COP28: TotalEnergies Backs the World Bank’s Global Flaring and Methane Reduction Trust Fund
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On the occasion of the
GFMR: Unlocking financing mechanisms and technical solutions toward methane emission abatement
The GFMR’s mission is to boost global efforts to end routine gas flaring and reduce methane emissions to the greatest extent possible along the entire oil and gas value chain by providing technical assistance, enabling policy and regulatory reform, strengthening institutions, and mobilizing finance to support action by governments and Oil & Gas operators.
The GFMR will strategically target, fund, and sustain engagements with countries representing the greatest emissions reduction potential.
This
“Methane is key in the fight against climate change this decade. At
Slashing down methane emissions is a quick win in the battle against climate change
Methane emissions come from multiple sources: agricultural activities, fossil fuel production and use, decomposing waste, etc. For the Oil & Gas sector, slashing methane emissions from hydrocarbon production is a priority in its efforts to mitigate global warming.
After halving its methane emissions from its operated sites between 2010 and 2020, TotalEnergies set ambitious targets to step up its efforts and reduce methane emissions by a further
TotalEnergies is also committed to promoting the United Nations Oil and Gas Methane Partnership (OGMP 2.0) framework with other national and international oil companies. The Company has now held the OGMP Gold standard status for the three years in a row.
TotalEnergies, early supporter of the World Bank’s initiative to eliminate routine flaring
TotalEnergies believes that it is the industry’s responsibility to reduce methane emissions to near zero by 2030. The Company was a founding member of the World Bank’s Global Gas Flaring Reduction (GGFR) partnership and endorsed the “Zero Routine Flaring by 2030” initiative that was launched in 2015.
This initiative has been fruitful, having been endorsed by over 100 governments, oil & gas companies and development institutions. Building on the legacy of this successful initiative, the World Bank is stepping up and setting up the new Global Flaring and Methane Reduction (GFMR) trust fund, broadening its focus to include methane venting and leakage in addition to flare gas. TotalEnergies has responded positively to the call for contributions of this new fund.
“Taking quick and decisive action on methane emissions could avoid as much as 0.1 degrees C of warming by mid-century – equivalent to zeroing out the emissions of every car and truck in the world. With GFMR we will support countries with the least capacity and resources to address methane emissions, while also leveraging billions of dollars of private sector finance”, said Demetrios Papathanasiou, Global Director of the World Bank's Energy and Extractives Global Practice.
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About TotalEnergies
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, more sustainable, more reliable and accessible to as many people as possible. Active in nearly 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
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