Methane Finance Sprint

Country / jurisdiction: United States · Year: 2023 · Status: In force · Level: International · Type: Voluntary

President Biden announced the Methane Finance Sprint at the convening of the Major Economies Forum on Energy and Climate in 2023 with the aim of financing rapid reductions in methane emissions in line with the Global Methane Pledge and accelerating hydrofluorocarbon phasedown under the Kigali Amendment. The goal of the funding campaign was set at $200 million in support for developing countries by COP 28. The US invited other governments, along with private sector and financial institutions, to contribute to the effort.

As of December 2023, governments, philanthropies and private the sector committed over $1 billion in new grant funding for global methane emissions reductions projects with a focus on low and middle income countries. This includes a €175 million commitment from the EU and its Member States announced at COP 28. Initiatives funded by the Sprint include the World Bank Global Flaring and Methane Reduction Partnership, the Enteric Fermentation Accelerator, the Climate and Clean Air Coalition (CCAC) and the International Methane Emissions Observatory (IMEO), among others.

Official source: https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/20/fact-sheet-president-biden-to-catalyze-global-climate-action-through-the-major-economies-forum-on-energy-and-climate/