Leading philanthropic organizations partner up and pledge over $ 223 million to reduce methane emissions
WASHINGTON, October 11, 2021 / PRNewswire / – Today, a one-of-a-kind alliance of more than 20 leading philanthropic organizations announced plans to fund more than $ 223 million drastically reduce methane emissions around the world. This includes supporting the diplomatic effort led by United States and the European Union Global Methane Commitment reduce methane emissions by 30% by 2030 and limit global warming by 0.2 ℃ by 2050.
The pledge is the largest private commitment to reduce methane emissions globally and significantly increases the philanthropic resources allocated specifically to methane reduction. The funding will build on and support the action of civil society, government and private industry, including the 24 countries that have signed the Commitment by investing significantly in methane reduction solutions.
“Reducing methane is the fastest action we can take to keep a 1.5 ° C future close at hand,” said US President’s Special Envoy for Climate John Kerry. “In 2016, philanthropy committed quick start funding that helped us secure and implement the landmark Kigali Amendment on HFCs. Now they are giving more than four times the support to governments to meet the Global Methane Commitment to reduce methane by at least 30% globally. by 2030. “
Methane is more than 80 times more powerful than carbon dioxide. At least 25% of current warming is due to human-made methane, with the oil and gas industry, livestock and landfills being the biggest emitters. Reducing methane emissions is the most effective way to quickly slow the rise in global temperature. While countries have had their own methane reduction strategies for some time, this effort is the first-ever coordinated and unified approach to finance, develop and implement concrete solutions to the growing crisis of methane emissions into the atmosphere. .
“The science is clear: Reducing methane emissions is the fastest and most cost-effective way to keep the planet’s temperature rise below 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 catalyze climate action for a more equitable and sustainable future.”
Donors will coordinate their donations in methane reduction solutions, providing world-class expertise, financial resources, technical support and data to ensure progress in methane reduction and monitoring, verification and reporting. accurate reporting, including in the resource extraction and agriculture sectors.
Today’s announcement highlights the role of global philanthropy in addressing the impacts of climate change. In 2016, the rapid philanthropic action of 18 donors led to the creation of a $ 53 million pool of resources that made the Kigali Amendment to the Montreal Protocol possible. With the funding, the pace and scale at which potent hydrofluorocarbons (HFCs) were phased out was accelerated and led to the widespread adoption of more efficient and effective cooling solutions.
The following philanthropic organizations are part of today’s announcement and are working to create and drive systemic change on the pressing issues facing the world today:
- William and Flora Hewlett Foundation
- Bloomberg Philanthropies
- Revolutionary 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
- Montpellier and Hampshire Foundations
- Oak Foundation
- The David and Lucile Packard Foundation
- Fish Foundation
- Quadrature Climate Foundation
- International Sea Change Foundation
- Sequoia Climate Fund
- Skoll Foundation
- Philanthropy Sobrato
- Zegar Family Foundation
The organizations’ statements can be viewed here.
This effort is also supported by a small number of funders who, while remaining anonymous, are committed to solving the most pressing problem of our time.
Today is over $ 223 million engagement is the first step forward COP26 in a series of coordinated philanthropic actions to achieve the goals of the Global Methane Pledge and significantly reduce methane in the atmosphere. Donors will continue to work together to increase philanthropic investments in methane reduction and engage international experts to determine how funding will be allocated.
About the Hewlett Foundation
The William and Flora Hewlett Foundation is a private, non-partisan charitable foundation that advances ideas and supports institutions to promote a better world. For more than 50 years, the foundation has supported efforts to advance education for all, preserve the environment, support vibrant performing arts, strengthen Bay Area communities, make the sector more effective philanthropy and fostering gender equality and responsive governance around the world. To learn more, visit www.hewlett.org.
SOURCE The Hewlett Foundation