COP28 Latest: More Than $1 Billion in Grants to Slash Methane

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Vice President Kamala Harris touted a pledge by the US to contribute $3 billion toward a United Nations fund meant to help developing countries slash greenhouse gas emissions and adapt to climate change at the COP28 summit on Saturday. The EU will invest €2.3 billion ($2.5 billion) in the energy transition over two years.

COP28 President Sultan Al Jaber launched a pact to cut methane emissions from the oil and gas sector at United Nations climate talks in Dubai on Saturday. Exxon Mobil Corp. and Saudi Arabia’s Aramco are among the 50 producers that have signed up. Another program will support companies that make highly polluting products whose emissions are hard to cut, such as cement and steel.

The United Arab Emirates said it would contribute $100 million to a World Bank fund for grants to spur methane work by national oil companies in developing countries. John Kerry, the US representative, said more than $1 billion has been raised to help cut methane since COP27.