The public comment period for the Environmental Protection Agency’s proposed oil and gas methane rules generated more than 400,000 individual submissions, including many from energy and financial companies that support Biden administration efforts to reduce emissions of this powerful greenhouse gas.
However, our analysis of comments from energy and investment companies shows a troubling divide between those that support strong rules and others trying actively to weaken them before they even take effect. When EPA’s next comment period opens this spring, it will be critical for supporters to weigh in on the overall goal, as well as on specific provisions — including elimination of routine flaring, transitioning away from polluting pneumatic equipment, and ensuring comprehensive leak detection, including at smaller wells.
A broad collection of investors representing trillions of dollars in capital has urged oil and gas companies to demonstrate genuine effort to reduce their emissions. Yet despite increasing numbers of targets from industry in recent years, U.S. methane emissions remain sky high — suggesting voluntary efforts will not be enough to meet this challenge.
If responsible operators already taking action do not take advantage of this unique policy opportunity, the worst actors will continue to bring down the reputation of the industry as a whole for years to come.
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