Philanthropic organisations pledge €223m to help reduce global methane emissions
Melanie May | 1 November 2021 | News
An alliance of more than 20 philanthropic organisations have partnered with the intention of committing than $223 million (just over £163m) to reducing methane emissions around the world. The commitment is described as the largest private pledge to reduce methane emissions globally.
The commitment will support the United States and European Union’s Global Methane Pledge to reduce methane emissions by 30% by 2030 and limit warming by 0.2℃ by 2050. Methane is the second highest contributor to global warming according to figures from the International Energy Forum.
The alliance’s funding will build upon and support action from civil society, government, and private industry, including in the 30-plus countries that have signed the Pledge, by investing in methane reduction solutions.
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While countries have had their own methane reduction strategies for some time, this effort is thought to be the first-ever coordinated and unified approach to funding, developing, and implementing actionable solutions to the growing crisis of methane emissions in the atmosphere.
Larry Kramer, President of the William and Flora Hewlett Foundation, said:
“The science is clear: slashing methane emissions is the fastest and most cost-effective way to keep the planet’s temperature rise to under 1.5℃ and mitigate the worst harms of climate change. This philanthropic commitment will help catalyse climate action for a more equitable, sustainable future.”
Funders will coordinate their giving in methane reduction solutions, providing expertise, financial resources, technical support, and data to ensure methane reduction progress and accurate monitoring, verification, and reporting, including in the resource extraction and agriculture sectors.
The 20 philanthropic organisations are:
William and Flora Hewlett Foundation
Bloomberg Philanthropies
Breakthrough Energy
Children’s Investment Fund Foundation (CIFF)
Erol Foundation
Grantham Foundation
High Tide Foundation
IKEA Foundation
John D. and Catherine T. MacArthur Foundation
McCall MacBain Foundation
Montpelier and Hampshire Foundations
Oak Foundation
The David and Lucile Packard Foundation
Pisces Foundation
Quadrature Climate Foundation
Sea Change Foundation International
Sequoia Climate Fund
Skoll Foundation
Sobrato Philanthropies
Zegar Family Foundation
It is also supported by a number of other funders that are remaining anonymous.
Per Heggenes, CEO of the IKEA Foundation said:
“We have less than 10 years to keep the global temperature rise within the 1.5⁰C limit set by the Paris Agreement. It’s a small window of time to save our planet for families everywhere and we can only achieve this if everyone, everywhere works together. We are very pleased that climate philanthropy at scale can step in to support governments all over the world in their commitment to reducing methane emissions by 30% by 2030 because only through unprecedented collaboration can we make this happen. We hope that other funders will join this initiative.”
Earlier this year, philanthropists pledged a record $5bn to finance the protection of 30% of land and sea by the end of this decade. Meanwhile at COP26 world leaders are currently attempting to agree on action to limit global warming to below 1.5C.
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About Melanie May
Melanie May is a journalist and copywriter specialising in writing both for and about the charity and marketing services sectors since 2001. She can be reached via thepurplepim.com.