Biden Administration to Finalize Methane Emission Fee for Oil and Gas Producers at U.N. Climate Change Conference in Baku

Nov 12, 2024, 08:43 AM

The Biden administration is set to finalize a new regulation requiring U.S. oil and gas producers to pay a federal fee for methane emissions that exceed certain levels. This marks the first time such a fee will be implemented, reflecting a commitment to address climate change despite recent political shifts. The Environmental Protection Agency (EPA) officials announced the finalization of this fee during the U.N. Climate Change Conference in Baku, Azerbaijan. This regulation follows a 2022 climate law mandating Congress to impose fees on excess emissions. The oil and gas industry claims to have reduced emissions at drilling sites by 95%, although environmentalists express skepticism regarding these figures. Additionally, investigations have revealed that many companies have been disguising their methane emissions, complicating efforts to mitigate their environmental impact.