Michael Hernandez
17 June 2022•Update: 17 June 2022
WASHINGTON
US President Joe Biden convened on Friday leaders of major economies to discuss the ongoing challenges of energy security and climate change amid ongoing disruptions to energy markets caused by Russia's war on Ukraine.
The virtual meeting of the Major Economies Forum on Energy and Climate (MEF) marks the third since Biden assumed office in 2021. The group is responsible for some 80% of the world's greenhouse gas emissions and global GDP, according to the White House.
Biden announced several new initiatives, including plans to cut methane emissions from the oil and gas sectors by capturing gas that would otherwise leak during production and bring it to market.
"Each year our existing energy system leaks enough methane to meet the needs of the entire European power sector. We flare enough gas to offset nearly all of the EU's gas imports from Russia," Biden said.
"And so by stopping the leaking and flaring of this super potent greenhouse gas, and capturing this resource for countries who need it, we're addressing two problems at once."
Methane is about 25 times as potent as carbon dioxide at trapping heat in the atmosphere, according to the US Environmental Protection Agency.
Other measures announced by Biden include a new global initiative to raise $90 billion for new clean energy projects, and a US pledge to devote $21.5 billion to the effort from funds already allocated by Congress.
Biden also announced plans to get more zero-emmission electric cars on the road, and said the US is co-leading with Denmark and Norway plans to ACHIEVE zero-emmission shipping. If shipping were to be considered a country it would account for the eighth-highest level of emissions worldwide, according to the White House.
