The Biden-Harris administration is expected to finalize a tax on methane emissions from U.S. oil and gas producers on Tuesday.
President Joe Biden’s Inflation Control Act of 2022 (IRA) mandated fees for methane emissions, but left many of the details up to the Environmental Protection Agency (EPA). According to To Bloomberg. U.S. energy regulators are now expected to release the final version of the policy, which reportedly includes a $900 fine for every ton of methane emitted above government-mandated thresholds. There is. (Related: Exclusive: Republican lawmakers press Biden-Harris administration over alleged cover-up behind massive fossil fuel crackdown)
The fee will rise to $1,500 per tonne of “excess” methane in 2026, according to Bloomberg, and is aimed at demonstrating the United States’ dedication to fighting climate change. The regulation will reportedly be announced at the COP29 climate summit in Azerbaijan under the auspices of the United Nations.
A number of world leaders, including Mr. Biden, French President Emmanuel Macron, and Brazilian President Luiz Inacio Lula da Silva. selected Mr. Biden did not attend this year, instead sending a delegation of senior energy officials, including Chief of Staff John Podesta and Energy Secretary Jennifer Granholm.
Baku, Azerbaijan – November 11: John Podesta, Senior Advisor to the President of the United States for International Climate Policy, speaks to the media on the first day of the UNFCCC COP29 Climate Conference to be held in Baku, Azerbaijan on November 11, 2024. (Photo by Sean Gallup/Getty Images)
The energy company policy Under the Trump administration, Ann Bradbury, president of the American Exploration and Production Council, an oil and gas industry group, told Bloomberg, “We are working with the new administration to ensure that the previous administration’s policies are unfeasible and unworkable.” , or to fix aspects that are legally questionable.” Definitely advance the durable methane framework. ”
Previous EPA efforts to curb emissions have struggled to get off the ground, with a government program giving private parties the power to track methane emission events from oil and gas sites only six months after it was approved. After all this time, we still have not received a single approved third-party participant. Established, according to Bloomberg. Meanwhile, a federal effort aimed at finding and plugging leaks at energy production facilities could still take two years to go into effect due to a series of reviews ordered by the EPA.
EPA did not respond to requests for comment.
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