Rich Nations to Start Fund to Help Cut Methane Emissions Abroad

Nations including the United States and Sweden are advancing plans to launch a new fund this year to pay for methane emission reduction projects in the developing world.

The countries are aiming to set up a so-called Methane Abatement Facility with pledges of $100 million under the auspices of the World Bank to buy and cancel carbon credits, initially from projects that cut emissions at landfill waste sites.

The aim is to deliver fast-acting cuts to greenhouse gas output blamed for climate change ahead of a U.N. pact to bind all nations to cut greenhouse gas emissions from 2020.

All countries have agreed that emission cuts must be scaled up before 2020 because the world is currently on track to emit at least 20 billion metric tons (22.046 billion tons) of carbon dioxide equivalent more by 2020 than scientists say is needed to stand a chance of avoiding catastrophic climate change.

Rich Nations to Start Fund to Help Cut Methane Emissions Abroad