In a groundbreaking move, the Biden administration has disclosed its strategy for a new levy on methane emissions originating from the oil and gas industry. This announcement was made on Friday with the government asserting that this fee will help significantly in the fight against climate change, which has become a primary focus of global attention.
1. The Biden administration has disclosed a strategy for a new levy on methane emissions from the oil and gas industry, aiming to significantly combat climate change.
2. This strategy was announced on Friday and targets the oil and gas industry, the largest industrial source of methane emissions.
3. The plan is a core component of the Biden administration's overall strategy against climate change as methane is one of the leading drivers of global warming.
4. A compelling case for taxing methane emissions is laid out, emphasizing methane's potency as a greenhouse gas, which is 80 times more powerful at trapping heat than carbon dioxide over a 20 years.
5. The proposal places the responsibility primarily on the oil and gas industry to curb their pollution levels since they are the largest industrial source of these emissions.
The oil and gas sector is responsible for about a third of the U.S. methane emissions.
The plan is a fundamental part of the Biden administration's strategy to combat climate change, given that methane is one of the leading drivers of global warming. It lays out a compelling case for taxing methane emissions, pointing out its potency as a greenhouse gas - over 80 times more powerful at trapping heat in the Earth's atmosphere than carbon dioxide over a 20-year period. Furthermore, the plan indicates that the oil and gas industry is the largest industrial source of these emissions, thereby placing the onus on this sector to curb their pollution levels.