Inaction will leave investors and oil and gas companies vulnerable to climate and reputational risks
As the Biden administration prepares to revise federal methane regulations, 147 oil and gas industry investors representing $5.35 trillion in assets under management signed on to a statement calling for comprehensive regulations to curb dangerous GHG emissions — and more stringent enforcement mechanisms to back them up.
As “prudent fiduciaries”, the statement says, the signatories believe that virtually eliminating methane emissions supports the financial goals of companies and investors. “By taking action on methane emissions, government can achieve valuable greenhouse gas reductions while helping American industry become cleaner and more competitive,” it continues. In 2019, U.S. oil and gas operations emitted 16 million metric tons of methane emissions, with a near-term climate impact greater than all U.S. coal-fired power plants.