President Joe Biden revealed plans to cut methane emissions in the United States, showing an ambitious mix of new rules and voluntary programs.
The plan, which was announced Tuesday, focuses mainly on the oil and gas industry, which accounts for around 30% of all methane emissions in the United States, according to the Environmental Protection Agency.
According to industry analysts, the proposal's impact on oil supply and pricing would be minor, and the petroleum sector has responded with cautious optimism, signaling that it is eager to cooperate with the government to finish the plan.
Biden's methane crackdown results in increasing energy rates
The idea relies on at least $16 billion authorized in the infrastructure package presently deadlocked in Congress to cap abandoned mines and oil wells, although it does not contain a topline cost for taxpayers.
According to Republicans and small oil and gas companies, Biden's proposal resulted in increasing energy rates, companies going out of business, and undue restrictions on the sectors.
They also feel that the limitations are "onerous," that they would harm ordinary Americans at a time when gas prices are at a seven-year high, and that they will benefit OPEC+ nations such as Russia, Venezuela, and Iran.
Methane, the simplest hydrocarbon, is a gas created in the transportation and production of coal, natural gas, and oil and contributes directly to global warming. Large volumes of the gas are also produced by livestock, landfills, and agricultural operations, as per Daily Mail.
The unveiling of plans for a $3 billion President's Emergency Plan for Adaptation and Resilience (PREPARE) to address climate awareness, financing, and adaptation efforts, which are part of Biden's broader climate financing package, follows Monday's announcements of new US climate commitments that build on previous global agreements.
COP26 summit also talks about plans on forestry
However, it is unclear if the US president would be able to keep that pledge, which requires legislative approval. Biden also hailed a slew of domestic bills aimed at bolstering American infrastructure while simultaneously reducing greenhouse gas pollution by more than one gigaton by 2030, as per Big News Network.
This law has governed the United States. Members of Congress fought hard for months but could not put the issue to a vote before Biden left for the summit last week.
Meanwhile, the forestry promise includes Brazil, Russia, China, and significant African countries like Ethiopia and the Democratic Republic of the Congo, which collectively hold more than 80% of the world's forests.
On Tuesday, Biden did a victory lap, claiming that the methane vow included agreements from countries that account for "almost half of the global methane emissions and 70% of world GDP."
Boris Johnson praised the agreements to halt deforestation and reduce methane emissions, stating that battling climate change and safeguarding the environment are inextricably linked. The leaders attended a royal reception at Glasgow's Kelvingrove Art Gallery and Museum on Monday evening, the summit's opening day.
Queen Elizabeth II, who is 95 years old, could not attend the climate summit due to medical recommendations to rest, but she sent a video greeting to the attendees, urging them to "rise above the politics of the moment," the NY Post reported.
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