The US government has taken a bold step towards mitigating the impact of greenhouse gases by dedicating up to $700 million in funding to monitor and curb methane emissions from the oil and gas sector.
The US Environmental Protection Agency (EPA) and the Department of Energy (DOE) jointly announced on Monday that half of this amount will be allocated for grants to states.
In addition to the financial support, the EPA will also provide technical assistance to companies, aiding them in addressing emissions from leaks and daily operations that contribute to the planet-warming greenhouse gas issue.
EPA’s Joe Goffman, from the Office of Air and Radiation, stressed the urgency of this initiative, stating that the level of methane released by oil and gas operations significantly contributes to the climate crisis and has the potential to fuel millions of homes annually.
States will be able to access a substantial portion of the funding, up to $350 million, through the DOE’s National Energy Technology Laboratory (NYSE:LH). This allocation aims to help companies voluntarily identify and permanently reduce methane emissions from low-producing wells.
Furthermore, the EPA and the DOE will welcome proposals from tribal governments, companies, and communities to utilize the remaining funds. These proposals will focus on deploying advanced technologies and implementing best practices within the oil and gas sector to combat methane emissions.
The funding for this crucial initiative comes from the Inflation Reduction Act, which is part of a broader set of regulations introduced by the Biden administration to address emissions from power plants, vehicles, and other potent greenhouse gases.
EPA Administrator Michael Regan expects the comprehensive impact of these efforts to be profound, with a projected reduction equivalent to 15 billion metric tons of greenhouse gas emissions between 2022 and 2055. This significant reduction will make a substantial contribution to the fight against climate change and its far-reaching consequences.
Please continue to read new articles here about merchandise assessed by Waytrade.