 Well, good morning everyone, and it really is a great pleasure to be here, and I did want to thank UNU-Wider and NORAD for the opportunity to discuss how reducing emissions from wasted gas really presents immediate opportunities to raise additional government revenues. We heard so much about that this morning, but also to reduce climate impacts and contribute to the STGs. So let me move on to my first slide. So there's three parts to the presentation, which you can see here, but the first message that I would like to convey is this sense of collaboration. We have been collaborating with international organization LightWider, with governments like NORAD and ourselves as a think tank, and we've enabled solutions to be developed from the facts and the evidence in our work, which really has the opportunity to help improve the critical global challenge of reducing methane emissions. The second message that we would like to convey is that we've applied these solutions in Nigeria using publicly available satellite data and transparency, and this helps to address, we can see in our work, the asymmetry that exists between regulators and operators. So regulators now understand the large opportunities that there are if they reduce flaring to obtain what we call a win-win-win substantial additional government revenues and many other impacts beside. And then the third point that I'm going to talk about is really there's several opportunities to extend this agenda more broadly. So let me start. I've got a couple of short introductory slides. First of all, you might be saying, well, why do we worry about methane? Why the energy sector? But actually the IPCC has demonstrated that cutting methane is the fastest and the most single important solution to get us to 1.5. The IEA has also demonstrated that if we're going to reduce global methane emissions, the energy sector is the highest priority. But there's so many positive results for the countries. If you look at the last two bullets, there's really enormous benefits. I will talk much more about the government revenues, but local benefits, health, air quality, energy access, food security, there's any number of benefits from reducing methane. So for those of you who are not familiar with, well, what is natural gas flaring inventing, which is the subject of this, you can read the definitions here on the slide. But I think the important point to notice that gas flaring is actually burning of the gas and that creates chemicals associated with the production and there's currently about 10,000 flares worldwide. Venting, however, is a simple release, no burning, but natural gas is about four-fifths methane. So methane emissions also are not visible. You cannot see them with the naked eye. Now, it's important to understand that you need to be able to flare gas for safety reasons. How routine flaring for operational reasons is not good practice and is banned in a number of countries. So the benefits finally for climate are that these supermitters, the top 200 supermitters of these 10,000 flares account for about 25 to 35% of all gas flared. So that is a very significant number for climate. So, OK, what have we done? So we've been focusing on research, obviously, solutions-based research and we published two papers in 2020 to 2021, really, which established, and these were viewed papers, which established how much or rather the scale and the quantity of the gas flared and vented and importantly, its social impact. We were able to, using Professor Drew Schindel, we were able to quantify in dollar terms the impact on human health, on agricultural yields, and on climate. But importantly, we didn't just focus on the problem, we wanted to look at solutions and the solutions which have come out of the wider research really importantly do not require large government funding and technologies exist today. And these, but what these solutions do need is public-private collaboration. And that's why we've then been engaging with key actors following this research to pilot some of these approaches. So this now are some of the facts that we find, which I wanted to share, the revenue opportunity. We heard a lot of numbers this morning. But we've estimated from the work that 7.5% of global gas is wasted. The sales value of that gas in 2021 prices is $100 billion per year. Gas flaring and venting is really important in terms of world emissions. So the second point, and you can see this on the right hand chart here, is that this 7.5% of gas actually causes 54% of the social costs of global gas, natural gas, flared and produced and used. So that is even bigger number than the gas sales value. But importantly, solutions are available today. And this is where the public-private collaboration comes in. Now we've really identified, as Etienne said, there's not a single bullet. We've identified four elements which we see as really important. First of all, independent measurement using satellite data. Second is transparency, which helps the accountability. Next are the fiscal and regulatory measures. And these in turn are important because they provide incentives to operators to apply the existing gas monetization solutions. So there's a carrot in a stick here to reuse the gas. So how are we going to get action? So we published an action plan together with the Center for Global Development, which really focused on who are the key actors. And in addition to the oil and gas producing countries, obviously, and the MZBs, the IMF we see as a critical actor here. Now why do we look at the IMF? First of all, the IMF has mandatory consultations with 190 countries around the world. It is not like the World Bank, which only deals with developing countries. But importantly, it has come up with what we think are very innovative solutions in the form of methane rebates, which will support regulators. But the last point is that they have just a year ago launched a new resilience and sustainability fund. Ten countries are now have agreements with the IMF, and most of these are in Africa. So how have we been implementing this plan? So UNU wider convened last year a multi-stakeholder roundtable, because many actors have to be involved. This was held under chat and house rules. You can see the list basically encompass private sector, civil society, some advisory organizations, and of course public sector. But the key message that came out of this roundtable was that reduction of methane via global gas flaring and venting is really a high priority. So what work has been done with these categories? So oil and gas producers. We identified Egypt then and still is actually chair of COP 27. UNU wider convened again an online webinar with Dr. Mahmood Mohildin, the UN high level climate champion, to discuss the issues in the research that we've done with wider. Now one of the countries which attended that event is Nigeria. And they have been pioneering satellite technologies to measure flare emissions in Nigeria. Now Nigeria for those of you don't know is Africa's largest oil producer and six largest LNG exporter. Oil accounts for 80% of Nigeria's exports and 50% of government revenues. Nigeria is also one of the most successful countries globally in reducing gas flaring. In 2021 Nigeria ranked eighth on the World Bank's list of high flaring countries. This was down from second in 2005 and over that period gas flaring reduced by 69%. So Nigeria is it's the second most successful country already in reducing flaring. So what we then did was to work with the foreign office and Oxford policy management to see how we could further extend the application of these independent technologies with the regulators in Nigeria. So what we focused on was starting with independent measurement by satellite which is one of the four elements of the diamond model that I've presented. And we looked at nine what we call super emitters as 18 supermeter flares in Nigeria. We looked at nine of these and we looked at them over a 10 year period which was between 2012 and 2022. And in 2022 what we find is that the supermeter flares reviewed those in line had an LNG gas sales value of $770 million per year based on 2021 prices. They also contributed about 47 to 64 percent of Nigeria's total natural gas flaring. So to make this transparent we have been working consistently with the regulators through online meetings. We had meetings at the beginning of the work. We had meetings throughout with our preliminary findings. Nosferat the chair of the chair of what we call a National Stakeholder Summit which involved NEITI as well as the Ministry of Finance as well as many other government agencies. The work has been very well received in Nigeria and I'm going to share just a few slides of that. So this is from the offshore assets that we looked at. So we were looking at five offshore assets and what we found that this really helps the work we were doing helps the regulator in several ways. First regulator now has a good understanding of how much gas is emitted and lost. But it also helps form the basis for compliance with restrictions on emissions volumes and taxes that can be leveraged. And the tax dimension is another piece of the diamond model. So we looked at as I say the fair performance of these three here but there were five altogether. And really between 2012 and 2022 these five provided about one quarter of Nigeria's total oil production as well as about one quarter of its overall gas flowing. So these are super significant for the economy as well as for the climate. Now why is gas being fed offshore? As you can see from the definitions here there's two main reasons for flaring. One is flaring for safety which I've already touched on but the other is flaring to produce. And what we found in these five offshore assets although they were designed not to flare routinely each of these assets was flaring at such a scale that they are deemed to be super emitters. So moving on to show more about this routine flaring. So this is actually over the 10 year period with the five offshore emitters. And what you can see here is that much of the gas so it's between well let's put it another way. If we look at what's flared for safety reasons over this period and in taking 2022 is one example between 7 and 24 percent of the gas was flared for safety reasons the rest was flared routinely. So that that gives you the sort of the overall. Now this is I've already mentioned that in many countries routine flaring is banned. There is also World Bank Initiative Zero routine flaring by 2030. So there are initiatives out there to to deal with routine flaring but here we see a consistent picture. Now there's some good news from our work in Nigeria looking at these which is that the performance in Nigeria of flare performance demonstrates that actually low flaring is a win-win with production. So we've looked at one particular asset and we can see where there is operational control of flaring. You get higher oil production. So it's not an either or situation. It can be managed with low flaring and good oil production which meets the targets of both the government and the company. So this is very helpful for regulators to understand that actually you can have production and low flaring and it also helps countries deliver on the NDCs for example. So what I want to talk to now is really looking specifically at the IMF and I mentioned the importance of regulation. So what we find and we've been working here with the Center for Global Development and as well as the IMF and what we found is that there's some real opportunities to pilot the IMF work which is referenced in the staff climate note but also dates back to work that they published in 2019. So what the IMF is proposing is that we're reporting needs improvement and this is the case in very many countries. One solution is to apply what they call a methane rebate tax which is based on deemed emissions and then followed by rebates. So this puts the onus on the operator to measure and verify the emissions instead of the regulators. So the regulators no longer have to prove how much methane is being emitted. The responsibility rests with the operator. So we think that this default methane tax which could be levied for example on barrels of oil produced so you could have a default tax based on production of some sort which all operators automatically pay at the beginning of the year as part of the fiscal framework. But if they can demonstrate to actual measurement which has been verified independently by companies which do this they will then get a rebate. So this as I say moves the regulator right out of the business of having to get into the debate with the operator about how much they've emitted how much they haven't admitted all this back and forth that can go on. And this incidentally provides incentives for operators although there's the carrot of the methane tax sorry the stick of the methane tax says the carrot. So there's some real benefits that we see from this. So yeah let me move on. So this slide summarizes again the diamond model what we've been looking at the notion that we really need to rapidly reduce methane emissions because this shows the single most effective strategy. So here's one topic that we think is really important which so far is not being fully addressed and that's what we call prioritizing these supermitters such as what I've been talking about in Nigeria. So the COP26 came out with the global methane pledge which is a great success when we looked at how we could support the global methane pledge. We were really struck by its focus on high emission sources. Well the satellite data that we're using showed that more than 60% of gas flare comes from 700 flares 700 out of those 10,000. So if we develop a top 200 supermitters list this combines both flaring and methane emissions and it helps address the asymmetry that I mentioned but it also helps local communities it helps policymakers it helps investors. So this is really I mean for us reducing methane emissions from this sector is really a win win win for the climate for the local communities for government revenues. So let me stop there thank you.