COP31 methane initiatives receive more than $480m in new funding

What happened

More than $480 million in new philanthropic funding was announced at a COP31 summit on non-carbon-dioxide greenhouse gases. The funding is intended to speed up work on methane in energy, agriculture and waste, alongside efforts on black carbon, clean cooking, transport and cooling.

Simon Stiell, executive secretary of the UN Framework Convention on Climate Change, said reducing methane and other short-lived climate pollutants can curb warming over the near term while bringing economic and health benefits. He called on countries to make these pollutants a priority in national climate plans and back targets with sector-specific policies.

The Super Pollutant Country Action Accelerator received $25 million and added Côte d’Ivoire, Ethiopia, Fiji, Morocco, Pakistan, the Philippines and Uzbekistan. Its membership has consequently risen to 14 countries.

Why it matters

Stiell said existing technologies could eliminate 70% of methane emissions from the oil and gas sector, often at low cost or with no net cost. He also said 75% of methane reductions in solid-waste activities could generate savings where captured gas is worth more than the required investment.

For businesses, the focus is on investment in methane detection, capture and use, as well as waste-management and agricultural solutions. Stiell also urged governments to mobilise public and private finance, including through development banks and climate funds. He said just 0.5% of climate finance for emissions reductions in 2023 went to super-pollutants.

He noted that parties responsible for about three quarters of global methane emissions have included measures to reduce them in new national climate plans. The challenge, he said, is delivery.

Background

The Global Methane Pledge was launched in 2021. The new commitments build on $530 million in funding provided since its launch, according to the announcement. Stiell also pointed to the newly operational UN carbon market, whose early areas of focus include landfill methane projects that capture and use the gas.

What's next

Stiell said COP31 could help countries turn methane and waste targets into practical action. He asked governments to strengthen institutional capacity and project development, set targets in climate plans and encourage industry investment in available technologies.