The US initiative to raise at least $200m to address methane gas emissions that contribute to global warming is expected to exceed expectations during the upcoming COP28 climate talks, reported AFP, citing a senior State Department official.
In April 2023, US President Joe Biden invited other nations to join the US in the Methane Finance Sprint, a funding campaign aimed at raising $200m to help cut methane emissions in line with the GMP.
According to the AFP report posted in the Hindustan Times, the financing target is now expected to be exceeded due the contributions from the US and other countries.
The official stated that several billions were needed worldwide to invest in lowering methane emissions that occur due to the production of natural gas and oil.
More than 150 nations have signed up to the GMP, which was launched in 2021. It aims to reduce global methane emissions by at least 30% by 2030 from 2020 levels, in order to eliminate 0.2°C of warming by 2050.
Earlier last week, in an agreement with the US, China agreed to incorporate all greenhouse gases into its next 2035 national climate pledge. China is considered to be the leading emitter in the world.
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Furthermore, the US, China and the United Arab Emirates (UAE) plan to jointly hold a methane and non-CO₂ Greenhouse Gases Summit at the COP28 talks.
COP28, organised by the UN Framework Convention on Climate Change, is due to be held in Dubai, UAE, from 30 November to 12 December 2023.
Recently, the European Parliament and Council reached an agreement on the terms of the bloc’s methane emissions law.
The provisional legislation, which aims to limit emissions of the potent greenhouse gas, requires the fossil gas, oil and coal industries to properly measure, report and verify their methane emissions according to set monitoring standards, and take action to reduce them.