With Banga In Charge, World Bank Taking On Methane Emissions
India-West News Desk
DUBAI – Six months into his role as President of the World Bank, Ajay Banga is actively capitalizing on the momentum at COP28.
The World Bank has played a significant role in many of the agreements being signed at the gathering.
In a statement Banga said, “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. That is why the World Bank is taking action, scaling proven – and urgently needed – strategies that can decisively bend the methane emission curve.”
The World Bank, under Banga, over the next 18 months, plans to contribute to the launch of 15 national programs to significantly reduce 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, the WB said.
In addition, it will assist with early interventions in areas where methane emissions are anticipated to experience exponential growth.
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.