The EU and its member states announced €175 million to improve methane reduction during the 28th UN Climate Change Conference of the Parties (COP28).
These funds are aimed to aid efforts to reduce methane emissions across the EU energy sector, and support the International Methane Emissions Observatory in the collection of the data on cutting emissions.
The announcement was made by President of the European Commission, Ursula von der Leyen today (Saturday, December 2) in Expo City, Dubai, United Arab Emirates.
President von der Leyen said: “Reducing methane emissions is crucial for meeting our 1.5° commitment under the Paris Agreement.
“Today I can announce that together with our member states, as Team Europe, we will provide over €175m for effective action on methane emission reduction.”
President von der Leyen also announced that the European Commission will develop a roadmap for the global rollout of the “You Collect, We Buy” scheme by COP29 which the EU and Algeria will pilot.
This scheme aims to incentivise companies to “capture and commercialise gas that would otherwise go to waste” through venting and flaring, which will enhance climate action and energy security.
According to von der Leyen, globally there is more than 260 billion cubic meters of natural gas wasted through flaring and methane leaks per year which is five times the volume of gas that the EU imported from the US last year.
“With the “You Collect, We Buy” scheme we are showing the way forward. And with €175 million for the Methane Finance Sprint, we are helping low- and middle-income countries to act too,” von der Leyen said.
Under the Global Methane Pledge, launched by the EU and the US, more than 150 countries are now implementing a collective goal of reducing global anthropogenic methane emissions by at least 30% by 2030, from 2020 levels.
According to the European Commission, this global initiative will help to keep the Paris Agreement objective of limiting warming to 1.5° “within reach”.
“Every fraction can immediately shave down global temperature rises. We have the tools to tackle wasteful venting and flaring of gas, and use the recovered resources for a fair energy transition,” according to president of the European Commission.