According to the United Nations Environment Programme, an estimated 8 percent of the world's total natural gas production is lost to venting, leakage and flaring, accounting for up to U.S. $63 billion in losses and almost two gigatons of greenhouse gas emissions each year.
Last week, countries around the world released a statement announcing that "accelerated actions" will be taken to drastically reduce this waste.
"Methane venting and leakage from oil and gas production results in substantial economic and environmental costs," said Stephanie Pfeifer, executive director of the Institutional Investors Group on Climate Change, in a statement.
"Investors are concerned with these costs and have been working with companies to ensure methane leakage is measured and effectively tackled ... alongside governments and industry, we look forward to making further progress on this issue in the coming months."
So far 50 countries, including Canada, have signed on to participate in the Climate and Clean Air Coalition.
The initiative was launched by the UN in February 2012.