Methane emissions ‘incredibly cheap’ to cut without needing offsets, safeguard mechanism inquiry told

Methane emissions from the oil and gas industry can be cut using existing technology, without the use of offsets, an inquiry into the Albanese government’s safeguard mechanism changes told. Photograph: Bloomberg/Getty Images

Methane emissions from the oil and gas industry are “incredibly cheap” to cut and companies could improve their financial position by embracing existing technology to stop carbon leaks, an inquiry into the Albanese government’s climate policy has heard.

A hearing into proposed changes to the safeguard mechanism – a Coalition policy applied to industrial emissions that Labor plans to revamp – was told the International Energy Agency (IEA) had estimated a 75% reduction in methane was possible using commercially competitive existing technology, such as capturing the methane and using it to generate electricity.