Key initiatives under the GMP energy pathway have made new headways
- World Bank launches the Global Flaring and Methane Reduction Partnership
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At COP27, the World Bank president outlined plans to expand financing to tackle methane emissions and leverage the World Bank’s experience in helping reduce greenhouse gas (GHG) emissions in key emitting sectors: agriculture, energy, sanitation, and waste. Following up on this commitment and building on the existing Global Gas Flaring Reduction Partnership (GGFR) trust fund, the World Bank is launching a new trust fund, the Global Flaring and Methane Reduction Partnership (GFMR). 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, institutional strengthening, and mobilising financing to support governments and operators. With $255 million in new grant funding, the GFMR is supported by financial contributions from the United Arab Emirates, US, Norway, BP, ENI, Equinor, Occidental, Shell, and TotalEnergies. Access to project development and financing support through GFMR will be contingent on commitments to achieve near-zero methane emissions by 2030 by reducing methane intensity to below 0.2%, achieve zero routine flaring by 2030, measure and report methane emissions through the Oil and Gas Methane Partnership 2.0 framework, and endorse the Global Methane Pledge.
- IMEO Methane Alert and Response System (MARS) tracks over 1000 methane plumes during the pilot phase
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- Oil and Gas Methane Partnership 2.0 includes 116 member companies, covering 37% of global oil and gas production in 68 countries.
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- Emissions inventories, methane guidelines and MRV frameworks are being implemented in Iraq, Nigeria and Gabon with support from the Climate and Clean Air Coalition
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- Energy Importers and Exporters Declaration enters implementation
- Global Methane Hub Partnerships Increase Fossil Fuel Accountability
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- Clean Air Task Force raises methane policy ambition in multiple continents
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- U.S. Environmental Protection Agency works with PEMEX to identify priority actions for methane reductions from PEMEX operations
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- The Oil and Gas Climate Initiative expands its Satellite Monitoring Campaign
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The Oil and Gas Climate Initiative (OGCI) is expanding its Satellite Monitoring Campaign to provide actionable data to reduce emissions from large-magnitude methane plumes and flares, supported by in-kind contributions from OGCI companies. ExxonMobil also intends to provide up to $25 million in in-kind assistance to address capability shortcomings to reduce methane emissions.