UAE boosts commitment to Global Flaring and Methane Reduction Partnership

Abu Dhabi [UAE], June 8 (ANI/WAM): The UAE delegation, led by Abdulla Balalaa, Assistant Minister of Foreign Affairs for Energy and Sustainability Affairs, participated in the inaugural Steering Committee meeting of the Global Flaring and Methane Reduction Partnership (GFMR) in Oslo, Norway on 5th and 6th June.

The GFMR Partnership, established as a multi-donor trust fund, aims to assist developing countries in reducing methane emissions from the oil and gas sector. Launched by the World Bank in collaboration with COP28 on December 2, 2023, the fund received a substantial pledge of USD 100 million from the UAE to support its initiatives.

Methane is a significant contributor to global warming, responsible for nearly one-third of global greenhouse gas emissions. The energy sector, particularly oil and gas operations, is a major source of methane emissions.

During the first Steering Committee meeting, co-hosted by the Ministry of Foreign Affairs of Norway and Equinor, the operationalization of the fund and the initiation of its activities were discussed. The committee, comprising representatives from donating companies and countries, highlighted the importance of global cooperation in accelerating the energy transition.

Abdulla Balalaa emphasized the UAE’s commitment to addressing the urgent methane emissions challenge and stated, “The UAE is committed to cooperating with all nations in accelerating the energy transition keeping 1.5 alive.” He also highlighted the UAE’s history of prioritizing methane emissions reduction, dating back to the passing of Law No. 8 in 1978 by His Highness Sheikh Zayed, which banned routine flaring and promoted the use of reliable technological methods in oil and gas operations.

The Steering Committee identified key priorities for 2024 and discussed opportunities to be advanced by COP29. It was agreed to establish a Technical Advisory Group (TAG) to provide expertise in decision-making processes. The GFMR will collaborate with global initiatives addressing methane emissions to leverage existing resources and accelerate implementation.

The GFMR complements the UAE’s efforts in tackling global methane emissions, as demonstrated by the launch of the Oil and Gas Decarbonisation Charter (OGDC) at COP28. More than 50 oil and gas companies, representing 40 percent of global oil production, committed to the OGDC with a primary focus on eliminating methane emissions by 2030.

The UAE’s significant contribution to the GFMR Partnership underscores its dedication to addressing climate change and promoting sustainable energy practices. The collaborative efforts of the Steering Committee and the commitment of participating countries and companies signal a positive step towards reducing methane emissions and mitigating the impact of global warming.