The Biden-Harris administration will finalize a tax on methane emissions from U.S. oil and gas producers on Tuesday. [emphasis, links added]
President Joe Biden's Inflation Reduction Act (IRA) of 2022 provides for a fee on methane emissions, but many of the details are determined by the Environmental Protection Agency (EPA), according to Bloomberg.
Now, U.S. energy officials are expected to roll out a final version of the policy, These reportedly include fines of $900 per ton of methane emissions above government-mandated thresholds.
Fees will rise to Charging $1,500 per ton of “excess” methane by 2026 to demonstrate U.S. commitment to combating climate changeAccording to Bloomberg.
The regulations will reportedly be announced at the UN-backed COP29 climate summit in Azerbaijan.
Many world leaders, including Biden, French President Emmanuel Macron and Brazilian President Luiz Inácio Lula da Silva, have chosen not to attend this year's meeting, Biden sent a delegation composed of senior energy officials including White House adviser John Podesta and Energy Secretary Jennifer Granholm.
Energy companies are expected to push for a rewrite of policy under the Trump administration, Anne Bradbury, head of the oil and gas trade group the Council for Exploration and Production, told Bloomberg. “We will work with the new administration to address aspects of the previous administration's policies that were unfeasible, unfeasible or legally dubious. Ensuring a durable methane framework moving forward.
The EPA's previous efforts to curb emissions have struggled to make progress, Government program that gives private organizations the power to track methane releases from oil and gas sites More than six months after its launch, the company still has not received approval from any third-party players, according to Bloomberg.
Meanwhile, a federal initiative to find and plug leaks at energy production facilities may still take two years to implement due to a series of reviews ordered by the Environmental Protection Agency.
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