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Ambitious World Bank program to tackles methane emissions
Over the next 18 months, the World Bank, under the leadership of Ajay Banga, plans to contribute to the launch of 15 national programs to significantly reduce methane emissions.
World Bank President Ajay Banga / World Bank
Six months into his role as president of the World Bank, Indian American Ajay Banga is actively capitalizing on the momentum at COP28. During the initial three days of the climate conference, global leaders made a series of announcements, ranging from reducing methane emissions to increasing financial support for developing nations.
The World Bank has played a significant role in many of these agreements.
“Methane is 80 times more powerful than carbon dioxide in warming the planet, making it a major driver of climate change. Yet, it is often subjugated to carbon dioxide, receiving less than 2 percent of global climate financing,” Banga said in a statement.
“That is why the World Bank is taking action, scaling proven – and urgently needed – strategies that can decisively bend the methane emission curve.”
Over the next 18 months, as outlined in a blueprint for methane reduction, the World Bank, under the leadership of Banga, plans to contribute to the launch of 15 national programs with the objective of significantly reducing methane emissions.
These initiatives will expand upon successful pilot programs that have already demonstrated transformative outcomes in areas such as rice production, livestock operations, and waste management.
In addition, the World Bank will provide assistance for early interventions in areas where methane emissions are anticipated to experience exponential growth.
The Bank aims to contribute to policy development and country engagements through analytics while facilitating the unlocking of financing. It anticipates a substantial increase in its financing efforts for methane reduction through both public and private sector channels between 2024 and 2030.
The World Bank is also launching two platforms for faster methane action: CH4D for agriculture and waste, and GFMR for reducing methane leaks in the oil and gas sector.
“In our fight against climate change, too often genuine impact is impeded by intractable challenges – considerable expenses, political challenges, and underdeveloped technologies. Methane is one rare, clear area where we know there are low-cost remedies, effective and simple solutions that can be replicated and scaled,” Banga said.
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