COP28: Philanthropies to invest $450 million in next 3 yrs to help countries tackle methane 

A group of nearly a dozen well-funded philanthropies declared on Saturday their commitment to invest $450 million over the next three years to assist countries in launching national initiatives aimed at addressing methane, the second-most prevalent greenhouse gas. Methane has emerged as a renewed focal point in global climate negotiations.

Participating philanthropic organizations, such as the Bezos Earth Fund, Bloomberg Philanthropies, and the Sequoia Climate Foundation, will play a role in expediting the reduction of methane emissions and other non-carbon dioxide greenhouse gases.

This announcement coincides with the U.S., UAE, and China preparing to unveil various initiatives at the U.N. COP28 climate summit to secure additional funding for addressing methane-related issues. Countries are also stepping forward with fresh plans to curb these emissions.

Climate experts emphasize the importance of incorporating methane mitigation efforts into a legally binding summit agreement. Although methane possesses greater warming potential than carbon dioxide, its shorter atmospheric lifespan—measured in years rather than decades—means that efforts to control methane emissions can yield more immediate results in mitigating climate change.

Methane originates from diverse sources, including oil and gas production, agriculture, landfills, and food waste.

“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.

While more than 150 countries have promised since 2021 to slash their methane emissions 30% from 2020 levels by 2030 under the U.S.- and EU-led Global Methane Pledge, few have detailed how they will achieve this.

Research firm Kayrros, which tracks methane emissions, said on Friday that despite the pledge, emissions of methane are not coming down, and in some places, they are even going up.

“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 inputs from Reuters.