CAIRO, Egypt — Egypt, the United States and Germany launched on Nov. 11 at the UN climate conference COP27 an initiative that aims to reduce methane emissions from the Arab country’s oil and gas sector by adopting measures to eliminate flaring, venting and leaking in its infrastructure.

The step is part of a broader declaration signed between the three countries to accelerate Egypt’s energy transition. Yet in addition to its environmental benefits, the move could also capture at least 2 billion cubic meters (bcm) of gas that is currently wasted at a time when Cairo is trying to increase the production and export of this fuel, mainly to Europe. US President Joe Biden raised the figure to 4 bcm in his remarks at the climate summit.

“How significant and real this will be, we still don’t know,” Mark Davis, CEO of Capterio, a company focused on reducing emissions and creating value from wasted gas from flaring, told Al-Monitor. “But Biden has recognized, for the first time, the real opportunity to reduce emissions in Egypt, create value and bring gas to the market,” he said.

Globally, it is estimated that around 260 bcm of gas is lost every year from flaring, venting and leaking, equivalent to more than 1.5 times the European Union’s (EU) gas imports from Russia in 2021, according to a detailed study released in March by Capterio and the Columbia Center on Sustainable Investment (CCSI) at Columbia University.