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Man-made methane can be cut by plugging leaky oil and gas infrastructure, experts say. But Southeast Asia is lagging in realising the decarbonisation potential of methane reduction as fossil fuel production ramps up.
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With the shipping sector responsible for about 3 per cent of global anthropogenic methane emissions, leveraging existing solutions will greatly help amid lacklustre regulations.
ANZ, Commonwealth Bank, NAB, and Westpac loaned US$2.43 billion to finance fossil fuel projects last year, despite having committed to global climate goals. Most of the loans fall under general-purpose corporate lending and bonds, which are harder to track than direct project loans.
The new decree is seen as the latter of two policy moves needed to jumpstart the country’s clean energy market. New funding is already flowing, but concerns remain as to whether Vietnam’s power grid can handle more renewables.
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