REG-TotalEnergies SE COP28: TotalEnergies Backs the World Bank’s Global Flaring and Methane Reduction Trust Fund

TotalEnergies SEAnnouncement

04/12/2023 07:00

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COP28: TotalEnergies Backs the World Bank’s Global Flaring and Methane
Reduction Trust Fund

 

On the occasion of the COP28 Methane summit in Dubai, TotalEnergies
(Paris:TTE) (LSE:TTE) (NYSE:TTE) announced a donation of $25 million over
2024-2030 to the Global Flaring and Methane Reduction (GFMR) trust fund, an
initiative of the World Bank.

GFMR: Unlocking financing mechanisms and technical solutions toward methane
emission abatement

The GFMR’s mission is to boost global efforts to end routine gas flaring and
reduce methane emissions to the greatest extent possible along the entire oil
and gas value chain by providing technical assistance, enabling policy and
regulatory reform, strengthening institutions, and mobilizing finance to
support action by governments and Oil & Gas operators.

The GFMR will strategically target, fund, and sustain engagements with
countries representing the greatest emissions reduction potential.

This $25 million donation from TotalEnergies to the GFMR comes in addition to
the Company’s efforts to continuously reduce its methane emissions and work
with its partners to implement best practices on its non-operated assets.

“Methane is key in the fight against climate change this decade. At COP27, I
called on all Oil & Gas companies, national and international, to join the
OGMP 2.0 and work toward zero methane emissions. At COP28, 50 companies
representing 40% of global oil production have embarked in the Oil and Gas
Decarbonization Charter pledge: the momentum is there and TotalEnergies is
proud to be a signatory of this charter. Building on the legacy of our
successful support of the World Bank’s “Zero Routine flaring”
initiative, I am glad that TotalEnergies is renewing and increasing its
support with its contribution to this new ambitious GFMR trust fund.
TotalEnergies was the first International Company to answer positively to the
World Bank call for funding as we are confident that this program will allow
concrete actions with real and significant effects on methane emissions
reduction”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

Slashing down methane emissions is a quick win in the battle against climate
change

Methane emissions come from multiple sources: agricultural activities, fossil
fuel production and use, decomposing waste, etc. For the Oil & Gas sector,
slashing methane emissions from hydrocarbon production is a priority in its
efforts to mitigate global warming.

After halving its methane emissions from its operated sites between 2010 and
2020, TotalEnergies set ambitious targets to step up its efforts and reduce
methane emissions by a further 50% by 2025 – with the ambition to reach this
target a year early, in 2024 - and by 80% in 2030, compared to 2020.

TotalEnergies is also committed to promoting the United Nations Oil and Gas
Methane Partnership (OGMP 2.0) framework with other national and international
oil companies. The Company has now held the OGMP Gold standard status for the
three years in a row.

TotalEnergies, early supporter of the World Bank’s initiative to eliminate
routine flaring

TotalEnergies believes that it is the industry’s responsibility to reduce
methane emissions to near zero by 2030. The Company was a founding member of
the World Bank’s Global Gas Flaring Reduction (GGFR) partnership and
endorsed the “Zero Routine Flaring by 2030” initiative that was launched
in 2015.

This initiative has been fruitful, having been endorsed by over 100
governments, oil & gas companies and development institutions. Building on
the legacy of this successful initiative, the World Bank is stepping up and
setting up the new Global Flaring and Methane Reduction (GFMR) trust fund,
broadening its focus to include methane venting and leakage in addition to
flare gas. TotalEnergies has responded positively to the call for
contributions of this new fund.

“Taking quick and decisive action on methane emissions could avoid as much
as 0.1 degrees C of warming by mid-century – equivalent to zeroing out the
emissions of every car and truck in the world. With GFMR we will support
countries with the least capacity and resources to address methane emissions,
while also leveraging billions of dollars of private sector finance”, said
Demetrios Papathanasiou, Global Director of the World Bank's Energy and
Extractives Global Practice.

***

About TotalEnergies

TotalEnergies is a global multi-energy company that produces and markets
energies: oil and biofuels, natural gas and green gases, renewables and
electricity. Our more than 100,000 employees are committed to energy that is
ever more affordable, more sustainable, more reliable and accessible to as
many people as possible. Active in nearly 130 countries, TotalEnergies puts
sustainable development in all its dimensions at the heart of its projects and
operations to contribute to the well-being of people.

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