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Egypt among 11 states joining EU, US for launching Global Methane Pledge Energy Pathway
Egypt is among 11 countries that joined the United States and the European Union for the launch of the Global Methane Pledge Energy Pathway for which about $ 60 million was committed.
Egypt joined the Global Methane Pledge with regards to the oil and gas sector, under the Energy Pathway, which will provide resources and support for flare capture, methane reductions, and clean energy expansion in Egypt.
The 10 other countries are Argentina, Canada, Denmark, Germany, Italy, Japan, Mexico, Nigeria, Norway, and Oman. These countries will be inaugural members of the Pathway.
Malaysia’s national oil company, PETRONAS, supports the Global Methane Pledge Energy Pathway and other regional and global methane management initiatives towards achieving the intent of the Global Methane Pledge. Together, the participants in the Pathway account for two-fifths of global gas production and three-fifths of global gas imports.
Countries and supporting organizations have announced $59 million in dedicated funding and in-kind assistance in support of the GMP Energy Pathway.
The funds include $4 million to support the World Bank Global Gas Flaring Reduction Partnership (GGFR). The United States intends to support the transfer by the World Bank of at least $1.5 million in funding to the GGFR. Germany intends to provide $1.5 million, and Norway intends to provide approximately $1 million to GGFR.
The funds also include $5.5 million to support the Global Methane Initiative (GMI). The United States will provide $3.5 million. Guided by the recommendations of the GMI, Canada will contribute $2 million over the next four years, as part of its global climate finance commitment, to support methane mitigation projects in developing countries including in the oil and gas sector.
Also, up to $9.5 million was allocated from the UNEP International Methane Emissions Observatory to support scientific assessments of methane emissions and mitigation potential in the oil and gas sector that are aligned with the Global Methane Pledge Energy Pathway.
Moreover, up to $40 million was earmarked annually from the philanthropic Global Methane Hub to support methane mitigation in the fossil energy sector.
These funds will be critical to improve methane measurements in the oil and gas sector, identify priority areas for methane mitigation, develop technical assessments for project development, strengthen regulator and operator capacity, support policy development and enforcement, and other essential activities to achieve reductions in methane emissions.
In addition, the UNEP International Methane Emissions Observatory will work with partners to launch the first phase of an alert and response system for satellite-detected methane emissions by COP27. The EU has so far committed 17 million EUR to support the work of the UNEP International Methane Emissions Observatory and has envisaged further funding in the coming months.
The Climate and Clean Air Coalition will also support the goals of the Pathway through its Hub on Fossil Energy to reduce methane and other short-lived climate pollutant mitigation in this sector.
Global gas producers announced significant new commitments to develop projects and strengthen policies to cut methane emissions and ensure clean, secure gas supply.
The Energy Pathway is a critical implementation step of the Global Methane Pledge that will accelerate deployment of the fastest and most cost-effective methane mitigation solutions available today.
The GMP Energy Pathway aims to encourage all nations to capture the maximum potential of cost-effective methane mitigation in the oil and gas sector, and eliminate routine flaring as soon as possible, and no later than 2030.
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