The Biden administration on Friday took a significant step towards combating climate change, unveiling its plans to implement a new fee on methane emissions specifically targeting the oil and gas industry. This prospective policy is designed to incentivize these companies to reduce their environmental footprints, augmenting ongoing efforts by the government to address the escalating concerns over greenhouse gas emissions.
1. The Biden administration announced plans to implement a new fee on methane emissions specifically targeting the oil and gas industry.
2. This policy is designed to incentivize oil and gas companies to reduce their environmental footprints and aid efforts to tackle increasing greenhouse gas emissions.
3. The new fee is part of a larger effort by the administration aimed at curbing the emission of methane, a potent greenhouse gas that is more effective at trapping heat than carbon dioxide.
4. The proposed fee will encourage oil and gas companies to reduce methane release during drilling, extraction, and transportation processes.
5. The administration and environmental activists argue that the cost of continued unchecked methane emissions is greater than the proposed fee, hence the fee is a necessary measure for a greener economy and to combat climate change.
In 2019, methane accounted for about 10.1% of all U.S. greenhouse gas emissions from human activities.
The new fee is part of a broader effort by President Biden's administration to curb the emission of methane, a potent greenhouse gas that is more effective at trapping heat in the atmosphere than carbon dioxide. The proposed fee aims to incentivize oil and gas companies to reduce the amount of methane they release into the atmosphere during drilling, extraction, and transportation processes. In an announcement on Friday, officials described the fee as a necessary measure aimed at tackling climate change and fostering a greener economy. They argue that the cost of continued unchecked methane emissions far outweighs the new fee, a sentiment echoed by many environmental activists.