President Biden launched the Methane Finance Sprint in April 2023 at the Major Economies Forum, with the aim of raising at least $200 million in new high-impact grant funding by COP28. Today, governments, the European Commission, philanthropies, and the private sector significantly exceeded that target, announcing over $1 billion in new grant funding committed since COP27, which more than triples previous annual methane grant funding and will leverage billions more in urgently needed project investment. These funds will support cutting methane emissions across all sectors with a focus in low- and middle-income countries. The Sprint includes $255 million for the re-launch of the World Bank Global Flaring and Methane Reduction Partnership, $200 million for the launch of the Enteric Fermentation Accelerator, and additional support for the Climate and Clean Air Coalition (CCAC), the International Methane Emissions Observatory (IMEO), and other programs, elaborated below.

According to a recently released report from the Climate Policy Initiative, average annual methane abatement finance has moved in the right direction since the launch of the Global Methane Pledge, with an increase of 18% in 2021/2022 compared to 2019/2020. The new funding from the Methane Finance Sprint exponentially accelerates this progress providing crucial technical assistance to further accelerate national methane planning and policy action and project pipeline development work that will catalyze billions in methane reduction investment.

Governments and the European Commission contributed over $408 million in funding toward the Sprint, including $3.5 million from Canada, $190 million (€175 million) from the European Commission, $22.7 million from France, $21.8 million from Germany (intended) $3 million from Ireland, $7.7 million from Japan, $100 million from the United Arab Emirates, $2.5 million from the United Kingdom, and $57 million from the United States. Philanthropies and the private sector contributed over $637 million to the total.

In addition to the over $1 billion in new grant funding, international financial institutions approved over $3.5 billion in new investments for methane-reducing projects since COP27. Approvals include $375 million from the Green Climate Fund and partners, over $1.9 billion (€1.78 billion) from the European Investment Bank, over $218 million (€200 million) from the European Bank for Reconstruction and Development, and $372.5 million from the Inter-American Development Bank. The World Bank approved at least $700 million in investments, including a $255 million for rice project in China, $300 million for landfill methane reduction in Cote d'Ivoire, and $145 million for wastewater methane reduction in Malawi. 

              Global Targeted Methane Abatement Finance Flows in 2021/2022 (USD billion)

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Global finance to methane abatement from 2019/20 and 2021/22 vs annual needs

 

Global finance to methane abatement from 2019/20 and 2021/22 vs annual needs (2030, and 2050) (USD billion) 

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Methane finance flows sectoral 2021.png

Original figures can be accessed here.