Since deep decarbonization measures will generate greater temperature reductions after 2050, methane reduction policies and actions such as those to deliver the Global Methane Pledge (GMP) must be implemented alongside net-zero CO2 efforts, in parallel and immediately.
“Business as usual would lead to an increase in methane emissions the world cannot afford. Methane abatement is possible, economical, and will lead to measurable results within a few years. It is now time to focus on implementing our common Global Methane Pledge,” commented European Union Climate Ambassador Marc Vanheukelen. “The Baseline report underscores black and white the reasons why the EU invested much effort over the last three years to bring methane abatement to greater international prominence.”
The EU said it will continue to work with all partners building on “the great work of the CCAC and the International Methane Emissions Observatory.”
Finance for methane emissions abatement only accounts for less than 2% of global climate finance, according to a report by the Climate Policy Initiative. Methane abatement solutions are severely underfunded considering their climate change mitigation potential, CPI had said.
This contrasts with the global monetized benefits for all market and non-market impacts are approximately US$ 4 300 per tonne of methane reduced, according to calculations by the authors of the GMA 2030 Baseline report. When accounting for these benefits nearly 85 per cent of the targeted measures have benefits that outweigh the net costs. For instance, the benefits of the annually avoided premature deaths alone from achieving the GMP target is approximately US$ 380 billion per year.
“The appeal for more commitments from decision-makers, political figures, and business leaders to adopt actions that will prevent the tipping point and ensure winning the race to 2030 becomes more urgent as we assemble in Egypt for COP27,” said Peter Dery, Director, Environment Division Ministry of Environment, Science, Technology and Innovation (MESTI), Ghana and CCAC co-chair.