《國際能源署（IEA）：為減少石油和天然氣甲烷排放融資（2023）（英文版）（31頁）.pdf》由會員分享，可在線閱讀，更多相關《國際能源署（IEA）：為減少石油和天然氣甲烷排放融資（2023）（英文版）（31頁）.pdf（31頁珍藏版）》請在三個皮匠報告上搜索。

1、Financing Reductions in Oil and Gas Methane EmissionsA World Energy Outlook Special Report on the Oil and Gas Industry and COP28The IEA examines the full spectrum of energy issues including oil,gas and coal supply and demand,renewable energy technologies,electricity markets,energy efficiency,access

2、to energy,demand side management and much more.Through its work,the IEA advocates policies that will enhance the reliability,affordability and sustainability of energy in its 31 member countries,11 association countries and beyond.This publication and any map included herein are without prejudice to

3、 the status of or sovereignty over any territory,to the delimitation of international frontiers and boundaries and to the name of any territory,city or area.Source:IEA.International Energy Agency Website:www.iea.orgIEA member countries:AustraliaAustriaBelgiumCanadaCzech RepublicDenmarkEstoniaFinland

4、FranceGermanyGreeceHungaryIrelandItalyJapanKoreaLithuaniaLuxembourgMexicoNetherlandsNew ZealandNorwayPolandPortugalSlovak RepublicSpainSwedenSwitzerlandRepublic of TrkiyeUnited KingdomUnited StatesThe European Commission also participates in the work of the IEAIEA association countries:ArgentinaBraz

5、ilChinaEgyptIndiaIndonesiaMoroccoSingaporeSouth AfricaThailandUkraineINTERNATIONAL ENERGYAGENCYFinancing methane emissions reductions PAGE|2 I EA.CC BY 4.0.Abstract The oil and gas industry has some of the best and most cost-effective opportunities to reduce methane emissions.The potential to do so

6、is clear.Some countries and companies have already demonstrated that achieving near-zero emissions from oil and gas operations is technically and economically possible.There are a growing number of initiatives,policies and regulations aiming to reduce emissions globally,and many reductions can be re

7、alised while saving money.However,overall progress has been much too slow,despite the record profits that the oil and gas industry saw in 2022.This report looks in detail at the investment requirements to deliver a sharp reduction in oil and gas methane emissions to 2030,and how these could be finan

8、ced.The analysis is intended to inform discussions in the runup to COP28 and help prompt the necessary actions to accelerate the pace of change.Financing methane emissions reductions PAGE|3 I EA.CC BY 4.0.Executive summary Tackling methane emissions from oil and gas operations is one of the most imp

9、ortant measures to limit near-term global warming.In the IEAs Net Zero Emissions by 2050(NZE)Scenario,energy-related methane emissions fall by around 75%to 2030 two-thirds of which comes from reducing emissions from oil and gas operations and this contributes more than 15%of total energy-related gre

10、enhouse gas(GHG)emissions reductions to 2030.Just over USD 75 billion in cumulative spending is required to 2030 to achieve these reductions in emissions.The required spending varies widely by geography,operator,and part of the value chain:around USD 55 billion is needed in upstream oil and gas faci

11、lities and just over USD 20 billion in downstream operations.Methane abatement in the oil and gas industry is one of the cheapest options to reduce GHG emissions anywhere in the economy.Abatement measures would generate revenues of around USD 45 billion from the sale of captured methane.This means t

12、he average cost of methane reductions to 2030 is less than USD 5/tonne CO2-equivalent.Even if there was no value to the captured gas,almost all available abatement measures would be cost effective in the presence of an emissions price of about USD 20/tonne CO2-equivalent.Oil and gas companies carry

13、primary responsibility for abatement.The spending required to cut methane emissions in the NZE Scenario is less than 2%of the net income received by the industry in 2022.Private sources of finance can provide capital where internal financing options are limited.Regulations and policies on methane ab

14、atement are essential to drive down methane emissions.These can be paired with public financing,either directly from governments or through multilateral development banks,to help catalyse private investments and fill gaps where private sources of finance may not be willing or able to invest at the l

15、evels needed.Of the total spending,we estimate that about USD 15-20 billion needs particular attention to ensure that adequate sources of finance are available.This includes the spending required to cut emissions in low-and middle-income countries,especially those without strong methane reduction po

16、licies and regulations,at facilities owned and operated by national oil companies and smaller independent companies,and for measures that do not generate meaningful return over their lifetimes.This is an appropriate area for focused international action.There have been several notable efforts in the

17、 past to finance methane abatement.These include international emissions pricing schemes,regional emissions trading markets,sustainability-linked financing,and direct public funding.Financing initiatives should be tailored to fit targeted projects and reduction goals and be paired with clear account

18、ability frameworks.Financing methane emissions reductions PAGE|4 I EA.CC BY 4.0.Recommendations The oil and gas industry must lead efforts to tackle methane emissions by adopting a zero-tolerance approach.Reducing oil and gas methane emissions is one of the cheapest options to reduce GHG emissions a

19、nywhere in the economy.The COP28 Climate Change Conference in Dubai this year is a unique opportunity for the oil and gas industry to show it is serious about tackling its methane emissions.It is time for bold and ambitious commitments,focused on delivery by 2030.Policy makers should implement and e

20、nforce effective methane policies and regulations to incentivise early company actions.Many options are available,including the adoption of technology and equipment standards,enforcing bans on non-emergency flaring and venting,and offering targeted financial incentives.Measures should be paired with

21、 a robust measurement and reporting regime.Investors and insurers should incorporate methane abatement into their engagement with the oil and gas industry with the aim to promote strict performance standards,verifiable methane reductions,and transparent and comparable disclosures on measured emissio

22、ns.A new international effort is needed from governments,industry and philanthropy to fill the financing gaps identified in this report,notably the USD 15-20 billion of spending required in low-and middle-income countries.Public and philanthropic actors can play a catalysing role,supporting project

23、identification and capacity building and unlocking additional private sources of finance.Leading companies need to step up to support higher performance across the entire industry.Financing efforts should ensure rapid delivery of the most cost-effective mitigation opportunities.More than 40%of the e

24、missions reductions to 2030 in the NZE Scenario can be achieved with measures that would result in overall savings given the value of the captured gas.Alongside mechanisms to detect and immediately tackle large leaks,these options include replacing pneumatics and pumps,installing recovery systems,an

25、d implementing leak detection and repair programmes.These measures require just over 10%of the total spending on methane abatement and can produce results quickly,laying the groundwork for further reductions.Investing in institutional capacity for abatement,especially in low-and middle-income countr

26、ies,is a vital part of the solution.Regulatory structures and frameworks for methane abatement should be created or further developed by increasing dedicated staff,building technical knowledge,and developing more robust monitoring and reporting systems.Financing methane emissions reductions PAGE|5 I

27、 EA.CC BY 4.0.Introduction Methane is responsible for around 30%of the rise in global temperatures since the Industrial Revolution,and rapid and sustained reduction in methane emissions are key to limiting near-term global warming.The energy sector accounts for nearly 40%of total methane emissions f

28、rom human activity,and it has the largest potential for abatement in the near-term.Oil and gas operations are responsible for 80 million tonnes(Mt)of methane emissions and tackling these is one of the most important measures to limit near-term global warming.Main sources of methane emissions and aba

29、tement potential based on current technologies IEA.CC BY 4.0.Notes:Methane emissions and abatement potential for oil,gas,and coal is based on the IEAs Global Methane Tracker;abatement potential for bioenergy is consistent with achieving universal clean cooking;agriculture and waste is based on the G

30、lobal Methane Assessment.Emissions from biomass burning,which total around 10 Mt of methane per year,are not shown.The IEAs Net Zero Emissions by 2050(NZE)Scenario maps out a complete and rapid transformation of the energy sector to achieve net zero energy-related CO2 emissions by 2050.The scenario

31、also encompasses rapid reductions in energy-related methane emissions,consistent with the overall goal of limiting the temperature increase to 1.5 C.Energy-related methane emissions fall by nearly 100 Mt or 3 billion tonnes CO2-equivalent(Gt CO2-eq)to 2030 in the NZE Scenario,two-thirds of which com

32、es from reducing oil and gas methane emissions.1 The total 1 One tonne of methane is considered to be equivalent to 30 tonnes CO2 based on the 100year global warming potential(IPCC,2021).0 50 100 150WasteEnergyAgricultureMtMain sources of methane from human activitiesBioenergy0 50 100 150WasteEnergy

33、AgricultureMtAbatement potentialOilGasCoalFinancing methane emissions reductions PAGE|6 I EA.CC BY 4.0.reduction in methane emissions accounts for more than 15%of all energy-related GHG emissions reductions in the NZE Scenario to 2030.We estimate that just over USD 75 billion in cumulative capital a

34、nd operating expenditure is required globally over the period to 2030 to achieve this reduction in oil and gas methane emissions.Tackling methane emissions is one of the most cost-effective ways of reducing GHG emissions,not least because the abatement measures deployed would generate revenues of ar

35、ound USD 45 billion from the sale of captured methane.Yet there are challenges to mobilising this level of investment,including a lack of awareness about emissions and the cost-effectiveness of abatement,the opportunity cost of investment in methane reduction,a lack of infrastructure,a shortage of f

36、unds in some cases,capacity gaps in implementation,and economic and institutional barriers.Alongside a determined industry focus on this issue,increased policy and regulatory action is essential to mobilise this level of spending at the pace and scale needed.Norways methane tax has long been a power

37、ful catalyst for action and other governments are beginning to act,including through the Inflation Reduction Act in the United States and the Emission Reduction Fund in Canada.2 Engagement by international actors,including banks and investors,is also key.External funding and blended finance can remo

38、ve or reduce barriers to action and de-risk abatement measures.There are several international initiatives and organisations in this area,including the World Banks Global Flaring Reduction Partnership,the Global Methane Pledge Energy Pathway and the Global Methane Hub.In this report,we examine how t

39、he spending on methane abatement in the NZE Scenario is split between regions,types of company,and segments of the oil and gas supply chain.We provide an overview of the different financing mechanisms that could be used to mobilise this level of spending.Finally,we examine a number of case studies t

40、o highlight examples of how methane emissions reductions can be financed,showcase best practices and successful examples,and draw out lessons for future efforts.2 Canadas Emissions Reduction Fund made around USD 610 million available to finance methane abatement projects.The United States Inflation

41、Reduction Act created a USD 1,550 million Methane Emissions Reduction Program for methane abatement in the oil and gas sector.Financing methane emissions reductions PAGE|7 I EA.CC BY 4.0.Abatement opportunities and spending needs A 75%reduction in oil and gas methane emissions is achieved by 2030 in

42、 our NZE Scenario In the IEAs Net Zero Emissions by 2050(NZE)Scenario methane emissions from oil and gas operations fall from 80 Mt in 2022 to 17 Mt in 2030.This results mostly from the rapid deployment of emission-reduction measures and technologies,including a stop to all non-emergency flaring and

43、 venting and universal adoption of regular leak detection and repair(LDAR)programmes.By 2030,all oil and gas producers in the NZE Scenario have an emissions intensity similar to the worlds best operators today.Oil and gas methane emissions in the NZE Scenario,2010-2030 IEA.CC BY 4.0.The NZE Scenario

44、 sees a major ramp up in clean energy investment which results in a near-25%decline in oil and gas demand between 2022 and 2030.This results in around one-quarter(17 Mt)of the overall decline in oil and gas methane emissions to 2030.The remaining reduction(46 Mt to 2030)stems from deliberate efforts

45、 by the oil and gas industry to reduce the emissions intensity of its operations.Around 21 Mt of methane is avoided by replacing pumps,controllers,compressors and other equipment with low-or zero-emissions alternatives,such as instrument air systems 20 40 60 80 10020102015202020252030Mt methaneUpstr

46、eam oilUpstream gasDownstream gasDownstream oilFinancing methane emissions reductions PAGE|8 I EA.CC BY 4.0.and electric pumps.Another 13 Mt is avoided through regular or continuous LDAR programmes that ensure that fugitive leaks are addressed rapidly and prevent large emissions events by identifyin

47、g malfunctioning parts or processes before they fail.Around 6 Mt is avoided using vapour recovery units,which direct waste flows of methane to productive uses,enabling the end of routine venting and flaring.The final 6 Mt is avoided through additional processes and measures such as blowdown capture,

48、reduced emissions completion,and routing tank vents to recovery systems.Methane emissions reductions between 2022 and 2030 in the NZE Scenario IEA.CC BY 4.0.Notes:LDAR=Leak Detection and Repair.VRUs=Vapour Recovery Units.Replace leaky equipment includes instrument air systems,electric pumps,and othe

49、r measures that involve replacing existing equipment.New processes and equipment includes blowdown capture,routing vents to recovery systems,and related measures.Just over USD 75 billion in spending is required to 2030 to achieve the needed reductions in methane emissions Roughly 70%of this is capit

50、al expenditure on new equipment and 30%is operating costs,the latter mainly related to LDAR programmes.These estimates are based on oil and gas supply and prices in the NZE Scenario,our estimates of methane emissions as described in the Global Methane Tracker,and our detailed modelling of 45 methane

51、 abatement technologies and their country and region-specific costs.Just under USD 34 billion spending is needed in high-income countries,USD 27 billion in upper-middle income countries,USD 13 billion in lower-middle income countries,and USD 3 billion in low-income countries.3 Despite higher capital

52、 costs,the cost of abatement is generally smaller in low-and middle-income countries because of much lower labour costs.Abatement measures would 3 Countries are grouped based on the 2022 categorisation provided by the World Bank.-20-15-10-50EurasiaNorth AmericaMiddle EastAfricaAsia PacificCentral an

53、dSouth AmericaEuropeMtReduction in productionReplace leaky equipmentLDARVRUsNew processes and equipmentFinancing methane emissions reductions PAGE|9 I EA.CC BY 4.0.generate revenues of around USD 45 billion globally from the sale of captured methane.Emissions reductions,spending,and related revenue

54、to 2030 in the NZE Scenario by country income group and industry segment IEA.CC BY 4.0.Nearly USD 36 billion is needed to address methane emissions from National Oil Companies(NOCs),who are responsible for the majority of emissions in Eurasia and the Middle East.Around USD 12 billion of this spendin

55、g is needed at facilities owned by NOCs in low-and lower-middle income countries.Methane abatement spending to 2030 in the NZE Scenario by region and company type IEA.CC BY 4.0.Notes:C&S Am.=Central and South America.Eur.=Europe.North Am.=North America.Eurasia=Caspian regional grouping and the Russi

56、an Federation(Russia).Investment requirements are allocated on the basis of the equity ownership of produced oil and gas rather than operator.-30-20-100 10 20 30 40HighUpper-middleLower-middleLowBillion USD(2022)Capital investmentOperating costsRevenue-30-20-100 10 20 30 40OnshoreDown-streamUncon-ve

57、ntionalOffshoreNOCs36 billion USDIndependents37 billion USDMajors4 billion USDAfrica 12%Middle East31%MiddleEast4%Africa5%Asia Pacific11%Eur.2%Eurasia31%C&S Am.10%North Am.3%North America60%C&S Am.4%Eurasia15%Asia Pacific9%Eur.3%Financing methane emissions reductions PAGE|10 I EA.CC BY 4.0.About USD

58、 4 billion is needed to address methane emissions from the oil and gas owned by the Majors(including production from both operated and non-operated assets),4 of which USD 2 billion is needed in low-and middle-income countries.These companies are well placed to accelerate methane cuts in low-and lowe

59、r-middle income countries where regulations often take longer to be established and enforced.They can also help bring methane abatement technologies to these countries and spread best practices.Another USD 37 billion spending is needed to address emissions from independent operators.5 These emission

60、s are heavily concentrated in the United States,where USD 22 billion spending is needed to 2030 in the NZE Scenario.More than 40%of the emissions reductions to 2030 come from measures with no net cost(assuming an 8%rate of return over the lifetime of the measure).6 This is because the capital and op

61、erating costs of the abatement measures are less than the market value of the additional gas that is captured and can be sold.They include solutions such as replacing pneumatics and pumps,installing recovery systems,or implementing LDAR programmes across upstream operations.These no-net-cost measure

62、s have lower spending requirements:they provide 40%of the emissions reductions to 2030 with just over 10%of the total spending over this period.They also result in USD 25 billion of revenue in the NZE Scenario to 2030 from the gas that is captured and can be sold.Spending on methane abatement measur

63、es to 2030 with negative and positive net costs in the NZE Scenario by income category and industry segment IEA.CC BY 4.0.4 bp,Chevron,ExxonMobil,Shell,TotalEnergies,ConocoPhillips and Eni.5 Independents are upstream operators or fully integrated companies that are smaller than the Majors.They encom

64、pass a wide range of companies:Lukoil,Repsol,many North American companies including shale gas and tight oil players such as Marathon Oil,Apache and Hess,and diversified conglomerates with upstream activities,such as Mitsubishi Corp.6 See Technical Annex for details on the cost and revenue calculati

65、ons for these measures.0 10 20 30 40HighUpper-middleLower-middleLowBillion USD(2022)10 USD/tCO-eq0 10 20 30 40OnshoreDown-streamUncon-ventionalOffshoreMeasures costingFinancing methane emissions reductions PAGE|11 I EA.CC BY 4.0.Some of the largest opportunities to deploy abatement options with no n

66、et cost are in middle income countries,especially in Eurasia,the Middle East and the Asia Pacific region.These are often associated with countries that have high levels of emissions,flaring,and satellite-detected large leaks.For example,around 1.4 Mt of methane could be reduced in 2030 in Turkmenist

67、an with measures with no net cost;in Iraq,which flared nearly 18 billion cubic metres of natural gas in 2022 resulting in a large level of methane emissions,emissions in 2030 could be cut by more than 0.6 Mt at no net cost.Reducing oil and gas methane is one of the most cost-effective measures to cu

68、t GHG emissions but new sources of financing are likely needed Globally,abating 1 Mt of methane in conventional oil and gas production in 2030 requires just over USD 1 billion of spending although this varies substantially depending on site characteristics.In the downstream segment,abatement is more

69、 costly as operations span a wide area and it is often hard to access equipment:USD 22 billion spending is needed to reduce annual emissions in 2030 by 7 Mt.Unconventional operations also require more investment as these tend to have a higher component count:for every 1 Mt of methane avoided in 2030

70、,nearly USD 2 billion spending is required.Spending on oil and gas methane abatement to 2030 by country income group in the NZE Scenario IEA.CC BY 4.0.Considering cumulative reductions in emissions between 2023 and 2030,around USD 315 spending is needed per tonne of methane reduced,equivalent to a g

71、lobal average cost of USD 11/tonne CO2-eq.The captured methane that can be sold would generate around USD 45 billion revenue to 2030.Taking this into account,the average net cost of methane reductions to 2030 is less than-20-1001020-40-200 20 40HighUpper-middleLower-middleLowHighUpper-middleLower-mi

72、ddleLowUSD/tCO2-eqBillion USD(2022)SpendingRevenueAverage cost(right axis)Measures with net-positive costsMeasures with net-negative costsFinancing methane emissions reductions PAGE|12 I EA.CC BY 4.0.USD 5/tonne CO2-eq.In low-and middle-income countries,the average cost is around USD 2/tonne CO2-eq.

73、Even if there was no value to the captured gas,almost all available abatement measures would be cost effective in the presence of an emissions price of about USD 20/tonne CO2-eq,meaning that methane abatement in the oil and gas industry is one of the cheapest options to reduce GHG emissions anywhere

74、 in the economy.Given the overall cost-effectiveness of methane abatement,the oil and gas industry should be in a position to finance many abatement measures from its own cashflows,especially if environmental and reputational issues are given due weight in producers capital allocation.Nonetheless,ne

75、w sources of finance will likely be required to mobilise all of the investment needed in the NZE Scenario.Spending on oil and gas methane abatement to 2030 in the NZE Scenario Note:Value for Russia and Iran includes net positive cost measures only.IEA.CC BY 4.0.It will be most challenging to finance

76、 methane abatement in low-and middle-income countries,especially those without strong methane reduction policies and regulations,at facilities owned and operated by NOCs and smaller independent companies,and for measures that do not generate meaningful return over their lifetimes.In such a context,w

77、e estimate that new sources of finance could be required to mobilise around USD 15-20 billion of spending to drive methane reductions at the pace and scale seen in the NZE Scenario.This estimate does not include spending required for abatement measures in Russia and Iran.Our estimates of emissions a

78、nd costs do not include abandoned and orphaned oil and gas wells.These could represent a significant source of emissions but data outside the United States and Canada is too sparse to make a reliable estimate.Within the United States,the Environmental Protection Agency indicates they are responsible

79、 for close to 5%of US methane emissions linked to the energy sector.34151927High-income countriesRussia and Iran New sources of financingMajors outside high-income countriesNo net cost measures in low-and middle-income countriesUSD 77 billionFinancing methane emissions reductions PAGE|13 I EA.CC BY

80、4.0.It will also be necessary to ensure funding for project identification and regulatory development,as this will help to facilitate financing for abatement actions.Our estimates of costs do not include capacity building and technical support to develop and implement sound methane policies and regu

81、lations.As many countries do not yet have a regulatory structure in place for methane,it will be necessary to develop capacity within local regulatory bodies.The specific needs will depend on the particular case,but this could include increasing staff resources,developing practical knowledge,creatin

82、g systems to enable reporting,or procuring equipment needed for independent inspections.Financing methane emissions reductions PAGE|14 I EA.CC BY 4.0.Financing options to accelerate action A range of different potential sources of financing are available to support methane abatement activities.These

83、 have different roles to play,and a mixture of approaches will be needed,especially if the USD 15-20 billion financing gap in low-and middle-income countries to 2030 is to be filled.The COP28 Climate Change Conference in Dubai offers a unique opportunity for all parties to come together and agree on

84、 how to catalyse this necessary investment.Oil and gas companies can channel revenue from oil and gas sales towards methane abatement.Equipment and petroleum service providers are also increasingly providing up-front financing.Commercial banks and private capital funds can also support methane reduc

85、tions.The worlds 60 largest investment and commercial banks provided USD 780 billion of finance each year on average to the oil and gas industry from 2016 to 2022 and there are clear opportunities to link this funding directly or indirectly to methane abatement.Securities,which can be tied to sustai

86、nability performance,can also be used to raise money from capital markets.Development finance initiatives can provide equity investments,long-term loans and guarantees to support investment in emerging market and developing economies.While some have adopted policies limiting investment in oil and ga

87、s projects,a number could still provide finance and advice to methane abatement projects.Governments can provide financial incentives in the form of grants,loans,or other financial mechanisms to accelerate action.They also have a key role in providing the support needed to strengthen regulatory capa

88、city to ensure adequate oversight and compliance.Philanthropic initiatives have arisen in recent years that support methane abatement.For example,the Global Methane Hub has raised over USD 300 million since its launch and donates funds to methane emissions reduction initiatives.Financing methane emi

89、ssions reductions PAGE|15 I EA.CC BY 4.0.Oil and gas companies carry primary responsibility for abatement The profits from oil and gas sales generated by the industry could be reinvested to finance methane abatement.Globally,oil and gas companies earned record profits in 2022 and the industrys net i

90、ncome doubled to nearly 4 trillion USD.Just 2%of this would be sufficient to provide all the spending in methane emissions reduction measures across the supply chain in the NZE Scenario through to 2030.Net income from the oil and gas industry from 2015 to 2022 and total spending in methane abatement

91、 required to 2030 in the NZE Scenario IEA.CC BY 4.0.Investing in methane abatement can require significant upfront capital expenditure,and this often faces competition within companies for how to use available funds.If methane abatement projects have long pay-back options or low internal rates of re

92、turn,they may lose out to other investments deemed more important to the companys core business.NOCs face additional constraints given competing priorities for domestic spending,especially in low-and middle-income countries,potentially limiting the amounts available to invest.Companies need to adopt

93、 a more proactive corporate policy to increase investment in methane abatement.If the industry does not significantly reduce its methane emissions,oil and gas would need to be phased out much faster than in the NZE Scenario to limit the temperature rise to 1.5 C.Many companies have set targets to re

94、duce GHG emissions from their own operations and tackling methane emissions is the single most important measure to achieve these.01 5003 0004 500201520162017201820192020202120222023-2030Net incomeMethaneabatementcostBillion USD(2022)Financing methane emissions reductions PAGE|16 I EA.CC BY 4.0.The

95、40%of emissions that can be avoided at no net cost should be the first port-of-call for all companies.But efforts should go beyond this.Tackling methane is one of the most readily implementable and cost-effective measures available in any sector of the economy to reduce GHG emissions,and forward-lea

96、ning companies should aim to tackle all emissions from their operations,not just those that would result in a positive payback.Companies that take the lead in tackling methane emissions could gain a commercial edge alongside the reputational and environmental benefits.Regulations to reduce methane e

97、missions including financial penalties are likely to multiply in the future,especially in economies with net zero targets.Oil and gas importers and consumers are increasingly looking to address methane emissions from their suppliers.For example,a joint declaration from energy importers and exporters

98、 in 2022 called for an international market for fossil energy that minimises flaring,methane,and CO2 emissions across the supply chain to the fullest extent practicable.Public visibility and scrutiny on emissions from oil and gas supply is also set to increase as the use of satellites and other remo

99、te measurement systems and related data becomes more readily available.A number of companies including those in the Oil and Gas Climate Initiative have shown it is possible to make a commitment to achieve near zero methane emissions.Equipment suppliers,petroleum service providers,and project develop

100、ers are also increasingly adopting business models that put them effectively in the position of investors.Some providers have begun offering the initial capital to deploy reduction technologies with a flexible remuneration model that allows operators to pay them back from the returns over the life o

101、f the project.This type of model will be especially relevant for projects that are cost-effective.Where the returns may not cover the initial capital,additional financing may be required.Private finance can help support robust methane abatement projects Private sector financing has been a major sour

102、ce of funding for oil and gas companies in recent years.This suggests that sufficient capital could be available to make the necessary investments in methane abatement,whether through direct financing by commercial banks and private capital funds,or through securities listed on capital markets that

103、are tied to sustainability performance.Investors and insurers can establish methane performance requirements for future lending,request improvements on disclosure to promote transparency on emissions reporting,and set up underwriting standards that include methane reductions(e.g.Chubbs insurance cov

104、erage is contingent on client adoption of evidence-based plans to reduce methane emissions).Financing methane emissions reductions PAGE|17 I EA.CC BY 4.0.Many private sector banks and funds have their set their own climate goals and some have adopted policies that restrict or limit investment in fos

105、sil fuel companies.The NZE Scenario requires a large level of investment into“transition”areas,including methane abatement in the oil and gas sector,that may be precluded by these restrictions.Channels for this investment need to be kept open,although this should not become a loophole for investment

106、s that are not aligned with the Paris Agreement or that allow for greenwashing.New private-sector funds could ensure that finance is available for oil and gas companies that might otherwise struggle to invest in methane abatement measures off their balance sheet,especially those in low-and middle-in

107、come countries.Companies would need to signal investment in these categories by setting credible targets aligned with net-zero goals on emissions reductions,measurement,and transparency.This would provide confidence to private financial actors that investment in methane abatement is consistent with

108、their own climate-related commitments.There are several market-based options available that could potentially be used to finance investment in methane abatement.This includes green bonds,sustainability-linked bonds,and transition bonds,although some standards and taxonomies exclude oil and gas relat

109、ed investments.As a result,it is unclear whether oil and gas companies are eligible to issue green bonds,and by extension,sustainability-linked bonds,under existing international standards.Carbon markets could also provide opportunities to raise finance for methane abatement,although the rapid trans

110、ition required across the energy sector in the NZE Scenario means the availability and use of offsets should be limited.Private sector funds often collate financing from multiple companies and actors,and these may have different restrictions and limitations on the types of financing activities they

111、can support.It is therefore essential that the lending conditions for funds are agreed from the outset to ensure its smooth functioning and ability to provide financial support when it is needed.In all cases,private sector financing of methane abatement needs to be tied to proper technical implement

112、ation,operational best practices,and consistent reporting and measurement of methane emissions.Financing instruments should also consider that companies may face barriers to operationalising methane abatement campaigns beyond a lack of capital.These could include a lack of capacity or skills and res

113、ources within their organisation.Development of financing instruments should consider these barriers,potentially tying some of the funds to the building of these capacities and pairing them with other forms of support such as training or monitoring frameworks.Financing methane emissions reductions P

114、AGE|18 I EA.CC BY 4.0.Public financing can catalyse private investment and fill gaps where traditional finance struggles Regulations and policies on methane abatement including limits on flaring and venting,measurement and reporting requirements,or mandating LDAR are essential to drive down methane

115、emissions.Public financing,whether directly from governments or through multilateral development banks or philanthropic funds,can also help catalyse private investments and fill in gaps where private sources of finance may not be willing or able to invest at the levels needed.There have been some ex

116、amples where governments have made funding directly available to support projects that reduce emissions.For example,Canadas Emissions Reduction Fund made around USD 610 million available to finance projects to bring down methane emissions and to go beyond what was required in regulations.The United

117、States Inflation Reduction Act created a Methane Emissions Reduction Program making USD 1.55 billion available to provide financial and technical assistance for methane abatement in the oil and gas sector.Public financing may be particularly important where private actors would struggle to benefit f

118、rom abatement,such as reducing emissions from orphaned wells or where the cost of the abatement measure is large relative to the emissions that will be avoided.The United States has allocated USD 4.2 billion as part of its Methane Action Plan to clean-up and plug orphaned wells and Canada has announ

119、ced a similar fund of around USD 1.4 billion.Public or philanthropic funds can provide financial support in other areas where private funds or banks are less likely to go,such as capacity building and research and technology development.They can also play a role in investing in public goods that can

120、 help with methane abatement,such as funding satellites to monitor methane emissions and detect leaks.Multilateral development banks and public strategic investment funds could be an important source of financing for methane abatement,especially in cases where de-risking of investment is required.So

121、me of these institutions have announced that they will stop financing oil and gas projects,although it is not clear in all cases if these policies also prohibit funding methane abatement projects that do not otherwise result in an increase in production.Further,even those without this restriction ma

122、y still be able to provide technical assistance or other support,separate from financing.The World Bank,for example,organises the Global Gas Flaring Reduction Partnership,which provides technical and regulatory support to reduce flaring and methane emissions.Not all development finance institutions

123、have restrictions on oil and gas financing including the African Development Bank and the Inter-American Development Bank.Others,such as the Asian Development Bank and the International Finance Financing methane emissions reductions PAGE|19 I EA.CC BY 4.0.Corporation(IFC),have policies allowing fina

124、ncing of oil and gas projects only under specific circumstances e.g.support only for mid-and downstream projects.Many of these institutions may still be able to finance mitigation projects under the right circumstances.The IFC,for example,has been able to continue providing financing and advisory se

125、rvices to methane and flaring reduction projects at existing installations consistent with these limitations.Even for those with broader restrictions,mechanisms may still be available for them to support methane abatement activities without directly financing reduction projects.For example,the Europ

126、ean Bank for Reconstruction and Development(EBRD),which has announced that it would move away from funding fossil fuels,has continued to offer grants directly to governments,including Kazakhstan and Uzbekistan,to develop methane emissions reduction programmes.National-level strategic investment fund

127、s,such as those in China,Nigeria,the United Arab Emirates,Saudi Arabia,and elsewhere have more flexibility to fund projects and could adopt a strategic policy to prioritise them.Public financing can also help regulators in low-and middle-income countries develop the capacity needed to draft,adopt,an

128、d implement new and enhanced regulations.Germanys Nitric Acid Climate Action Group does this in the context of N2O abatement,providing both financial support for abatement technologies and support to governments to develop regulatory capacity.Technical assistance through bilateral or multilateral ca

129、pacity building programmes would also be helpful.Financing methane emissions reductions PAGE|20 I EA.CC BY 4.0.Case studies There have been several notable efforts in the past to finance methane abatement.Here we examine a selection of examples to draw out lessons that can help inform future financi

130、ng efforts.This is not intended to be exhaustive,but rather focuses on examples where innovative financing mechanisms have helped to raise funds for mitigation projects,either in the oil and gas sector,or in areas that could hold lessons for oil and gas methane mitigation.International emissions pri

131、cing schemes The World Banks Pilot Auction Facility for Methane and Climate Change Mitigation(PAF)was a“pay-for-performance”mechanism that disbursed investment based on the delivery of pre-determined and independently verified results.The PAF used funds from both private and public sources and was b

132、acked by several donors,including Germany,Sweden,Switzerland,and the United States.It was not used for oil and gas methane but helped support projects to reduce methane from landfills,animal waste,and wastewater sites.The PAF used competitive auctions where companies bid on the right to sell future

133、emissions credits at a price established through the auction.Project developers were then secured a minimum price guarantee for the credits they gained from methane abatement projects.Investors received payment only after achieving independently verified methane emissions reductions.However,the mech

134、anism also allowed investors to sell their bonds to other companies if they could not deliver the required emission reductions,de-risking the investment.There were a total of four auctions,three that addressed methane abatement from landfills,animal waste,and wastewater sites and one that addressed

135、nitrous oxide emissions from nitric acid production.The auctions had a total budget of USD 62 million with 83 bidders and 41 winners.A total of USD 54.7 million was paid to investors in exchange for emissions credits,avoiding around 19 Mt CO2-eq of methane.Another emissions trading scheme,the Clean

136、Development Mechanism(CDM),provided finance to methane abatement projects in the oil and gas sector,although the impact of the CDM in this sector has been very limited.The CDM allows advanced economies to partially meet their emissions reduction targets by purchasing certified emissions reduction cr

137、edits from projects in developing countries.Oil and gas methane projects can create these credits through the recovery and utilisation of associated gas or LDAR in natural gas facilities.There have been 45 of these projects since the inception of the CDM including in Financing methane emissions redu

138、ctions PAGE|21 I EA.CC BY 4.0.Bangladesh,India and Oman although only 7 projects have been registered since the crash in the price of CDM credits in 2012.The future of the CDM is uncertain pending the outcome of negotiations under Article 6 of the Paris Agreement.Lessons learned The World Bank has e

139、xplored the suitability of the PAF model for methane reductions in the oil and gas sector and indicated that it could help remove barriers in the sector.To be most effective,the World Bank highlighted that any future facility would need to carefully consider the size and scale of projects in their d

140、esign,use existing verification standards for resource saving,and ensure that they are well marketed to attract a wide investor pool.LDAR programmes and equipment investments are likely to be the most suitable project categories for any future replication in the methane abatement for oil and gas sec

141、tor.If emissions markets include different types of GHG emissions,a key issue is the conversion rate of one tonne of methane to CO2 equivalent.There is no universally-recognised standard for this and the specific choice can have large implications for the attractiveness of methane abatement compared

142、 with other emissions reduction measures.The Alberta Emission Offset System:a sub-national emissions pricing scheme that has stimulated new methane abatement financing In Canada,the province of Alberta has a goal to reduce methane emissions from upstream oil and gas operations by 45%by 2025(relative

143、 to 2014 levels).To meet this goal,Alberta is using a combination of regulatory requirements and economic instruments to create incentives for companies to reduce emissions.Albertas regulatory scheme requires companies to implement LDAR programmes,places limits on flaring,and sets specific emissions

144、 limits for different types of equipment.If regulated entities can demonstrate that they have reduced their emissions beyond what is required by regulation,they can generate credits under the Alberta Emission Offset System(AEOS),which can be sold on the open market.To generate tradeable offsets,comp

145、anies must be evaluated using Albertas quantification protocols,undergo a third-party verification process,and be registered in the Alberta Emission Offset Registry.Since its induction,there have been 560 projects in which operators convert existing pneumatic equipment to more efficient options and

146、230 projects that capture or reduce vented gas.These have avoided around 9 Mt CO2-eq methane emissions.The system encourages third party companies to provide financing for emissions reductions without imposing any direct costs on the asset owner or operator.One Financing methane emissions reductions

147、 PAGE|22 I EA.CC BY 4.0.example is the Methane Reduction Program developed by Bluesource.Bluesource creates a methane reduction plan for a specific site and outsources the installation of equipment and logistics for installing new,lower-emitting equipment.Upfront spending is partly financed by ATB F

148、inancial,a public-owned financial institution in Alberta,with projects generating revenue both from selling emissions credits and from selling captured methane that would have otherwise been lost.Once it has recuperated the upfront capital expenditure or the project breaks even,proceeds are shared w

149、ith other project partners,including the asset owner.Around 200 projects have been developed for 35 companies in Alberta since its creation in 2017,saving around 1.7 Mt CO2-eq methane emissions.Lessons learned The AEOS provides flexibility to oil and gas companies to reduce emissions in a cost-effec

150、tive manner while fostering innovation and the adoption of new technologies.It is complemented in Alberta by regulatory standards,including both command-and-control requirements and a province-wide emissions-reduction target to ensure reductions are made across the sector.The AEOS entails some trans

151、action costs,and it requires careful measurement and quantification of savings.However,since it is paired with another climate finance mechanism(the Alberta carbon offset market),it has encouraged specialist businesses and new sources of finance to enter the market as service providers.These provide

152、rs have been able to assist oil and gas operators that would otherwise struggle to finance the deployment of emissions reduction measures or that do not have the necessary technical expertise or capacity.The specialist providers can significantly reduce financing risks and remove capacity barriers t

153、o implementation.This approach may be of value to companies with limited investment capacity,including NOCs and companies in low-and middle-income countries.Sales of emissions credits also provide an additional source of revenue for technologies that may otherwise struggle to generate a positive rat

154、e of return.Transition bonds and sustainability-linked financing are helping to fill the gap with private funding Global bond markets are a huge potential source of climate-related financing.They are the largest asset class in global financial markets with more than USD 110 trillion in value outstan

155、ding as of 2021.Green,social,sustainability,and sustainability-linked bonds have been growing as well,reaching USD 860 billion in 2022;within this,there were USD 3.5 billion transition bonds issued in 2022.These bonds are linked to the sustainability performance of a company or by compliance with ex

156、ternal third-party criteria.If the company fails to meet the goals Financing methane emissions reductions PAGE|23 I EA.CC BY 4.0.outlined in the bond issuance,then the interest rate on the bond increases and the company is required to pay more upon maturity.Green bonds are usually tied to specific p

157、rojects while transition bonds and sustainability-linked bonds tend to be more flexible.There are a number for examples of oil and gas companies using these bonds to raise capital for methane abatement.Repsol,the Spanish energy company,issued the first green bond in the sector in 2017 for EUR 500 mi

158、llion with a five-year maturity.The proceeds were linked to energy efficiency projects and low-emission technologies,including methane emissions mitigation and reductions in flaring,and aimed to avoid around 1.2 Mt CO2-eq emissions.Following maturity of the bond,the company issued a Final Report tha

159、t describes how the proceeds were used to achieve the green bond objectives.The findings were independently verified by a third-party.SNAM,the Italian infrastructure company,issued a EUR 300 million Climate Action Bond in 2019 with a four-year maturity.The bond is being used to help achieve its targ

160、et to reduce its methane emissions by 40%from 2016 levels by 2030 by replacing old generation heaters and implementing a campaign for identifying and repairing methane leaks.Cadent Gas,the UK gas distribution company,issued a transition bond in 2020 for EUR 500 million with a 12-year maturity.It is

161、being used to retrofit and repair the companys gas distribution networks to reduce methane leakage.Eni,the Italian oil and gas company,issued a sustainability-linked bond for EUR 1 billion with a 7-year maturity.The bond was issued for general corporate purposes but is linked to the companys achieve

162、ment of two Sustainability Performance Targets:increasing installed renewable energy capacity and lowering net GHG emissions from upstream activities.Activity under the bond is outlined in the companys Sustainability-linked Financing Framework,which includes methane emissions reductions.Lessons lear

163、ned The potential of climate bonds to finance methane abatement is substantial but their effectiveness is heavily dependent on the robustness of the frameworks to which they are linked.To ensure measurable reductions,the use of proceeds needs to be tied to credible and clear performance indicators t

164、hat can be objectively and independently evaluated.External auditors can help by reviewing plans before a bond is issued and verifying that objectives have been met when it matures.There has been some criticism about the labelling of these bonds as green,transition,or sustainability-linked.Discussio

165、ns are ongoing in this area and the Climate Bonds Initiative(CBI),an international organisation working to mobilise Financing methane emissions reductions PAGE|24 I EA.CC BY 4.0.global capital for climate action,released a Green Bond Database Methodology in 2022 that lists methane LDAR as an investm

166、ent category that requires further review.Financial taxonomies can provide guidance around best practices for investors and bond issuers.These can encourage debt market financing for methane abatement by providing a tool to investors and bond issuers while ensuring that goals for methane emission re

167、duction are clearly defined and implemented.Many current taxonomies do not specifically allow financing for methane abatement in the areas where it could be most relevant and impactful.Canadas Emissions Reduction Fund:direct public funding for emissions reduction projects The Emissions Reduction Fun

168、d in Canada provides funding through repayable and non-repayable contribution agreements from the government to companies to undertake oil and gas methane mitigation projects.The USD 610 million fund had two key objectives:to ensure continued progress on methane emissions mitigation and to maintain

169、jobs for oil and gas workers.Funding was available in three intake rounds from 2020 to 2022 to onshore and offshore oil and gas companies for methane abatement projects to be completed by March 2024.The funding for onshore operations was distributed through partially repayable contribution agreement

170、s to be repaid over five years that could cover up to 75%of eligible costs of a project.The percentage of the contribution that the company is required to repay is based on the per tonne cost of abatement:projects with lower abatement costs are required to pay back a smaller percentage of the initia

171、l contribution.Companies receiving funds are ineligible to retain any emissions credits generated by the project,although companies that chose to forgo the partial repayment could then retain any generated credits.93 projects were funded from 28 companies in the first two funding rounds for the onsh

172、ore programme,with most projects implementing reductions that went beyond the minimum levels required by regulations.Natural Resources Canada estimated that these projects avoided 4.7 Mt CO2-eq of methane in the first year.The results are subject to change pending the final assessment of the program

173、me.All companies receiving funding under the programme are required to install meters to continuously track the amount of emissions avoided by the projects.Companies are required to report this data annually for five years to enable the validation of emissions reductions.Natural Resources Canada wil

174、l release the aggregated data publicly.Financing methane emissions reductions PAGE|25 I EA.CC BY 4.0.Lessons learned Direct public funding for emissions abatement can help mobilise the industry and reduce potential regulatory costs.In the Canadian context,when the fund was announced,the federal and

175、provincial governments had forthcoming compliance deadlines and the funding helped companies meet and go beyond their regulatory obligations.Governments are often reluctant to provide direct funding to the oil and gas industry,and those that exist are often in the context of abandoned or orphaned we

176、lls.To mitigate these difficulties,the Emissions Reduction Fund tied performance to going above and beyond compliance and the government justified the measure in part as an effort to maintain jobs in the industry at a time of low prices.By providing repayable and non-repayable contributions,the fund

177、 helps to offset a large portion of the upfront cost of abatement projects.The option to forego the partially repayable portion of the contribution in exchange for the right to keep any generated emissions offsets helps to ensure that companies still have an incentive to access alternative sources o

178、f financing.The funding includes a clear requirement and mechanism to quantify emissions reductions and ensure additionality.The requirement that companies must measure and annually report emissions reductions achieved will help to improve the state of data.There were still questions,however,from la

179、wmakers in Canada about how emissions reductions were quantified,particularly for estimates of reductions that were additional to regulatory requirements.The government has committed to publish a report in mid-2023 with additional details on this.Financing methane emissions reductions PAGE|26 I EA.C

180、C BY 4.0.Technical annex Our estimates of methane emissions from oil and gas operations rely on generating country-specific and production type-specific emission intensities that are applied to production and consumption data on a country-by-country basis.More information about the approach taken is

181、 available in the IEAs Global Methane Tracker Documentation.Emissions from onshore,offshore,unconventional oil and gas production,and downstream operations are allocated to 91 equipment-specific sources.This is generally based on proportions from the United States,with modifications made for countri

182、es where other information is available,including discussions with relevant stakeholders.Abatement costs for methane emissions from oil and gas production are also based on the IEAs Global Methane Tracker.Our approach looks to reconcile all available information in a consistent manner,recognising th

183、at there is relatively limited publicly available data on methane mitigation costs globally.A total of 45 options are available to reduce methane emissions,each with an applicability and reduction potential,capital and operational costs,and technical lifetime.Costs are based upon information for the

184、 United States modified according to labour costs within each country,whether the equipment is imported or manufactured domestically(which impacts the capital costs and whether import taxes are levied),and other country-specific or region-specific information.Emission levels in the NZE Scenario take

185、 into account changes over time in oil and gas supply in each country,with abatement measures deployed gradually over time until the current technical abatement is achieved in full by 2030.All non-emergency flaring is eliminated by 2030 in the NZE Scenario,reducing methane emissions due to the incom

186、plete combustion of natural gas in flares.Natural gas is a valuable product and methane recovered through some measures can be sold.These measures can therefore result in overall savings if the value of the methane sold is greater than the cost of deploying the measure.The value of the methane captu

187、red is based on well-head prices consistent with the gas price trajectory of the NZE Scenario in each country.Costs and savings examine methane abatement from a global,societal perspective meaning that well-head gas prices can be substantially different from subsidised domestic gas prices.No externa

188、l emissions prices are included in the estimates of costs and savings.A rate of 8%is used to discount costs and savings over the lifetime of each abatement measure when calculating net present values.Financing methane emissions reductions PAGE|27 I EA.CC BY 4.0.Region Income bracket Emissions in 202

189、2(Mt)Spending to 2030(billion USD)Majors (billion USD)NOCs (billion USD)Others (billion USD)North America 18 24.3 1.0 1.1 22.2 Canada High 2 2.6 0.1 0.1 2.4 United States High 14 20.9 0.9 0.2 19.8 Mexico Upper-middle 1 0.8 0.0 0.8 0.1 Central and South America 6 5.7 0.4 3.7 1.6 Colombia Upper-middle

190、 0 0.2 0.0 0.1 0.1 Brazil Upper-middle 1 1.2 0.1 0.8 0.3 Argentina Upper-middle 1 1.1 0.1 0.4 0.6 Ecuador Upper-middle 0 0.2 0.0 0.2 0.0 Trinidad and Tobago High 0 0.2 0.0 0.0 0.2 Venezuela Low 3 2.4 0.1 2.0 0.2 Europe 2 2.0 0.4 0.8 0.9 Romania High 0 0.3 0.0 0.3 0.0 United Kingdom High 0 0.2 0.0 0.

191、0 0.1 Ukraine Lower-middle 0 0.2 0.0 0.1 0.1 Africa 9 6.8 0.9 4.1 1.8 Algeria Lower-middle 3 2.3 0.1 1.9 0.2 Egypt Lower-middle 1 0.8 0.2 0.2 0.4 Libya Upper-middle 2 1.3 0.2 0.9 0.2 Angola Lower-middle 1 0.2 0.1 0.1 0.1 Congo Lower-middle 0 0.1 0.0 0.0 0.0 Gabon Upper-middle 0 0.1 0.0 0.0 0.1 Niger

192、ia Lower-middle 2 1.5 0.3 0.7 0.5 Middle East 16 13.3 0.7 11.2 1.5 Iran Lower-middle 6 4.0 0.0 4.0 0.0 Iraq Upper-middle 3 1.5 0.2 0.9 0.3 Kuwait High 1 1.5 0.0 1.5 0.0 Oman High 1 0.8 0.1 0.1 0.5 Qatar High 1 1.0 0.2 0.7 0.2 Saudi Arabia High 3 2.6 0.0 2.6 0.0 Syria Low 0 0.2 0.0 0.2 0.0 UAE High 1

193、 1.3 0.2 0.9 0.2 Eurasia 21 17.3 0.6 11.1 5.6 Russia Upper-middle 13 12.9 0.0 7.8 5.0 Azerbaijan Upper-middle 0 0.2 0.0 0.1 0.1 Kazakhstan Upper-middle 2 1.4 0.5 0.6 0.3 Turkmenistan Upper-middle 5 2.3 0.0 2.2 0.1 Uzbekistan Lower-middle 1 0.5 0.0 0.3 0.2 Financing methane emissions reductions PAGE|

194、28 I EA.CC BY 4.0.Region Income bracket Emissions in 2022(Mt)Spending to 2030(billion USD)Majors (billion USD)NOCs (billion USD)Others (billion USD)Asia Pacific 8 7.6 0.4 4.0 3.2 Australia High 1 0.5 0.0 0.0 0.4 China Upper-middle 3 2.7 0.0 2.0 0.7 India Lower-middle 1 0.8 0.0 0.5 0.4 Indonesia Lowe

195、r-middle 1 1.0 0.1 0.4 0.5 Malaysia Upper-middle 0 0.2 0.0 0.1 0.1 Thailand Upper-middle 0 0.3 0.0 0.2 0.1 Bangladesh Lower-middle 0 0.3 0.2 0.1 0.0 Pakistan Lower-middle 0 0.7 0.0 0.4 0.3 World 80 77 4.3 35.9 36.8 High-income 26 33.7 1.9 6.8 25.0 Upper-middle income 34 26.8 1.3 17.3 8.2 Lower-middl

196、e income 17 13.4 1.0 9.1 3.2 Low-income 3 3.2 0.1 2.7 0.4 International Energy Agency(IEA).This work reflects the views of the IEA Secretariat but does not necessarily reflect those of the IEAs individual Member countries or of any particular funder or collaborator.The work does not constitute profe

197、ssional advice on any specific issue or situation.The IEA makes no representation or warranty,express or implied,in respect of the works contents(including its completeness or accuracy)and shall not be responsible for any use of,or reliance on,the work.Subject to the IEAs Notice for CC-licenced Cont

198、ent,this work is licenced under a Creative Commons Attribution 4.0 International Licence.This document and any map included herein are without prejudice to the status of or sovereignty over any territory,to the delimitation of international frontiers and boundaries and to the name of any territory,c

199、ity or area.Unless otherwise indicated,all material presented in figures and tables is derived from IEA data and analysis.IEA Publications International Energy Agency Website:www.iea.org Contact information:www.iea.org/contact Typeset in France by IEA-June 2023Cover design:IEAPhoto credits:GettyImages