The energy sector accounts for 40% of all human-caused methane emissions, most of which come from oil and gas companies that release it as a byproduct.
The Biden administration’s Inflation Reduction Act includes a plan to charge oil and gas companies for methane emissions, as well as almost $1.6 billion to help these businesses emit less methane.
The U.S. and the European Union have also spearheaded a pledge, signed at the COP26 summit in 2021, to reduce global methane emissions.
The U.S. Methane Emissions Reduction Act Plan includes tighter regulations, increased transparency and incentives including $47 million to fund research into technologies that reduce methane emissions.
The investment would enable oil and gas companies to reduce methane emissions by identifying and quickly repairing methane leaks as well as upgrading older infrastructure that is prone to leaking.
Persons:
Biden, Will Horner
Organizations:
International Energy Agency, Biden, European Union, Energy, Sustainable Business
Locations:
Paris, North America, U.S, inching, China, India, Russia, Brazil, Indonesia, william.horner