ANTALYA, Türkiye, Nov 12: A COP31 summit has secured more than US$480 million in new philanthropic funding to accelerate efforts to reduce methane and other powerful greenhouse gas emissions, as international leaders stepped up calls for urgent action to curb global warming.
The funding commitments were announced at the Leaders-Level Non-CO₂ Greenhouse Gases Summit in Antalya on Thursday, bringing together government leaders, ministers, international organisations and philanthropic partners.
Addressing the summit, UN Climate Change Executive Secretary Simon Stiell described methane reduction as one of the fastest, cheapest and most effective ways to limit global heating in the near term, while delivering economic, agricultural and public health benefits.
“In a world of suffocating disasters, action on methane offers breathing space,” Stiell said.
He stressed that reducing methane and other so-called super-pollutants could help limit near-term temperature rises and keep any overshoot of the 1.5C global warming threshold as short and limited as possible.
However, he warned that methane reduction must go hand in hand with rapid cuts in carbon dioxide emissions to prevent even more severe temperature rises.
Stiell highlighted the significant potential for cutting methane emissions in the oil and gas, waste and agricultural sectors.
Around 70 percent of methane emissions from the oil and gas industry could be eliminated using existing technologies, much of which can be deployed at low or no net cost, he said.
In the solid waste sector, as much as 75 percent of potential methane reductions could generate financial savings, as the value of captured gas may exceed the investment required.
The economic case for action is also substantial. Citing findings by the UN Environment Programme (UNEP) and the Climate and Clean Air Coalition, Stiell said every dollar invested in key super-pollutant solutions could generate US$15 in economic benefits.
He also drew attention to the scale of energy waste caused by gas flaring, saying 167 billion cubic metres of gas were flared globally every year, representing an estimated US$54 billion in lost energy value.
“That’s money going up in smoke,” he said.
The summit also announced US$25 million in additional funding for the Super Pollutant Country Action Accelerator, with seven countries – Côte d’Ivoire, Ethiopia, Fiji, Morocco, Pakistan, the Philippines and Uzbekistan – joining the initiative.
The expansion doubles the programme’s reach to 14 countries, with a target of supporting 30 countries by 2030.
Australia also endorsed a UK-led statement on drastically reducing methane emissions across the global fossil fuel sector, reinforcing international cooperation towards near-zero methane emissions.
Meanwhile, Germany highlighted a new Global SF₆ Pledge to reduce emissions of sulphur hexafluoride, an extremely potent greenhouse gas. The United Kingdom and European Commission announced their support for the initiative.
Stiell said more than 90 percent of parties to the Paris Agreement, representing around three-quarters of global methane emissions, had already incorporated methane-reduction measures into their latest national climate plans, known as Nationally Determined Contributions (NDCs).
The priority now, he said, was to translate those commitments into practical action through stronger policies, investment and institutional capacity.
He urged governments to make methane and other super-pollutants priorities in their national climate strategies, mobilise public and private finance, particularly through development banks and climate funds, and strengthen technical institutions and project pipelines.
He also called on countries to make use of the Paris Agreement Crediting Mechanism, the UN carbon market, which has begun targeting landfill methane projects by rewarding initiatives that capture and utilise the gas.
Highlighting a major funding gap, Stiell said only 0.5 percent of climate finance allocated to emissions reduction in 2023 had gone towards tackling super-pollutants.
He called for greater investment in technologies and solutions that can deliver immediate climate benefits while improving energy efficiency, air quality, food production and public health.
“Super pollutants are a supersize opportunity. And it’s low hanging – for the climate, for economies, and for human health,” he said.