President of the European Commission, Ursula von der Leyen, emphasized the importance of reducing methane emissions to meet the Paris Agreement's 1.5-degree commitment. She introduced the first-ever EU law to curb methane emissions in the energy sector, setting world-leading standards for measuring, detecting, and preventing emissions globally. The EU and its Member States announced €175 million to support the Methane Finance Sprint, aimed at catalyzing efforts from government, industry, and philanthropy to reduce methane emissions in the energy sector.

President von der Leyen also unveiled plans to develop a roadmap for the global expansion of the "You Collect, We Buy" scheme by COP29. This scheme incentivizes companies to capture and commercialize gas that would otherwise be wasted through venting and flaring, contributing to climate action and energy security. The EU and Algeria will collaborate on piloting this scheme.

The Global Methane Pledge, co-chaired by the EU and the US, has garnered support from more than 150 signatories, committing to substantial methane reduction across energy, agriculture, and waste sectors. The EU, through technical, political, and financial support, actively contributes to global methane emission reduction efforts, including the "You Collect, We Buy" scheme. The UNEP International Methane Emissions Observatory recently released the first public methane emissions data through its Methane Alert and Response System, reinforcing effective tracking in line with the Global Methane Pledge Energy Pathway launched in 2022.