More than 20 leading philanthropic organisations have partnered to commit $223 million to drastically reducing methane emissions around the world. The effort – which includes the Hewlett Foundation, Bloomberg Philanthropies, CIFF, and the IKEA Foundation, among others – will aim to support the Global Methane Pledge, a diplomatic effort by the United States and European Union to reduce methane emissions by 30 per cent by 2030 and limit global warming by 0.2 degrees Celsius by 2050.
The $223 million commitment is the largest private pledge to reduce methane emissions globally to date, significantly boosting philanthropic resources allocated specifically to this issue. Funding will build upon and sustain action from civil society, government, and private industry, including in the more than 30 countries that have signed on to the Pledge by meaningfully investing in methane reduction solutions.
‘Reducing methane is the single fastest action we can take to keep a 1.5 degrees Celcius future within reach,’ said U.S. Special Presidential Envoy for Climate John Kerry.
At least a quarter of today’s warming is driven by methane from human actions – with the oil and gas industry, livestock, and landfills being the heaviest emitters. According to the UN Environment Programme, methane is 80 times more powerful than carbon dioxide.
‘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,’ said Larry Kramer, President of the William and Flora Hewlett Foundation. ‘This philanthropic commitment will help catalyse climate action for a more equitable, sustainable future.’
The announcement of the funding commitment highlights the role that global philanthropy is playing in addressing the impacts of climate change. In 2016, swift philanthropic action by 18 funders led to the creation of a $53 million pool of resources which helped make possible the Kigali Amendment to the Montreal Protocol. As a result of the funding, the pace and scale at which potent hydrofluorocarbons (HFCs) were removed was accelerated and led to the widespread adoption of more efficient and effective cooling solutions.
The foundations involved 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
This effort is also supported by a small number of funders that have chosen to remain anonymous.