Norway will allocate 10 million Norwegian crowns (84 million rubles) to reduce methane emissions, the government’s press service reported on June 5.
Norway joins the United States, Germany, the United Arab Emirates and six energy companies in contributing to a new World Bank fund to combat methane emissions and flaring.
At last year’s climate summit, the creation of a “Global Methane Reduction Trust Fund” was announced. Thus, by 2030 they plan to stop conventional flaring and reduce methane emissions in the oil and gas sector.
“The conclusion of the latest report from the UN Intergovernmental Panel on Climate Change is clear: global emissions continue to rise. We need stronger action and we need it soon. Government funding for developing countries is important, but not sufficient. “That’s why I’m very pleased that much of the funding for this fund comes from private companies.””said Foreign Minister Espen Bart Eide.
The fund is administered by the World Bank and is a predominantly private sector fund. Equinor and other energy companies are contributing $25 million (2.2 billion rubles) each to the fund, which is equivalent to approximately 277 million Norwegian crowns per company. Norway also provides expertise and resources to help other countries reduce their emissions. For example, Norway will support Nigeria’s work on methane and its flaring through Energy for Development knowledge collaboration.
“Norway is at the forefront of efforts to minimize methane emissions from both the oil and gas and waste sectors, and we have knowledge and experience that other countries can benefit from. “We therefore play an important role in ensuring that companies have the knowledge and experience necessary to combat methane emissions and flaring.”Eide said.
The commitment made at the 2021 Glasgow Climate Summit to double Norway’s climate finance from 2020 to 2026 remains unchanged. Private finance is needed to meet climate finance needs. Norway is also helping to mobilize private capital through Norfund and the Climate Investment Fund.
“To limit weekly temperatures to 1.5 degrees, the private sector must contribute financially. “Climate finance and support for developing countries are important in the Paris Agreement so that they can have sustainable, low-emission economies.””said the Minister of International Development, Anne Beat Christiansen Tvinnereim.
Methane is a more potent greenhouse gas than CO₂, and many experts believe that reducing emissions is the fastest way to reduce global warming in the short term. Thus, Norway already participates in the “Global Coalition for the Use of Methane and Clean Air”.
Source: Rossa Primavera
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