
But you can’t seem to get your business to act fast enough.
Very few people understand how many stakeholders you have to answer to or the complex business you need to manage – but when it comes to reducing methane emissions, you know that the endgame is inevitable, and procrastination will only cost you credibility.
We know you realise this is not just an inconvenience: our sea levels are rising, our droughts are becoming more severe, our forests are burning, and our storms are becoming more extreme. These impacts are happening in real time, and it is going to get much worse – methane emissions from the oil and gas sector currently represent a huge 10% of global GHG emissions.
We want to help you get there – but you need to help us move to a transparent market.
MiQ is focused on a third way. Our #MethaneMission creates the sweet spot between regulation and voluntary company action – differentiating producers based on their methane emissions performance, and incentivising businesses to improve, simply because it makes good climate – and business – sense.
Our not-for-profit gas certification system was set up just a year ago, and we’re already certifying a massive 1.8% of the world’s total gas production.
To put it into perspective, that’s 13% of the whole EU’s annual gas consumption.
The aim of our #MethaneMission is to certify 100% of global production in the quickest time possible. In the long run, our certification standard will drive simplification, achieve faster (and cheaper) reductions in emissions, and help drive a market for low-emissions gas that rewards clean producers.
Many producers, including EQT Corp, Northeast Natural Energy, Chesapeake, and ExxonMobil – who are already having some facilities go under MiQ certification – are racing to get their natural gas MiQ certified because they recognise it’s not just good climate sense – it’s what their customers want too.
COP26 is an important milestone in the fight against climate change, but it’s just one step on a very long journey. Time is running out for the world to avoid catastrophe and, as the IPCC report made clear, on methane emissions there’s no excuse for inaction any longer.
Join our #MethaneMission and become a leader in the global drive to reduce methane emissions from oil and gas – before your competitors do.
MiQ’s Year in Review:
- March 2020: RMI and SYSTEMIQ join forces to address methane emissions from oil and gas
- April 2020: Pavilion ask LNG sellers to quantify GHG emissions
- October 2020: EU publishes Methane Strategy
- October 2020: Engie halts commitment to LNG import contract worth $7bn over concerns about GHG emissions
- November 2020: MiQ launches
- February 2021: MiQ webinar: Differentiating the Global Gas Market
- April 2021: EQT announces commitment to seek certification under EO and MiQ Standards
- April 2021: Northeast Natural Energy announces it will seek certification under MiQ and EO100 Standards
- May 2021: MiQ announces development of standard to drive down methane emissions from LNG
- June 2021: MiQ announces collaboration with the Green Certificate Company to build its Digital Registry
- July 2021: Chesapeake Energy announces new collaboration with MiQ and Equitable Origin
- August 2021: MiQ hosts North American Buyers workshop
- August 2021: MiQ Digital Registry launches
- September 2021: IPCC report published
- September 2021: ExxonMobil announces it will certify natural gas using MiQ Standardat Poker Lake, Permian
- October 2021: MiQ LNG Standard launched and MiQ hosts webinar on methane emissions in LNG
- October 2021: MiQ and the 3rd party auditors have successfully completed several facility audits, ready for issuing certificates in November.
- November 2021: First MiQ certificates expected in the MiQ Digital Registry