US to give $15M for methane reductions

The United States will contribute $15 million toward a World Bank program to fund projects to reduce methane emissions.

The contribution is meant to “kick start” the World Bank’s effort, which it announced last week.

{mosads}The program will use auctions to grant public funds internationally for projects to cut methane emissions.

The State Department said Tuesday that the program is necessary because it is difficult for the projects to get private financing, since they do not always yield sufficient financial returns.

The auctions will provide “a competitive, guaranteed price for pollution reductions achieved by projects,” State said.

“This provides project developers confidence that they will get a positive return on their investment and ensures that public funding goes to projects that demonstrate real, independently verified results,” State said.

Methane is a greenhouse gas with about 20 times more warming potential than carbon dioxide. It is the second most prevalent greenhouse gas, though it does not stay in the atmosphere for very long.

Kerry first announced the funding Monday in his speech before the summit, and State released more information about the contribution Tuesday.