At COP28 in Dubai, TotalEnergies announced a donation of $25 million over the span of 2024–2030 to the Global Flaring and Methane Reduction (GFMR) Trust Fund.
Methane emissions, which come from various sources such as agricultural activities and fossil fuel production, are a major contributor to climate change. For the oil and gas sector, reducing methane emissions is a top priority in their efforts to mitigate global warming.
TotalEnergies has already made significant progress in reducing methane emissions from their operating sites, cutting them in half between 2010 and 2020. The company has set ambitious targets to further reduce emissions by 50% by 2025 and 80% by 2030, compared to 2020 levels. The company is also actively promoting the United Nations Oil and Gas Methane Partnership (OGMP 2.0) framework with other national and international oil companies.
“At COP28, 50 companies representing 40% of global oil production have embarked on the Oil and Gas Decarbonization Charter pledge; the momentum is there, and TotalEnergies is proud to be a signatory to 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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
TotalEnergies was the first international company to respond positively to the World Bank’s call for funding for the GFMR trust fund. This new fund will not only focus on reducing flare gas but also methane venting and leakage.
“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.