BAKU, Azerbaijan, December 4. TotalEnergies will donate $25 million to the Global Flaring and Methane Reduction (GFMR) Trust Fund, Trend reports.
The announcement came during the COP28 Methane Summit in Dubai. This contribution is scheduled to be dispersed over the period from 2024 to 2030 and is part of TotalEnergies' support for the World Bank's initiative.
Meanwhile, TotalEnergies has established goals to intensify its initiatives, aiming to achieve an additional 50 percent reduction in methane emissions by 2025. The company aspires to surpass this target a year ahead of schedule, accomplishing it by 2024. Furthermore, TotalEnergies aims to achieve an 80 percent reduction in methane emissions by 2030, relative to the levels recorded in 2020.
The mission of GFMR is to enhance worldwide initiatives aimed at eliminating regular gas flaring and minimizing methane emissions throughout the entire oil and gas value chain. This is achieved by offering technical assistance, facilitating policy and regulatory reforms, strengthening institutions, and mobilizing financial resources to support actions taken by governments and oil/gas operators.