While attending the COP28 climate change summit that recently took place in Dubai, TotalEnergies has announced a $25 million donation to the World Bank’s trust fund for Global Flaring and Methane Reduction (GFMR).
Compared to carbon dioxide, methane has 80 times the warming potential over the initial 20 years in the atmosphere, making such emissions an important target for the fight against climate change. Emissions can result from the decomposition of waste and agricultural activities, but it can also result from hydrocarbon production in the oil and gas industry.
The GFMR initiative was set up to help efforts around the world in reducing emissions by ending the systematic venting and flaring of natural gas and other sources of methane emissions in the oil and gas supply chain. This support can take the form of help with regulatory and policy reforms, technical and financial assistance, and stronger institutions.
TotalEnergies CEO and Chairman Patrick Pouyanné said that 50 oil producers had signed up to the Oil and Gas Decarbonisation Charter pledge at COP28, adding:
“…TotalEnergies is proud to be a signatory of this charter. Building on the legacy of our successful support of the World Bank’s ‘Zero Routine Flaring’ initiative, I am glad that TotalEnergies is renewing and increasing its support with its contribution to this new ambitious GFMR trust fund.”
TotalEnergies, the maker of Total Carter gear oil, already halved its methane emissions between 2010 and 2020. Its next target is to halve them again by 2025, a goal it may be on track to achieve early.
