rapidly rising global temperatures .
EPA issued a final rule in December 2023 to sharply reduce methane emissions and other harmful air pollution from new and existing oil and gas operations . In addition , EPA is working to implement the three-part framework of the Inflation Reduction Act ’ s Methane Emissions Reduction Program .
First , EPA is partnering with the U . S . Department of Energy ( DOE ) to utilize resources provided by Congress in the Inflation Reduction Act to provide over $ 1 billion dollars in financial and technical assistance to accelerate the transition to noand low- emitting oil and gas technologies , including funds for activities associated with low-producing conventional wells , support for methane monitoring , and funding to help reduce methane emissions from oil and gas operations .
Second , EPA is working with industry and other stakeholders to improve the Greenhouse Gas Reporting Program and increase the accuracy of reported methane emissions .
Third , with today ’ s proposal , EPA seeks to encourage facilities with high methane emissions to meet or exceed the levels of performance set by Congress – performance that is already being achieved by leading oil and gas companies . The Inflation Reduction Act established a Waste Emissions Charge for methane from certain oil and gas facilities that report emissions of more than 25,000 metric tons of carbon dioxide equivalent per year to the Greenhouse Gas Reporting Program . As directed by Congress , the Waste Emissions Charge starts at $ 900 per metric ton of wasteful emissions in 2024 , increasing to $ 1,200 for 2025 , and $ 1,500 for 2026 and beyond , and only applies to emissions that exceed the statutorily specified levels .
EPA ’ s proposed rule addresses details regarding how the charge will be implemented , including the calculation of the charge and how exemptions from the charge will be applied . Facilities in compliance with the recently finalized Clean Air Act standards for oil and gas operations would be exempt from the charge after certain criteria set by Congress are met . The agency expects that over time , fewer facilities will face the charge as they reduce their emissions and become eligible for this
regulatory compliance exemption .
In the meantime , the Waste Emissions Charge will help encourage the oil and gas industry to stay on target to lower emissions . Oil and natural gas operations with methane emissions in excess of the emissions intensity levels established in the Inflation Reduction Act can reduce or eliminate any charge by deploying readily available technologies to reduce harmful and wasteful emissions . This program will help to level the playing field for industry leaders already employing best practices and drive near-term opportunities for more widespread methane reductions while EPA and states work toward full implementation of the Clean Air Act standards . l FON
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