US Announces Over $1 Billion for Global Methane Reduction
DUBAI — U.S. Special Presidential Envoy for Climate John Kerry announced today that the United States, the European Union, and other entities have mobilized over $1 billion in new grant funding for methane action. The grants are focused on lower income countries — some of which will be channeled through the World Bank’s Global Gas Flaring Reduction Partnership — and are expected to help leverage billions in additional investments. It includes individual contributions of $25 million from a number of oil and gas companies.
Following is a statement from Brendan Guy, director of international climate for NRDC (Natural Resources Defense Council):
“Reducing methane emissions is a matter of urgency, so this is a big deal.
“Spurring industry and others to invest in cleaning up methane venting and flaring in developing countries pays multiple dividends. Not only will this help protect communities and our climate, but industry can save itself money by cleaning up its super-polluting methane emissions. Industry needs to nearly eliminate methane emissions by 2030.
“Methane plays a huge role in global warming. Paired with today’s EPA action on methane, this is a really positive step forward in the global climate fight. Still, addressing methane is only part of the solution for how the entire oil and gas sector needs to fundamentally transform its business model for a decarbonizing world.
"Going forward, all countries must include all greenhouse gases — including methane — in their next round of national climate targets due in 2025.”
The International Energy Agency (IEA) estimates that the world needs about $10 billion in average annual investments this decade to address oil and gas methane pollution in line with a 1.5 degree Celsius trajectory. This amount represents less than 3% of oil and gas industry net income in 2022.
NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million and online activists. Established in 1970, NRDC uses science, policy, law, and people power to confront the climate crisis, protect public health, and safeguard nature. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, Beijing and Delhi (an office of NRDC India Pvt. Ltd). Visit us at www.nrdc.org and follow us on Twitter @NRDC.