The US Environmental Protection Agency (EPA) and Department of Energy (DOE) recently unveiled an ambitious initiative to reduce emissions of methane, an extremely potent greenhouse gas. This $850 million investment from the Inflation Reduction Act is part of a series of measures to control and reduce methane emissions, mainly from the oil and gas industries. Methane is responsible for around a third of the global warming caused by greenhouse gases. Oil and gas installations are the biggest source of these emissions. Reducing methane emissions is therefore crucial to achieving global climate objectives.
Investment objectives
The funds allocated by the EPA and DOE are aimed at monitoring, measuring, quantifying and reducing methane emissions. In particular, this investment will support small oil and gas operators in repairing methane leaks, improving access to monitoring data and services, and technological innovation for better emissions detection.
Technologies and Innovations
Financial support will focus on the adoption of clean, cost-effective technologies, essential for reducing emissions without penalizing industry. According to Janet McCabe, Deputy Administrator of the EPA, this competitive approach encourages innovation and the application of new technologies to reduce emissions. The investment is part of the IRA’s $1.36 billion Methane Emissions Reduction Program. At the same time, the EPA has announced new regulations aimed at reducing methane emissions from oil and gas facilities by 80%. This program includes a “Super-Emitter Program” to detect and track large-scale methane leaks.
International Initiatives
In addition to national efforts, international initiatives are stepping up the fight against methane emissions. In March, the European Union adopted its first legislation to reduce methane emissions from the hydrocarbons sector. What’s more, MethaneSAT, a satellite developed by the Environmental Defense Fund, can now track methane leaks with even greater precision.
Private Sector Commitments
At the 28th United Nations Climate Change Conference in Dubai, several oil and gas producers pledged to reduce their methane emissions to close to zero by 2030. These commitments, combined with regulatory measures and technological innovations, demonstrate a global determination to tackle the climate challenge.
The $850 million investment by the EPA and DOE marks a significant step forward in the fight against methane emissions. By combining regulation, technological innovation and international commitment, this initiative aims to reduce the climate impact of methane while supporting the energy industry. Collaboration between the public and private sectors will be essential to achieve these ambitious goals and protect our environment.
