World Bank’s Initiative to Combat Methane Emissions

Background:

• Methane constitutes 19% of global greenhouse gas emissions and is a significant contributor to climate change.
• Key sources of human-driven methane emissions include rice production (8%), livestock (32%), and waste (18%).
• Despite its high global warming potential (GWP), 80 times more potent than CO2, methane has been less prioritized in climate action.

World Bank’s Strategy and Actions:

• The World Bank plans to launch at least 15 country-led programs within 18 months to target methane emissions.
• These programs aim to reduce methane emissions from rice cultivation, livestock, and waste management.
• The approach focuses on triple wins: cutting emissions, boosting resilience, and enhancing livelihoods.
• Funding and Partnership Platforms: Current funding for methane reduction is less than 2% of global climate finance, with plans to increase this between 2024 and 2030.

• Collaborations include Germany, Norway, the USA, the UAE, and the private sector.
• Two key platforms: Global Methane Reduction Platform for Development (CH4D) and Global Flaring and Methane Reduction Partnership (GFMR).

Why in News:

• The World Bank is starting new projects to tackle the increasing problem of methane gas emissions.