CALGARY — A new report commissioned by an environmental group says Canada's oil and gas industry could reduce methane emissions by 45 per cent using existing technology.
The study, carried out by energy industry research firm ICF International, found that the industry could eliminate the equivalent of 27 million tonnes of carbon dioxide emissions at a cost of $2.76 per tonne.
The Environmental Defense Fund says that mean that for a theoretical investment of $726 million, the industry could achieve the same climate benefits as taking every passenger car in Alberta and British Columbia off the road.
It says the reduction in emissions could be achieved by cutting methane leaks and through less intentional venting of gasses, adding that the industry could benefit by selling the conserved methane.
The potential reductions are based on projected emission levels in 2020 and are on top of what could be achieved with current regulatory and voluntary actions.
The report says methane is an important greenhouse gas, with a short-term impact many times greater than carbon dioxide.
