UAE Invests $100 Million In Global Effort To Cut Methane Emissions

Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs, led the UAE delegation at the inaugural Steering Committee meeting of the Global Flaring and Methane Reduction Partnership (GFMR). The meeting took place on 5th and 6th June in Oslo, Norway.

The GFMR Partnership, a multi-donor trust fund, supports developing countries' efforts to reduce methane emissions from the oil and gas sector. Launched by the World Bank in collaboration with COP28 on 2nd December 2023, the fund has received a significant pledge of US$100 million from the UAE.

Methane is the second-highest contributor to global warming, accounting for nearly one-third of global greenhouse gas emissions. Beyond agriculture, the energy sector is a major source of methane emissions. The GFMR trust fund aims to accelerate the reduction of methane emissions from oil and gas operations in developing nations.

The UAE's contribution of $100 million underscores its commitment to this cause, alongside efforts to rally additional support from governments and international oil and gas companies.

First Steering Committee Meeting

The first Steering Committee (SC) meeting, co-hosted by the Ministry of Foreign Affairs of Norway and Equinor, marked a significant milestone in operationalising the fund and initiating its activities. The SC comprises representatives from donating companies and countries.

In his opening remarks, Balalaa emphasised the UAE's commitment to global cooperation in accelerating the energy transition. "The UAE is committed to cooperating with all nations in accelerating the energy transition keeping 1.5 alive," he stated.

UAE's Legacy in Combating Methane Emissions

Highlighting the UAE's longstanding commitment to reducing methane emissions, Balalaa noted, "Tackling methane flaring has always been a priority for the UAE leadership. In 1978, His Highness Sheikh Zayed passed Law No. 8 to regulate oil and gas operations, banning routine flaring and preventing air and water pollution."

The law requires the industry to use reliable technological methods, equipment, and materials that adhere to international standards in both safety and efficiency.

Call to Action

Concluding his remarks, Balalaa stated, "The COP28 Presidency co-hosted high-level events on Methane and Non-CO2 Greenhouse Gases to elevate the profile of these highly potent gases. Accordingly, the UAE Consensus adopted at COP28 calls for accelerating and substantially reducing non-carbon-dioxide emissions globally by 2030."

He urged all stakeholders to take tangible actions to accelerate the elimination of methane emissions this decade.

Next Steps for GFMR

The Steering Committee identified key priorities for 2024 and shortlisted opportunities to be advanced by COP29. The SC agreed to establish a Technical Advisory Group (TAG) to provide technical and financial expertise to support decision-making processes.

The GFMR will collaborate with global initiatives addressing methane emissions to leverage existing intellectual resources and accelerate implementation.

Complementary Initiatives

The GFMR is a key platform complementing the UAE's efforts in tackling global methane emissions. At COP28, the UAE launched the Oil and Gas Decarbonisation Charter (OGDC) with a primary focus on eliminating methane emissions by 2030. More than 50 oil and gas companies, representing 40 percent of global oil production, committed to the OGDC.

With inputs from WAM