Financing mechanisms are needed to scale methane capture technologies
Methane is responsible for nearly half of net global warming to date. It is 34 times more effective in trapping heat in our atmosphere than carbon dioxide. However, finance for methane emissions reduction accounts for less than 2% of international climate finance. A ten-fold increase is necessary to meet the USD 110 billion needed to reduce methane emissions on a global scale.
Methane escapes from bodies of water as organic matter decomposes. New methane capture technologies are becoming available, but limited financing mechanisms prevent them from scaling.
Considering the climate crisis and the urgency to transition to cleaner energies, a financial solution that tackles methane abatement amidst an increase in hydropower generation is vital.
We need a financial instrument that rewards investment in methane capture from hydropower reservoirs.