A group of 50 organizations, including the IEA, is launching a financing scheme using transition bonds to incentivize methane emission reduction in the oil and gas industry.
A group of 50 organizations including the International Energy Agency and the Climate Bonds Initiative has set up a scheme to fund oil and gas companies committing to methane emission reduction, Bloomberg reported, noting the funding will take the form of so-called transition bonds . The group will release its recommendations on the idea at the next COP event and illustrate it with two demonstration deal, the report said, citing Climate Bonds Initiative chief executive Sean Kidney.
6% of gas produced in the U.S. was released into the atmosphere in methane leaks, which was eight times higher than what oil and gas operators had pledged in the Oil and Gas Climate Initiative and the Oil & Gas Decarbonization Chapter. The Environmental Defense Fund is also a member of the group devising methane reduction financing rules.
Oil And Gas Industry Climate Bonds Initiative International Energy Agency Transition Bonds Methane Reduction Financing Environmental Defense Fund Net Zero Emissions Global Warming Greenhouse Gas
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