A group of philanthropies, including the Bezos Earth Fund, Bloomberg Philanthropies, and the Sequoia Climate Foundation, announced a collective investment of $450 million over the next three years to assist countries in launching national actions to address methane emissions.
Methane is the second-most significant greenhouse gas, and efforts to reduce its emissions have become a focal point in global climate negotiations.
The investment aims to accelerate the reduction of methane emissions and other non-carbon dioxide greenhouse gases. The announcement aligns with broader efforts by countries like the United States, UAE, and China to enhance financing for methane mitigation strategies, with announcements expected on Saturday at COP28.
Methane, emitted from various sources such as oil and gas production, agriculture, landfills, and food waste, has a higher warming potential than carbon dioxide but breaks down in the atmosphere more quickly. Thus, addressing methane emissions can have an immediate impact on limiting climate change.
Despite more than 150 countries pledging to reduce methane emissions by 30% from 2020 levels by 2030 under the Global Methane Pledge, there is a need for detailed plans on how these reductions will be achieved.
Research firm Kayrros highlighted that methane emissions are not decreasing in line with the pledge, emphasizing the urgency of addressing super-emitters.
“We’ve been calling for an outright ban on super-emitters. Rapid cuts in methane emissions from fossil fuels could lead to a reduction of 0.1°C in global temperature rise by mid-century,” said Antoine Rostand, CEO of Kayrros.
“With time short, we must be smart and decisive about how we stay below a 1.5-degree warmer world. One smart way will be for all to commit to ending methane leakages now and to regulate, urgently, all other super pollutants,” said Mia Amor Mottley, prime minister of Barbados.