Leading Philanthropic Organizations Partner And Commit to Over $223M To Reducing Methane Emissions
WASHINGTON, Oct. 11, 2021 /PRNewswire/ -- Today, a first-of-its-kind alliance of more than 20 leading philanthropic organizations announced an intention to fund more than $223 million to drastically reduce methane emissions around the world. This includes supporting the diplomatic effort spearheaded by the United States and European Union’s Global Methane Pledge to reduce methane emissions by 30% by the year 2030 and limit warming by 0.2℃ by 2050.
The commitment is the largest private pledge to reduce methane emissions globally and significantly boosts philanthropic resources allocated specifically to methane reduction. Funding will build upon and sustain action from civil society, government, and private industry, including the 24 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°C future within reach,” said U.S. Special Presidential Envoy for Climate John Kerry. “In 2016, philanthropy committed fast start funding that helped us secure and implement the landmark Kigali Amendment on HFCs. Now they are stepping with over four times as much support for governments to deliver on the Global Methane Pledge to cut methane at least 30 percent globally by 2030.”
Methane is more than 80 times more powerful than carbon dioxide. At least 25% of today’s warming is driven by methane from human actions, with the oil and gas industry, livestock and landfills being the heaviest emitters. Reducing methane emissions is the single most effective way to rapidly slow global temperature rise. While countries have had their own methane reduction strategies for some time, this effort is the first-ever coordinated and unified approach to funding, developing, and implementing actionable solutions to the growing crisis of methane emissions in the atmosphere.
“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 catalyze climate action for a more equitable, sustainable future.”
Funders will coordinate their giving in methane reduction solutions, providing expertise, financial resources, technical support, and best-in-class data to ensure methane reduction progress and accurate monitoring, verification, and reporting, including in the resource extraction and agriculture sectors.
Today’s announcement 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 following philanthropic organizations are part of today’s announcement and working to create and drive systemic change on the pressing issues facing the world today:
- 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
Statements from the organizations can be viewed here.
This effort is also supported by a small number of funders that, though remaining anonymous, are committed to solving the most pressing issue of our time.
Today’s over $223M commitment is the first step ahead of COP26 in a series of coordinated philanthropic actions to achieve the goals of the Global Methane Pledge and substantively reduce methane in the atmosphere. Donors will continue to work together to increase philanthropic investments toward methane reduction and engage international experts to determine how the funding will be allocated.
About the Hewlett Foundation
The William and Flora Hewlett Foundation is a nonpartisan, private 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 philanthropy sector more effective, and foster gender equity and responsive governance around the world. To learn more, visit www.hewlett.org.
SOURCE The Hewlett Foundation