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04 Dec 2023

On COP28 sidelines, philanthropies invest $450 million to help tackle methane

Today at COP28, climate philanthropies came together to commit $450 million to combat non-CO2 super climate pollutants over the next 3 years.

The new commitment designates the majority of the funding to cutting methane emissions and the remaining funds will support the phase-out of fluorinated gasses, nitrous oxide, black carbon, and ground-level ozone. The philanthropies involved in this pledge recognise the need to deepen investments in super climate pollutants and rapidly increase focus on measures that can prevent warming in the short term.

“Governments have an opportunity here to strengthen their targets and goals to ensure they address the mitigation and funding levels climate science demands,” said Christie Ulman, President of Sequoia Climate Foundation. “Including all GHGs as part of the Paris NDCs would be a step in the right direction. Stronger targets combined with a renewed focus on implementation are critical — it’s the only way we will see our climate goals realized.”

Climate experts say that including methane efforts in a legally binding summit agreement is a priority. While methane has more warming potential than carbon dioxide, it breaks down in the atmosphere within just years compared with decades for CO2. That means that reining in methane emissions can have a more immediate impact in limiting climate change.

Every tenth of a degree of warming matters, and it matters most to vulnerable communities on the frontlines of climate change. Now is a pivotal moment for collective action.