WASHINGTON: Two dozen countries have joined a US- and EU-led effort to slash methane emissions 30 percent by 2030, giving the emerging global partnership momentum ahead of its launch at the UN climate summit in Glasgow later this month, a government official told Reuters.
Nigeria, Japan and Pakistan are among the 24 new signatories to the Global Methane Pledge, which was first announced by the United States and EU in September with the aim of galvanizing rapid climate action before the start of the Scotland summit on October 31. It could have a significant impact on the energy, agriculture and waste sectors responsible for the bulk of methane emissions.
The nine original partners include Britain, Indonesia and Mexico, which signed on to the pledge when it was announced at the Major Economies Forum last month. The partnership will now cover 60 percent of global GDP and 30 percent of global methane emissions.
US special climate change envoy John Kerry and European Commission Executive Vice President Frans Timmermans will introduce the new partners at a joint event on Monday and also announce that a dozen philanthropic organizations, including ones led by Michael Bloomberg and Bill Gates, will mobilize over $200 million to help support countries’ methane reduction efforts, said the official, who declined to be named.
The source said the countries represent a range of different methane emissions profiles. For example, Pakistan’s main source of methane emissions is agriculture, while Indonesia’s main source of methane is waste.
Several countries most vulnerable to climate change impacts, including some African nations and island nations like Micronesia, have also signed the pledge.
In the weeks leading up to the UN climate summit, the United States will engage with other major emerging economy methane emitters like India and China to urge them to join and ensure the “groundswell of support continues,” the official said.
’ONE MOVE LEFT’
Methane is a greenhouse gas and the biggest cause of climate change after carbon dioxide (CO2). Several recent reports have highlighted the need for governments to crack down on methane to limit global warming to 1.5 degrees C, the goal of the Paris climate agreement.
Methane has a higher heat-trapping potential than CO2 but breaks down in the atmosphere faster. A landmark United Nations scientific report released in August said “strong, rapid and sustained reductions” in methane emissions, in addition to slashing CO2 emissions, could have an immediate impact on the climate.
The United States is due to release oil and gas methane regulations in the coming weeks and the European Union will unveil detailed methane legislation later this year.
Larry Kramer, president of the William and Flora Hewlett Foundation, which contributed to the $200 million fund, told Reuters the money will “help catalyze climate action” and that reducing methane is the quickest way to help carry out the 1.5-degree goal.
Durwood Zaelke, president of the Washington-based Institute for Governance and Sustainable Development, said the partnership was a “great start” for focusing the world’s attention on the need to slash methane.
“There’s one move left to keep the planet from catastrophe — cutting methane as fast as we can from all sources,” he said by email ahead of the announcement.
Pakistan among 24 new signatories to global pact to slash methane emissions
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Pakistan among 24 new signatories to global pact to slash methane emissions
Pakistan launches privatization process for five power distributors under IMF reforms
- Power-sector losses have pushed circular debt above $9 billion, official documents show
- Move is tied to IMF and World Bank conditions aimed at cutting subsidies and fiscal risk
KARACHI: Pakistan has appointed financial advisers and launched sell-side due diligence for the privatization of five electricity distribution companies, marking a long-awaited step in power-sector reforms tied to International Monetary Fund (IMF) and World Bank programs, according to official documents shared with media on Monday.
The five companies, namely Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), supply electricity to tens of millions of customers and have long been a major source of financial losses for the state.
Pakistan’s power sector has accumulated more than Rs2.6 trillion (about $9.3 billion) in circular debt as of mid-2025, driven largely by distribution losses, electricity theft and weak bill recovery, according to official government data cited in the documents. The shortfall has repeatedly forced the government to provide subsidies, adding pressure to public finances in an economy under IMF supervision.
“The objective is to reduce losses, improve efficiency and limit the government’s fiscal exposure by transferring electricity distribution operations to the private sector,” the documents said, adding that sell-side due diligence for five distribution companies is under way as a prerequisite for investor engagement.
Two utilities, the Quetta Electric Supply Company and Tribal Areas Electric Supply Company, are excluded from the current privatization phase due to security and structural constraints, the documents said.
Power-sector reform is a central pillar of Pakistan’s IMF bailout program, under which Islamabad has committed to restructuring state-owned enterprises, improving governance and reducing budgetary support. The World Bank has also linked future energy-sector financing to progress on structural reforms.
Electricity distribution companies in Pakistan routinely report losses exceeding 20 percent of supplied power, far above international benchmarks, according to official figures. These inefficiencies have been a persistent obstacle to economic growth, investment and reliable power supply.
Previous attempts to privatize power distributors have stalled amid political resistance, labor union opposition and concerns over tariff increases. While officials have not announced a timeline for completing transactions, the launch of due diligence marks the most concrete step taken in years. International lenders and investors will now be closely watching whether Pakistan can translate this phase into completed sales, a key test of its ability to deliver on IMF-backed reforms.
In a related development in Pakistan’s privatization agenda, the government last month concluded the long-delayed sale of a 75 percent stake in national flag carrier Pakistan International Airlines (PIA) in a publicly televised auction. A consortium led by the Arif Habib Group emerged as the highest bidder with a Rs135 billion ($482 million) offer for the controlling stake, in a transaction officials have said will end decades of state-funded bailouts and inject fresh capital into the loss-making airline.
