20+ philanthropies join to provide $328M to dramatically reduce methane emissions
A truly equitable and sustainable energy transition requires the reduction of methane emissions globally and ambitious decarbonization targets. That’s why more than 100 countries today announced their commitment to the Global Methane Pledge to reduce methane emissions by at least 30% by the end of this decade.
Cutting methane by at least 30% in this decade is not only achievable, but also imperative to slow the pace of global temperature rise and avoid the worst of climate change crises. Inspired by the Global Methane Pledge, philanthropies have announced a commitment of $328 million to fund actions to decrease methane emissions around the world. That is an over $100 million increase since the fund was announced less than a month ago.
The William and Flora Hewlett Foundation is proud to be one of the 20+ philanthropies creating a better future by rising up to meet this methane challenge.
Below are remarks from Larry Kramer, president of the Hewlett Foundation, who today joined United States President Joseph Biden and other world leaders on behalf of philanthropies that have committed funding to addressing methane emissions.
The Global Methane Pledge lays down a clear marker, grounded in the UNEP Global Methane Assessment: The world must cut methane emissions at least 30% by 2030 to keep the Paris goal within reach. And, as of today, more than 80 countries have already stepped up in response.
The necessity is obvious: Methane is responsible for almost half the warming we have already experienced—bringing damage and death, with much worse to come if we don’t act to prevent it. But equally obvious is the opportunity. Precisely because it is such a potent, short-term pollutant, putting methane reduction on a fast track is among the most effective steps we can take at this moment to reduce warming in both the near and long term.
The speed with which the pledge came together has been remarkable—something for which we must thank the extraordinary leadership of Presidents Biden and von der Leyen.
Now we must match that speed with similar speed in implementing and fulfilling it. And for that, I am proud (and humbled) to speak on behalf of the more than 20 philanthropies that likewise came together quickly to compile a fund well in excess of $325 million to assist nations that have taken the pledge.
This flexible philanthropic aid can be used to provide technical assistance to countries that need it and to develop and deploy innovative new solutions. This means grant dollars that can be moved quickly and nimbly for feasibility studies, project development, and other efforts needed to create the conditions to scale investment in methane reduction now.
We are, in this respect, keen to partner creatively with financial institutions, like EBRD, to help deploy the billions in investment that will be necessary to rapidly reduce methane.
Indeed, we hope these efforts will help countries not just meet the pledge. We hope it will help them do better and achieve more.
On behalf of the Hewlett Foundation, the many other funders in this effort, the people of the world, and, as important, our children and grandchildren and their children, thank you for taking this pledge.
We look forward, eagerly, to working with you.