Andersen: 2024 is on track to be warmest on record..Financing must up at least 3.5 times
2024 is on track to surpass 2023 as the warmest on record and climate change ...
Andersen: 2024 is on track to be warmest on record..Financing must up at least 3.5 times
2024 is on track to surpass 2023 as the warmest on record and climate change is carving a deadly trail of destruction throughout the world, Executive Director of the United Nations Environment Program (UNEP) Inger Andersen said during the Global Methane Pledge Ministerial Meeting.
The Climate and Clean Air Coalition (CCAC) received more than $650 million in funding requests in 2024, with only $14 million to allocate. We celebrated the Finance Sprint outcomes last year, but to meet the estimated need of $48 billion by 2030, annual flows must increase at least 3.5 times, Andersen said.
“The next round of Nationally Determined Contributions (NDCs) is our last chance to set a course that avoids overshooting 1.5°C and minimizes further climate horrors. Action on super pollutants, including methane, is essential for this course: to slow global temperature rise, buy time for decarbonization to show effect and reduce the need for expensive adaptation efforts,” she said.
“We have the Global Methane Pledge. We have the scaffolding for action – built from plans, roadmaps, policies, money and transparency. Sixty-five countries are being supported to tackle methane emissions, with $28.5 million from the Climate and Clean Air Coalition (CCAC) Trust Fund. But atmospheric methane concentrations are still rising. They reached 265 per cent of pre-industrial levels in 2023,” she added.
“So, we must commit to the ‘triple A’: higher ambition, more action and strengthened alliances, such as the CCAC. We can build on the strong start the methane community has made. “
The next round of NDCs is a chance to do more and send investors a strong signal. The CCAC is supporting over 30 countries with these updates and has released guidance on including super pollutants in NDCs – which would also bring benefits for health, jobs and economic development by improving air quality. Nations must follow this guidance.
Of course, action in NDCs must go beyond the oil and gas sector, which is why UNEP partnered with the COP29 Presidency on the Reducing Methane Organic Waste Declaration. And why the CCAC is supporting countries to include ambitious waste actions in their NDCs and supports regulation to unlock private sector action. But we also need innovation.
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