Washington. US billionaire and former New York Mayor Mike Bloomberg has announced that he will invest $100 million to reduce methane emissions through his charity Bloomberg Philanthropies.

Methane is considered one of the “super polluting” greenhouse gases of climate change and has become a central topic of international conversation in recent years. The announcement comes as world leaders prepare to meet in Brazil’s Amazon region ahead of the United Nations’ annual climate conference (COP30).

“Methane emissions are one of the major causes of climate change, but it’s also our greatest opportunity to control it,” Bloomberg, 83, told reporters. Bloomberg Philanthropies has been supporting the operation of a satellite system to monitor methane leaks from the oil, gas and coal industries for the past few years. To this end, the organization is working with partners including Carbon Mapper to make these leaks public and encourage responsible companies to take action.

The new $100 million investment will bring Bloomberg’s total commitment to the region since 2019 to $172 million. The money is aimed at strengthening efforts to reduce methane emissions.

United Nations Secretary-General Antonio Guterres and French President Emmanuel Macron praised Bloomberg’s move, saying their countries “stand ready to work with the Bloomberg Philanthropies and partners in their efforts to bring tangible results for climate, health and a shared future.”

France is trying to make methane emissions a priority issue ahead of the COP30 conference in Belém, Brazil, from November 10 to 21. According to scientists, methane gas is responsible for about one-third of the current global warming.

Methane gas has an impact 80 times more powerful than carbon dioxide over a period of 20 years. However, it decomposes relatively quickly in the environment. Its main sources are agriculture, fossil fuel extraction, and waste management (landfills).

“We have enforced strict rules that allow fossil fuel operators to capture at least 98 percent of the natural gas they produce and prevent unnecessary flaring,” said Michelle Lujan Grisham, the governor of New Mexico. ’

While the U.S. federal government, under President Donald Trump, has been criticized for downplaying climate policy and distancing itself from the COPE program, according to Riley Duren, an expert at Carbon Mapper, companies and regulators in conservative states like Texas are also becoming responsible for methane leak data because for them, the issue is directly related to local safety and public health.

Bloomberg’s new investment is expected to accelerate efforts to curb methane emissions around the world and mark a turning point in the fight against the climate crisis.