European Union countries greenlit a law on Monday to enforce methane emissions limits on oil and gas imports by 2030, urging international suppliers to curb leaks of the potent greenhouse gas, according to Reuters. Methane, a key component of natural gas, ranked as the second-largest contributor to climate change. Agriculture ministers across EU nations unanimously approved the policy at a meeting in Brussels, with Hungary being the sole dissenting vote. Starting in 2030, the EU will impose "maximum methane intensity values" on fossil fuels entering its market, with the European Commission tasked with defining specific limits by then. Importers failing to comply could face financial penalties. The new regulations are poised to impact major gas suppliers like the US, Algeria, and Russia. The US, aligned with the EU's goal to reduce methane emissions by 30 per cent by 2030, has lauded the EU's methane law. Additionally, the EU will mandate new import contracts for oil, gas, and coal from 2027, requiring foreign producers to adhere to methane emissions reporting rules equivalent to its own standards. These rules aim to prevent methane leaks through regular inspections and ban most cases of flaring and venting by oil and gas companies.
