U.S. Secretary of State John Kerry on Monday pledged $15 million to help get the World Bank’s new initiative to cut methane emissions underway.
The Pilot Auction Facility for Methane and Climate Mitigation will use auctions to allocate public funds and private investment into projects around the globe that reduce methane emissions, including those that cut waste from landfills and treatment plants.
Addressing business leaders and government representatives at the opening of Climate Week NYC, Kerry said it was “about time” that world leaders recognized the “threat” of global warming.
“It gives me hope that this global summit may actually produce the leadership that is necessary to try to come together and move the needle to take advantage of the small window of time that we have left in order to be able to prevent the worst impacts of climate change for already happening,” he said.
The summit aims to engage governments and businesses into making real efforts to reduce climate change in preparation for an international agreement in 2015 to limit global warming to less than 2°C.