Twenty philanthropies have announced a commitment to invest more than $223 million collectively in efforts to drastically reduce global methane emissions, which is the second largest contributor to global warming after carbon dioxide.
According to the foundations, reducing methane emissions is the single most effective way to slow global temperature rise; an International Energy Forum report found that at least 25 percent of global warming currently is driven by methane from human actions, the heaviest emitters being the oil and gas industry, livestock, and landfills. The foundations will coordinate their giving in support of methane reduction solutions, providing expertise, financial resources, technical support, and best-in-class data to ensure progress in methane reduction and accurate monitoring, verification, and reporting, including in the resource extraction and agriculture sectors.
The participating funders are Bloomberg Philanthropies, Breakthrough Energy, Sea Change Foundation International, Sequoia Climate Fund, Sobrato Philanthropies, and the William and Flora Hewlett, Children’s Investment Fund, Erol, Grantham, High Tide, IKEA, John D. and Catherine T. MacArthur, McCall MacBain, Montpelier and Hampshire, Oak, David and Lucile Packard, Pisces, Quadrature Climate, Skoll, and Zegar Family foundations. The alliance also will support the diplomatic effort spearheaded by the United States and the European Union’s Global Methane Pledge to reduce methane emissions by 30 percent by 2030 and reduce warming by at least 0.2℃ by 2050. More than thirty countries have signed on to the pledge, which will be launched at the upcoming 26th UN Climate Change Conference (COP-26) in Glasgow, Scotland.
“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 Hewlett Foundation president Larry Kramer. “This philanthropic commitment will help catalyze climate action for a more equitable, sustainable future.”
(Photo credit: pxfuel)
“Leading philanthropic organizations partner and commit to over $223M to reducing methane emissions.” William and Flora Hewlett Foundation press release 10/11/2021.“Joint U.S.-EU statement on the Global Methane Pledge.” U.S. State Department press release 10/11/2021.
People: Larry Kramer
Organization: Quadrature Climate Foundation; William And Flora Hewlett Foundation; Montpelier And Hampshire Foundations; Erol Foundation; Sea Change Foundation International; Bloomberg Philanthropies; Breakthrough Energy Ventures; Sequoia Climate Fund; Sobrato Philanthropies; Children’s Investment Fund Foundation; Grantham Foundation; High Tide Foundation; IKEA Foundation; John D. And Catherine T. MacArthur Foundation; McCall MacBain Foundation; Oak Foundation; David And Lucile Packard Foundation; Pisces Foundation; Skoll Foundation; Zegar Family Foundation