Australia and the United States, respectively the world’s second and third largest LNG producers, have agreed along with major natural gas buyers to reduce methane emissions and leaks across the export value chain.

The two major liquefied natural gas producers and representatives from the European Commission (EC), Japan and South Korea signed a joint statement Tuesday in Tokyo calling for the reduction of methane emissions by 30% by 2030 compared to 2020 levels. They also outlined the importance of reducing emissions from the LNG industry in order to reach goals set in the 2015 United Nations climate accord, aka the Paris Agreement. 

While most of the provisions in the agreement involve promoting private businesses to participate in voluntary reporting and reduction programs,...