Australia has finally joined the Global Methane Pledge joining more than 120 countries committed to reducing emissions across all industry sectors.
The goal is to cut emissions by at least 30 per cent below 2020 levels by 2030.
The Global Methane Pledge is a voluntary commitment with 122 signatories including the United States, United Kingdom and the European Union.
Climate Change Minister Chris Bowen said the pledge promotes an aspirational global target for countries to work together to reduce global methane emissions.
“The Australian Government will continue to partner with industry to decarbonise the economy and pursue emissions reduction initiatives across energy and waste sectors including capturing waste methane to generate electricity,” Bowen said.
Australian Government investment will include up to $3 billion from the $15 billion National Reconstruction Fund to support investment in low emissions technologies and component manufacturing as well as agricultural methane reduction.
The Global Methane Pledge is based on data from the United Nations Environment Programme Global Methane Assessment. That report highlights the critical role that cutting methane emissions plays in slowing the rate of global warming.
Methane is a highly potent greenhouse gas that absorbs heat 84 times faster than carbon dioxide over a 20-year period.
Just last month US president Joe Biden announced plans to tighten US rules on methane leaks.
“These new measures would cut methane emissions from the US oil and gas industry by 85 per cent compared with 2005 levels,” he said.