For the first time, oil and gas companies will face fines for methane emissions, as mandated by the Biden administration's new measures addressing climate change at the UN summit.
Methane is considered a potent greenhouse gas that traps significantly more heat than CO2, presenting an urgent need for regulations to curb its emissions.
The methane fees established in the Inflation Reduction Act are aimed at incentivizing large oil and gas firms to halt their emissions, viewed as a fast and cost-efficient approach to slowing warming.
Despite the urgency of these measures, opposition from the oil industry is strong, particularly from major trade groups and billionaire donors who support Trump.
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