The world is facing an unprecedented climate emergency, and concrete action to reduce greenhouse gas emissions is more critical than ever. The Environmental Protection Agency (EPA) has just finalized one of the few remaining climate regulations from the Biden administration, aimed at combating the leakage of methane—a potent greenhouse gas that has a disproportionate impact on the climate.
Methane, an odorless and invisible gas, has a global warming potential more than 80 times that of carbon dioxide. Produced primarily by the oil and gas industry, methane is a significant contributor to global warming. Current concentrations of methane in the atmosphere are the highest in at least 800,000 years, according to an international group of scientists.
The EPA’s new rule would charge high-emitting oil and gas producers a tax for methane that is wasted above a certain threshold, from leaks or combustion in the atmosphere instead of capturing it. The tax incentive is accompanied by financial incentives to encourage companies to repair broken pipelines or other infrastructure.
The impact of this rule is significant. According to the EPA, it would prevent 1.2 million metric tons of methane from entering the atmosphere, the equivalent of taking nearly 8 million gasoline-powered cars off the road for a year.
The stakes are high, because swift and decisive action is needed to limit the effects of climate change. Combating greenhouse gas emissions is a critical step to preserving our planet and future generations. The EPA’s decision is a step in the right direction, but much more needs to be done to achieve long-term environmental and climate goals.
It is imperative that governments, businesses and citizens work together to implement effective measures to reduce emissions. Each of us has a role to play in building a more sustainable and environmentally friendly future. Actions taken today will have a lasting impact on the health of our planet and its people.