The US government has unveiled a bold initiative with up to $1.55 billion in funding to closely monitor and significantly reduce methane emissions originating from the oil and gas sector, as stated by two prominent agencies on Monday.
Accompanied by invaluable technical support, the US Environmental Protection Agency (EPA) aims to assist companies in controlling emissions of the potent greenhouse gas both from leaks and daily operations, explained Joe Goffman from the EPA’s Office of Air and Radiation.
He underlined the urgency of the matter, highlighting how the volume of methane released by oil and gas operations could power millions of homes annually and is a key driver of the ongoing climate crisis.
Within this funding, the US Department of Energy’s National Energy Technology Laboratory (NYSE:LH) is designated to allocate as much as $350 million to aid companies in voluntarily identifying and permanently reducing methane emissions originating from low-producing wells.
Not limited to existing ventures, the EPA and the DOE are extending their support to include tribal governments, companies, and communities. All are encouraged to submit bids for the implementation of cutting-edge technologies and best practices within the oil and gas sector.
The source of funding for this ambitious project is the Inflation Reduction Act, part of a comprehensive set of rules proposed by the Biden administration, targeting power plant and vehicle emissions, as well as other potent greenhouse gases.
EPA Administrator Michael Regan believes that these initiatives collectively hold the potential to slash the equivalent of 15 billion metric tons of greenhouse gas emissions from 2022 to 2055, reinforcing America’s commitment to combat the climate crisis.
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