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The United States is offering $850 million in financing to reduce methane emissions from the oil sector

Posted on by darion

The grants will help small oil and gas operators implement innovative technologies. Source: corlaffra/Shutterstock.

The U.S. Department of Energy (DOE) and the Environmental Protection Agency (EPA) are seeking $850 million in funding to reduce methane emissions in the oil and gas sectors.

The funding, which is intended to help measure, monitor, quantify and reduce methane emissions from the nation’s oil and gas sectors, is part of President Biden’s Investing in America agenda and is part of the administration’s efforts to significantly reduce methane emissions.

The funds to be made available under the current climate law, the Inflation Reduction Act (IRA), are intended to address air pollution, create jobs and increase the efficiency of oil and gas operations.

These efforts contribute to President Biden’s climate and clean air goals.

The grants are specifically intended to help small oil and gas operators implement innovative technologies to reduce methane emissions.

Additionally, they aim to support partnerships that improve emissions measurement and provide transparent data to communities affected by these emissions.

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The financing also helps small operators reduce methane leaks, accelerate repairs to low-yielding wells, and increase access to empirical data and participation in monitoring.

Eligible applicants include industry stakeholders, academic institutions, non-governmental organizations, Indian tribes, and state and local governments.

The deadline for submitting funding applications is August 26, 2024.

U.S. Secretary of Energy Jennifer M. Granholm said: “As we accelerate the nation’s transition to clean energy, we are now taking steps to dramatically reduce harmful emissions from America’s largest source of industrial methane – the oil and gas sector.”

In 2023, the Biden administration took nearly 100 actions to combat methane emissions, including introducing an EPA rule to ensure an 80% reduction at targeted oil and gas facilities.

The Methane Emission Reduction Program created as part of IRA will provide extensive technical and financial support.

U.S. Environmental Protection Agency (EPA) Administrator Michael S. Regan said: “These investments under President Biden’s Investing in America program will lead to the deployment of accessible and advanced technologies to better understand where methane emissions are coming from. This will help us better reduce harmful pollution, tackle the climate crisis and create well-paid jobs.”

Last month, the EU Council approved a regulation aimed at tracking and limiting methane emissions in the energy sector.