TOKYO, Oct.5 (Reuters) – The state-run Japan Oil, Gas and Metals National Corp (JOGMEC) will develop a global standard to measure greenhouse gas emissions in the liquefied natural gas industry ( LNG), said a senior official at Japan’s Industry Ministry. Tuesday.
The LNG industry faces increasing pressure to reduce greenhouse gas emissions, including methane, in order to tackle climate change, but calculation methods vary by country and company.
“JOGMEC will develop a simple and very precise methodology to calculate GHG emissions in the LNG value chain,” Shin Hosaka, Commissioner at the Natural Resources and Energy Agency (ANRE), said at a conference LNG producers-consumers.
The company aims to verify the methodology using actual data from LNG plants in the near future, he added. ANRE is a division of the Ministry of Economy, Trade and Industry.
The methodology will be internationally comparable to promote emission reductions at every phase of LNG production and distribution, a ministry official said, and aims to make new developments cleaner, so that new ones projects can obtain funding.
“LNG is an important resource for the energy transition in Japan and Asia, and it needs to be developed and used in a cleaner way,” Hosaka said.
In less than a year and a half, spot LNG prices have gone from record lows to record highs, with the market initially shaken by the impact of the pandemic and now unable to keep up with a global recovery in the market. demand. Read more
Hosaka said the tightening of the Asian LNG market in January and the recent surge in LNG prices underscored the fact that declining investment in production had made the gas market unstable.
Reporting by Yuka Obayashi; Editing by Jan Harvey
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