South Korea joins global methane pledge

  • : Electricity, Emissions
  • 21/11/01

South Korea is committed to lowering methane emissions by 30pc by 2030 from 2020 levels as it joins the "global methane pledge," President Moon Jae-in said at the UN Cop 26 climate conference today.

The initiative to reduce global methane emissions by 2030 was launched by the US and EU in September, under which so far 30 countries have agreed to reduce their methane emissions by 30pc by 2030 .

"Methane, a much more potent greenhouse gas than CO2, holds the key to tackling the climate crisis", Moon said, answering calls to step up emission cuts to meet the 2050 net zero target.

Moon also emphasised the need to reduce the use of coal to phase it out entirely by 2050, with eight coal-fired power plants already having been decommissioned earlier than scheduled since the launch of his government. He added that two more plants will be shut down before year-end.

Moon reaffirmed the country's commitment to raise its greenhouse gas emission reduction target to 40pc by 2030, calling it a "bold" and "herculean task" that demands steep emission cuts over a short time period. The country had previously envisaged emission reduction cuts of 26pc over the same period.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

24/06/18

Mexico GHG program still in limbo: MexiCO2

Mexico GHG program still in limbo: MexiCO2

Houston, 18 June (Argus) — Despite Mexico's election of a new president with a background in climate science, it is not clear if the new leadership will revive a stalled national emission trading system (ETS), according to one of the country's top carbon market advocates. President-elect Claudia Sheinbaum, the candidate for the ruling Morena party, won the 2 June election to succeed President Andrés Manuel López Obrador. But it is unclear, ahead of her inauguration on 1 October where Sheinbaum will land on wrangling the emissions program and the country's climate commitments and goals, says Eduardo Piquero, chief executive of MexiCO2, a carbon market advocate and a subsidiary of Mexico's stock exchange. "The only hint we've had so far is during some presidential debates, she mentioned she was very keen on climate change and was going to act on Mexico's commitment," Piquero said. Mexico launched a pilot ETS in 2020, with plans to launch a formal national program in 2022. The pilot-phase covered facilities in the energy and industrial sectors that emitted more than 100,000 metric tonnes of CO2 per year, which received allowances at no cost. More than two years after the expected launch of a national market, a formal rollout remains in limbo, primarily because of a lack of action by the government under López Obrador, who Piquero credits with dismantling much of the program along with Mexican environment ministry Semarnat, which oversaw the program. Putting the program and Semarnat back together could take between 2-3 years, Piquero says. Sheinbaum, the former mayor of Mexico City and a climate scientist, has not yet said what her plans are, if any, for a federal emissions trading scheme. A federal ETS will also require new legislation, given the pilot expired after 36 months, and regulators will need to convince major covered participants such as state-owned oil and gas company Pemex and power producer CFE to take part in the official program. The government will also need to reconcile how the ETS will work with the country's state and local programs, such as state carbon taxes in Durango, Guanajuato, San Luis Potosi, Querétaro, Zacatecas, Tamaulipas, and Estado de México, along with others in-development. Currently, Mexico has a goal of a 35pc reduction in greenhouse gas (GHG) emissions by 2030 from a 2000 baseline. Despite a lack of policy specifics, Sheinbaum pledged to deliver on commitments of her predecessor for items like infrastructure development in southeast Mexico for new natural gas and gas-fired power generation — moves that may not support resumption of the ETS and limiting the nation's emissions. "The only way Mexico can measure and control its emissions is through an ETS," Piquero said. Sheinbaum is set to announce government appointments this week, which would include her choice to head Semarnat, a choice that will color discussions on the future for the ETS program. Piquero expects the job will go to one of two candidates: Marina Robles García, secretary of the environment of Mexico City, or Jose Luis Samaniego, a division chief with the UN Economic Commission for Latin America and the Caribbean. By Denise Cathey Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Phillips 66 targets high Rodeo runs


24/06/18
24/06/18

Phillips 66 targets high Rodeo runs

Houston, 18 June (Argus) — Low-carbon feedstock and sustainable aviation fuel (SAF) opportunities will support strong run rates from Phillips 66's converted renewables plant in Rodeo, California, this year, chief executive Mark Lashier said today. The outlook heralded a high output from the converted Rodeo refinery ramping up toward 50,000 b/d of renewable diesel capacity by the end of this month, despite historic lows in state and federal incentives for the fuel. "Where we are today, economically, yes, the credits are kind of compressed, but feedstocks are lower than we anticipated as well," Lashier told the JP Morgan Energy, Power & Renewables conference. "We still see good economic incentives to run and run full." The US independent refiner had started up pre-treatment units at the plant to begin processing lower-carbon feedstocks for renewable diesel in July and August, he said, consistent with previous guidance. "That's how you really make money in these assets — you get the lowest-carbon intensity feedstocks at the best value and process them through the hydrocrackers," Lashier said. " The facility would also bring online 10,000 b/d of renewable jet fuel blendstock production supporting 20,000 b/d of blended sustainable aviation fuel, a product Phillips 66 had not targeted in the initial concept for the site, he said. Both state and federal incentives to supply renewable diesel along the west coast have fallen as the fuel inundates those markets. Renewable diesel alone made up roughly 57pc of California's liquid diesel pool and generated 40pc of the Low Carbon Fuel Standard (LCFS) credits in the state's market-based transportation fuel carbon reduction program by the end of last year. The supply of lower-carbon fuels, led by renewable diesel, to the west coast LCFS markets have outstripped demand for deficit-generating petroleum fuels and led to growing reserves of available credits for compliance. California amassed more than 23mn metric tonnes of credits by the end of last year — more than enough left over after satisfying all of the new deficits generated last year to offset them a second time. The volume of unused credits has sent their price tumbling to nine-year lows. Oregon and Washington credits, which are needed for similar but distinct programs in those states, have similarly dropped as renewable diesel supplies spread out along the west coast. Gasoline consumption generates almost all new deficits in California. Year-over-year demand for the fuel nationwide has fallen below expectations this spring, Lashier said. "We are not really seeing things pick up like a lot of us expected to," he said. Lower-income customers struggling with higher costs on everything they buy may have forgone vacations, he said. The drop in broader buying power meanwhile had rippled through diesel consumption, he said. "As we move towards more expensive energy sources, that's the part of the economy that gets squeezed as well," Lashier said. "Hopefully we move through that and reverse and that part of the economy can pick up as well as the higher end of the economy." By Elliott Blackburn Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Amtrak used 1.2mn USG renewable diesel in 2023


24/06/18
24/06/18

Amtrak used 1.2mn USG renewable diesel in 2023

New York, 18 June (Argus) — US passenger rail service Amtrak used 1.2mn USG of renewable diesel in fiscal year 2023, up from zero the prior year, as the company balances near-term climate targets with goals to increase ridership. Amtrak started using renewable diesel on its Capitol Corridor, San Joaquin, and Pacific Surfliner intercity passenger lines in California during the fiscal year that ended September 2023. Renewable diesel accounted for about 2pc of the company's diesel use over that period, according to a sustainability report Amtrak released this week. The rail service's petroleum diesel use rose by about 6pc year-over-year, reflecting increases in ridership as travel recovers from the coronavirus pandemic. Scope 1 emissions, which come from Amtrak's direct operations and which mostly include burning diesel fuel, were up by more than 3pc from fiscal year 2022. While Amtrak's highly traveled Northeast Corridor is electrified, most of its lines rely on diesel-fueled locomotives. The company plans to replace diesel-powered engines over the long term but says it expects to use renewable diesel as a stopgap solution in the short term and is aiming for the biofuel to become its "main fuel source" for its diesel-powered engines. While the 2022 sustainability report made passing reference to biodiesel — a separate biofuel that can be blended at smaller volumes with petroleum diesel than renewable diesel — the 2023 report only mentions efforts to scale up use of renewable diesel. Amtrak has a goal of curbing greenhouse gas emissions by 40pc from a 2010 baseline by 2030 and achieving net-zero emissions by 2045. Most renewable diesel in the US is consumed in California, which has a low-carbon fuel standard that incentivizes the use of lower-carbon fuels. By Cole Martin Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Ecuador cuts power as heavy rains hurt hydro


24/06/18
24/06/18

Ecuador cuts power as heavy rains hurt hydro

Quito, 18 June (Argus) — Ecuador restarted daily two-hour power outages this week across the country because of issues in the 1.5GW Coca-Codo Sinclaire, 156MW Agoyan and 230MW San Francisco hydroelectric plants. Heavy rainfalls near Coca-Codo Sinclair have increased sediments in the Coca river that feeds the plant, forcing six of its eight turbines out of operation. The plant is the largest generator in the country and is in the provinces of Napo and Sucumbios, in the northeast of the country. In addition, Agoyan's engine house flooded also because of the massive rainfalls and landslides in the central highlands of the country where the plant is located. And the San Francisco plant, downstream of Agoyan, stopped generating as well because it uses the same water supply as Agoyan. Ecuador has lost about 1.5GW-1.9GW of power capacity in recent days because of these issues and 400MW of power capacity available for imports from its northern neighbor Colombia were not enough to prevent the need for rolling outages. The energy ministry will update its plans for outages this week based on the status of the three hydroelectric plants. Ecuador implemented 2–8-hour blackouts for 12 days from 16-30 April because of a lack of rain in the main hydroelectric plants after dry conditions also led to 35 days of blackouts from October-December 2023. By Alberto Araujo Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Iran rebukes G7 over nuclear warning: Update


24/06/17
24/06/17

Iran rebukes G7 over nuclear warning: Update

Adds quotes from IAEA director general Dubai, 17 June (Argus) — Iran's foreign ministry has called on the G7 to distance itself from "destructive policies of the past" after the group issued a statement condemning Tehran's recent nuclear programme escalation. "Unfortunately, some countries, driven by political motives and by resorting to baseless and unproven claims, attempt to continue their failed and ineffective policy of imposing and maintaining sanctions against the Iranian nation," the foreign ministry's spokesperson Nasser Kanaani said on 16 June. Kanaani advised the G7 "to learn from past experiences and distance itself from destructive past policies". His comments were in response to a joint statement from G7 leaders on 14 June warning Iran against advancing its nuclear enrichment programme. The leaders said they would be ready to enforce new measures if Tehran were to transfer ballistic missiles to Russia. The G7's reference to Iran comes on the heels of a new resolution passed by the board of governors of the UN's nuclear watchdog the IAEA . The resolution calls on Iran to step up co-operation and reverse its decision to restrict the agency access to nuclear facilities by de-designating inspectors. Kanaani said "any attempt to link the war in Ukraine to the bilateral co-operation between Iran and Russia is an act with only biased political goals", adding that some countries are "resorting to false claims to continue sanctions" against Iran. Tehran will continue its "constructive interaction and technical co-operation" with the IAEA, Kanaani said. But the agency's resolution is "politically biased", he said. Not an "anti-Iran" policy In an interview with the Russian daily newspaper Izvestia published today, IAEA director general Rafael Grossi refused claims of political bias. "We do co-operate with Iran. I don't deny this. This is important for inspection. My Iranian colleagues often say that Iran is the most inspected country in the world. Well, it is, and for good reason. But this is not enough," Grossi said, adding that the IAEA does not adhere to an "anti-Iran policy". Grossi also stressed the need for countries to return to diplomacy with Iran, while expressing concerns over the expansion of its nuclear programme. "Russia plays a very important role in this diplomacy, trying to keep the Iranian programme within a predictable and peaceful framework. But again, everything needs to be controlled," he said. The IAEA's new resolution and the reference to Iran in the G7 statement could be the start of a more concerted effort to raise pressure on Tehran over its nuclear programme. "What is happening right now is the process of accumulation of resolutions, so that when the day comes and the IAEA makes a referral to the UN Security Council, there will be enough resolutions to make a case for action at the security council level," a diplomatic source told Argus . Iran is enriching uranium to as high as 60pc purity. Near 90pc is considered to be weapons grade, according to the IAEA. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more