OGMP 2.0 membership offers various benefits that can be tailored by member companies when engaging stakeholders.
- The Climate Imperative
- Methane emissions from human activity drive roughly one-third of the warming being experienced on our planet today.
- Slashing methane emissions is the single fastest way to tackle climate change in the short-term and move towards a net-zero world.
- Methane reductions are critical in any decarbonization scenario and offer significant co-benefits for public health, economic livelihoods and energy security.
- By joining OGMP 2.0, companies demonstrate their support to global and national climate efforts under Paris Agreement and the Global Methane Pledge, signed by over 155 countries with a collective goal to reduce global emissions by 30% by 2030.
- Informed Mitigation
- Higher quality emissions data allows operators to better understand and characterize methane emissions in their operations, helping them allocate capital to the most impactful and cost-effective mitigation opportunities.
- The more we measure, the more we find: measurement-based data is enabling mitigation by identifying unaccounted sources of emissions.
- The goal is to enable the oil and gas industry to realize deep reductions in methane emissions over the next decade in a way that is transparent to civil society, governments, and investors.
- Community of Practice
- OGMP 2.0 offers an unprecedented and trusted platform for peer learning and experience sharing between industry’s experts from over 150 member companies to accelerate the collective progress towards better methane management and targeted mitigation.
- Knowledge and experience sharing opportunities include:
- Mentoring Programme matching new members with more experiences ones with similar operations and working in similar geographies
- Asset Manager Network to directly engage with facility managers who have agency to take concrete and rapid action to reduce methane emissions on the ground.
- Annual in person Implementation Conference gathering company and non-company members, as well as partners from governments and academia, sharing lessons learnt, as well as scientific and regulatory insights.
- Regular online experience sharing workshops on key technical topic identified together with member companies to support their reporting and mitigation efforts.
- Teaming up on complex topics and jointly developing all technical guidance documents.
- Credibility and Trust
- Joining OGMP 2.0 provides confidence to regulators, investors and the general public that member companies manage their emissions in a transparent and responsible way, and progress towards announced methane reduction targets.
- For example, institutional investors and banks see OGMP 2.0 Gold Standard as a binary indicator of companies’ methane performance, risk management and disclosure.
- Federated Hermes, Blackrock, UBS, Legal & General, and JP Morgan, alongside groups including the $10 trillion Net Zero Asset Owner Alliance and IIGCC’s Oil and Gas Net Zero Standard have all stated support for OGMP 2.0 Framework.
- Preparedness for Regulation
- Due to its growing global coverage and improving data quality, the OGMP 2.0 is increasingly recognized as the global standard for the Monitoring, Reporting and Verification (MRV) of methane emissions in the oil and gas sector.
- For example, it serves as the basis for the EU Methane Regulation that also requires external producers of oil and gas imported into the EU to report in line with OGMP2.0 Level 5 reporting.
- Other governments around the world are looking at OGMP 2.0 to inform their methane policies and regulations. OGMP 2.0 reporting framework helps companies prepare for compliance with emerging methane legislations.
- Access to rapid alerts of major methane emissions through the Methane Alert and Response System (MARS)
- MARS is a service that is meant to help stakeholders identify opportunities for mitigation and track progress towards reducing these emissions.
- MARS uses data from more than 12 satellite missions – which is the greatest number of any satellite data provider. It is also the only existing system providing systematic and direct notifications to relevant stakeholders.
- The best way for operators to access this satellite data is to join OGMP 2.0. Member companies benefit from privileged, direct access to MARS notifications to allow for swift mitigation action on the ground. Non-member companies receive notifications through their governments and joint-venture partners.
- MARS’ goal is not to name and shame – information provided by MARS helps stakeholders quickly identify important priorities for mitigation and credibly demonstrate action they have taken to reduce emissions.
- All leading oil and gas companies should engage with MARS notifications. The super emitting events detected by MARS represent a clear and transparent indicator of methane emissions, as well as signal a key opportunity to target mitigation action. While there are cases where mitigation may not be possible quickly, non-response is not an option.
- OGMP 2.0 member companies consistently demonstrate the highest response rate to MARS notifications. This further reinforces the important role of OGMP 2.0 in promoting best practices on methane emissions management.
- Market and Finance Access
- Methane emissions are a wasted resource, responsible for about $30 billion in lost product every year.1
- Future border adjustment taxes will favour low methane intensity oil and gas exports – demonstrable through OGMP 2.0 Gold Standard.
- OGMP 2.0 has seen greater engagement from major buying markets such as Korea and Japan with interest in transparent emissions disclosure to inform purchasing decisions.
- IMEO and OGMP 2.0 are collaborating with the methane emission reduction initiative (CLEAN) launched by Korea Gas Corporation (KOGAS) and JERA in 2023 to reduce emissions along LNG value chain. CLEAN is a powerful signal from a major buying market on the market benefits of low methane gas demonstrable through empirical data.
- OGMP 2.0 membership is required to access funding from World Bank’s Global Flaring and Methane Reduction Partnership (GFMR).
- Flexibility
- OMGP 2.0 meets companies where they are on their methane journey, allowing for more rigorous and accurate methane emissions reporting to inform mitigation.
- Materiality rules enable companies to focus on most material sources of methane emissions in their mitigation strategies.
- Gold Standard (Pathway or Reporting) is an aspiration rather than a requirement –companies may aspire to achieve it, however not achieving it does not entail the loss of membership.