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COP28: EUR 175m to reduce EU methane emissions

05 December 2023, 19:12 CET
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COP28: EUR 175m to reduce EU methane emissions

Ursula von der Leyen - Photo © European Union 2023

(DUBAI) - At the COP28 climate change conference European Commission president Ursula von der Leyen presented Saturday the first-ever EU law to curb methane emissions in the energy sector.

Climate super-pollutants - including methane, nitrous oxide, hydrofluorocarbons, and tropospheric ozone - are responsible for over half of today's warming.

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.

"Reducing methane emissions is crucial for meeting our 1.5-degree commitment under the Paris Agreement," said Ms von der Leyen: "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."

The EU and its Member States announced the EUR 175 million in support of the Methane Finance Sprint to boost methane reduction at the Summit. The funds will help catalyse efforts from government, industry, and philanthropy to reduce methane emissions across the energy sector, including by enabling the methane data revolution with the use of new satellites.

Ms von der Leyen also announced that the Commission will develop a roadmap for the global rollout of the "You Collect, We Buy" scheme by COP29. This scheme incentivises companies to capture and commercialise gas that would otherwise go to waste through venting and flaring, thereby bolstering climate action and energy security. The EU and Algeria will pilot together this scheme.

Global Methane Pledge

Methane emissions

Press release on Deal on first-ever EU law to curb methane emissions

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