US allocates USD 850 million to cut methane emissions from oil and gas sector
- In Reports
- 11:09 AM, Jun 22, 2024
- Myind Staff
The US Department of Energy (DOE) and the US Environmental Protection Agency (EPA) have announced today the opening of applications for USD 850 million in federal funding. This funding aims to support projects that will monitor, measure, quantify, and reduce methane emissions from the oil and gas sectors. The initiative is part of President Biden's Investing in America agenda.
Oil and natural gas facilities constitute the nation's largest industrial source of methane, recognised as a climate "super pollutant" that is significantly more potent than carbon dioxide. Methane emissions from these sectors are accountable for approximately one-third of the current warming caused by greenhouse gases.
Today's funding opportunity forms part of the Biden-Harris Administration's broader strategy to reduce methane emissions comprehensively across various economic sectors. This initiative is aligned with the US Methane Emissions Reduction Action Plan, reflecting the administration's whole-of-government approach to tackling harmful methane emissions.
Today's announcement marks a significant extension of the Biden Administration's efforts to substantially decrease methane pollution, with nearly 100 actions undertaken by agencies in 2023 alone. Among these measures was the finalisation of an EPA rule aimed at achieving an 80 percent reduction in methane emissions from covered oil and gas facilities.
Funded through the Inflation Reduction Act, this initiative represents the largest climate investment in history. It aims to address legacy air pollution, generate employment opportunities in the energy sector and disadvantaged communities, minimise inefficiencies in US oil and gas operations, and achieve immediate reductions in emissions. These steps are crucial in supporting President Biden's ambitious climate and clean air targets.
The allocated funding will specifically assist small operators in the oil and natural gas sector to curb methane emissions and transition towards available and innovative technologies for emission reduction. Additionally, it will foster partnerships that enhance emissions measurement capabilities and provide transparent data to affected communities. This announcement forms an integral part of the broader technical and financial support offered under the Methane Emissions Reduction Programme.
US Secretary of Energy Jennifer M Granholm underscored the importance of these initiatives in advancing the nation's transition to clean energy. She emphasised the immediate steps being taken to significantly reduce harmful emissions from the oil and gas sector, highlighting their potential to revitalise energy communities and deliver enduring health and environmental benefits nationwide.
Image source: ANI
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