Friends Fiduciary supports stronger methane regulationsMay 19, 2021
Friends Fiduciary has joined 147 organizations representing over $5.35 trillion in assets under management calling on the Biden administration to rapidly advance methane regulations for the U.S. oil and gas sector. Climate change poses significant risks to the economy and the financial system. The oil and gas sector is a significant contributor of greenhouse gas emissions, including through the release of methane.
Methane, a potent greenhouse gas, is the main component of natural gas and is 84 times more powerful than carbon dioxide in its first two decades after release. Methane is estimated to be responsible for at least a quarter of today’s warming and in the oil and gas sector, methane emissions also represent lost product, profits, and safety risks.
Working to minimize methane emissions is part of a low-carbon transition that can support the financial goals of both companies and investors. If left unaddressed, these emissions could limit American companies’ access to global gas export markets and jeopardize the role of natural gas in a decarbonizing global economy and U.S. alignment with the Paris Agreement. By taking action on methane emissions, government can achieve valuable greenhouse gas reductions while helping American industry become cleaner and more competitive.