WASHINGTON (Feb. 14, 2017) – The Interior Department took another step to undo smart environmental standards by formally proposing the elimination of an Obama-era rule setting new standards for methane emissions (a highly destructive greenhouse gas). The standards aimed to limit wasteful venting and leaks from new and modified oil and gas industrial operations and would have sent a strong, clear market signal for economic growth in the methane mitigation industry.
The following is a statement from Bob Keefe, executive director of the national, nonpartisan business group E2 (Environmental Entrepreneurs):
“Eliminating safeguards that would help curb and curtail companies from wasting $1 billion of natural gas per year is a baffling decision, even for this administration. Not only are these low-cost safeguards highly achievable, they backstop recent commitments from industry leaders like Exxon and BP to reduce their own emissions, incentivize innovation, boost our energy productivity, and create new well-paying jobs across the U.S.
“These standards are needed right now as production of natural gas and its corresponding methane emissions are set to increase in the coming years. By not embracing safeguards that can benefit both the industry and clean energy, this administration is putting the short-term revenues of fossil fuel companies ahead of the rest of the U.S. economy.”
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To speak with E2 members and other business leaders in states across the country who stand in opposition to repealing standards on methane emissions, please contact Michael Timberlake at (202) 289-2407 or [email protected].
Additional Points:
- Methane a highly potent greenhouse gas.
- The oil and gas industry is the nation’s largest industrial source of methane.
- Nearly 80 firms operating in 46 states manufacture technologies or provide services to reduce methane pollution in oil and natural gas production. The majority quality as small businesses.
- The U.S. loses more than $1 billion worth of natural gas every year through methane leaks and intentional releases throughout the oil and gas system. This is enough natural gas to meet heating and cooking needs in more than 5 million American homes.
Background:
- In July 2016, 227 clean energy business leaders across the US signed a letter supporting these standards. Click here to view that letter and the see a list of signees.
- E2 factsheet on the economic benefits of methane reduction.
- For a 2014 Environmental Defense Fund/Datu Research report called “The Emerging U.S. Methane Mitigation Industry,” which identifies at least 76 firms that manufacture methane mitigation equipment in the U.S., please see here.
- This 2014 report from the Natural Resources Defense Council, Clean Air Task Force and Sierra Club details how the U.S. can meet the White House’s goal of cutting methane pollution from the oil and gas industry 40-45 percent by 2025.
- To see how even cleaner technologies in renewable energy and energy efficiency have created 3 million jobs across the country, please see E2’s Clean Jobs America report.
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Environmental Entrepreneurs (E2) is a national, nonpartisan group of business leaders, investors, and professionals from every sector of the economy who advocate for smart policies that are good for the economy and good for the environment. Our members have founded or funded more than 2,500 companies, created more than 600,000 jobs, and manage more than $100 billion in venture and private equity capital. For more information, see www.e2.org or follow us on Twitter at @e2org.