Credit: Zulkiffle Mohd Kassim/Big Stock Photo

Biden's climate law targets methane emissions with financial penalties

The Inflation Reduction Act introduces a significant methane fee to curb emissions from the oil and gas industry.

In short:

The IRA mandates a $900 fee per metric ton for methane emissions exceeding a set threshold from 2024.
This fee could result in substantial financial liabilities for major oil and gas companies.
The U.S. Environmental Protection Agency (EPA) is updating rules for methane emission reporting, aiming for more accurate and accountable measures.

Key quote:

"They're going to be beefing that process up in light of the methane fee, since now there's a financial incentive to misreport their emissions or omit certain things."

— Edwin LaMair, attorney at the Environmental Defense Fund

Why this matters:

The methane fee is a step toward holding the oil and gas industry accountable for its environmental impact. This approach reflects a growing emphasis on using economic incentives to drive significant reductions in greenhouse gas emissions.

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Biden's climate law targets methane emissions with financial penalties

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