Japan Plans Climate Initiative to Help Cut Methane Emissions

Bloomberg

July 18, 2023

(Bloomberg) -- The US, the European Commission, Japan, South Korea and Australia are collaborating to limit methane emissions from liquefied natural gas supply chains as concerns mount over the climate impact from leaks of the potent greenhouse gas.

Although few details were released, the partnership represents a shift for some of the world’s biggest LNG buyers who have historically prioritized security of supply. It may force suppliers who want to sell to Japan and Korea to reduce accidental and intentional releases of methane from their supply chains.

Methane is the primary component of natural gas and responsible for almost a third of the world’s heating since the industrial revolution.

“This initiative is an unprecedented cooperation among LNG buyers to achieve a cleaner LNG value chain, by encouraging LNG producers to reduce methane emissions,” Japan’s Minister of Economy, Trade and Industry Yasutoshi Nishimura said at the LNG Producer-Consumer Conference on Tuesday in Tokyo where the initiative was announced.