By: Tom Murray, Vice President, Corporate Partnerships Program
Last week, financial community leaders took a big step into the intersection of business and policy on the urgent need to curb methane emissions from the oil and gas sector. A group of investors managing more than $300 billion in market assets sent a letter to the U.S. Environmental Protection Administration and the White House, calling for the federal government to regulate methane emissions from the oil and gas sector. The letter urged covering new and existing oil and gas sites, including upstream and midstream sources, citing that strong methane policy can reduce business risk and create long-term value for investors and the economy.
Spearheaded by Trillium Asset Management, the cosigners of the letter to EPA Administrator Gina McCarthy included New York City Comptroller Scott M. Stringer, who oversees the $160 billion New York City Pension Funds, and a diverse set of firms and institutional investors. They spelled out in no uncertain terms that they regard methane as a serious climate and business problem – exposing the public and businesses alike to the growing costs of climate change associated with floods, storms, droughts, and other severe weather. Read More
A coal train rolls through a town in West Virginia, which produces more coal than any other state except for Wyoming.
Nobody was surprised to hear political foes of President Obama and leaders from several coal-dependent states blast EPA’s proposal to limit carbon pollution from America’s power plants.
The Clean Power Plan, released June 2, represents a big change in the way America will generate and use energy in the coming decades. We understand: Big changes are scary.
So it’s interesting to ponder which political leaders in states dependent on coal-fired power will, in the end, seize this historic opportunity.
Who will use the flexible policy tools offered in the Clean Power Plan to diversify their energy economies and unleash innovation to help their states grow? Who will show political courage? Read More
By: Megan Ceronsky, EDF attorney, and Peter Heisler, legal fellow
The newly-released Third National Climate Assessment has some eye-opening news about climate change.
The report confirms that if greenhouse gas emissions are not reduced it is likely that American communities will experience:
- increased severity of dangerous smog and particulate pollution in many regions
- intensified precipitation events, hurricanes, and storm surges
- reduced precipitation and runoff in the arid West
- reduced crop yields and livestock productivity
- increases in fires, insect pests, and the prevalence of diseases transmitted by food, water, and insects
- increased risk of illness and death due to extreme heat
Source: Flickr/Eric Schmuttenmaer
Extreme weather imposes a high cost on our communities, our livelihoods, and our lives. The National Climatic Data Center reports that the United States experienced seven climate disasters that each caused more than a billion dollars of damage in 2013, including the devastating floods in Colorado and extreme droughts in western states.
These are precisely the type of impacts projected to affect American communities with increasing frequency and severity as climate-destabilizing emissions continue to accumulate in the atmosphere.
Fossil fuel-fired power plants are far and away the largest source of greenhouse gas emissions in the United States, emitting more than two billion metric tons of carbon dioxide in 2012 — equivalent to 40 percent of U.S. carbon pollution and nearly one-third of total U.S. greenhouse gas emissions. Read More
It has happened again. Another scientific study finds methane emissions from oil and gas production are higher than previously thought, reinforcing the urgent need to reduce emissions of this powerful climate pollutant. The latest study, accepted today to be published in American Geophysical Union’s Journal of Geophysical Research – Atmospheres, measured methane concentrations in the air over Colorado’s largest oil and gas producing region on two days during early 2012 and adds to our understanding of the environmental impact of oil and gas development.
The study—led by scientists from the National Oceanic and Atmospheric Administration (NOAA) and the Cooperative Institute for Research in Environmental Sciences (CIRES) at UC-Boulder—suggests between 2.6 and 5.6 percent of gas produced in the Denver Julesburg basin escapes into the air. That’s nearly three times the amount estimated using data from the Environmental Protection Agency’s Greenhouse Gas Reporting Program. The study also found emissions of smog-forming VOC emissions to be twice as high as estimated based on state data and emissions of benzene, a known carcinogen, to be seven times higher than current state estimates.
You see something once, and it might just be an anomaly. See it twice, maybe coincidence. But when you see it a third time – that’s a pattern. A trend.
With Ohio’s move last week to control “fugitive” emissions from oil and gas operations, that’s what we’re seeing – a rapid trend from leading states to control this major source of air and climate pollution. The Ohio rules come on heels of similar actions in Wyoming and Colorado. Together, these rules signal a fast-growing recognition that fugitive emissions are a problem that has to be dealt with, and that there are cost-effective ways we can slash these emissions today.
Recent numbers from the Intergovernmental Panel on Climate Change (IPCC) show that methane (CH4) is about 80 times more potent than carbon dioxide (CO2) in contributing to climate change over the first 20 years after it is released. Short-lived climate pollutants, like methane, are a large factor in determining how fast our climate will change over the next few decades.
These figures are particularly relevant in California where natural gas (which is about 99.9% methane) is used throughout the economy. For example, natural gas generates much of the state’s electricity through gas-fired power plants, is extensively used for home heating and cooking, and is increasingly being deployed as an alternative fuel for the state’s cars and trucks.
Yet, while California continues to operate and further build out a natural gas backbone in its energy economy, venting and leakage of uncombusted natural gas from pipes and machines can have an environmental impact. In fact, research shows that keeping methane leakage down to a minimum level is the only way to guarantee that the use of natural gas will provide immediate climate benefits, when switching from petroleum products. Read More