Mitigation Money: EPA and DOE Providing Methane Mitigation Funds
Slashing methane emissions has taken center stage in efforts to reach climate goals. Methane has a greater warming potential than carbon dioxide, so cutting methane emissions is a way to bring almost immediate climate benefits. A significant portion of methane emissions can be traced to the oil and gas industry, which has responded by taking steps to find and stop methane leaks in wells, pipelines, and other equipment. However, smaller companies often lack resources to prioritize methane mitigation.
A new funding opportunity from the U.S. Environmental Protection Agency (EPA) and Department of Energy (DOE) aims to bridge this mitigation gap for small producers. Earlier this month, EPA and DOE announced new funding for measuring and reducing methane emissions. The funding, made possible through the Inflation Reduction Act, is intended to help small oil and gas operators cut emissions and transition to new technology aimed at reducing emissions. At the same time, the funding program supports partnerships meant to improve measurements and give affected communities more accurate and transparent data on methane emissions.
Engaging Entities: Program to Select Organizations to Manage Funds
Funding will be provided in the form of awards given to selected entities that will manage and distribute the funds efficiently. These entities can be organizations representing small oil and gas producers, non-governmental research institutions, universities, or Tribal organizations. The intent is to drive the creation of collaborative partnerships between oil and gas companies, community leaders, regulatory agencies, research organizations, and advocacy groups to effectively reduce methane emissions.
Funds passing from lead entities to oil and gas companies would be used to monitor and mitigate methane emissions from low-producing wells, pipelines, and other equipment. One aim of the funding is to speed up the implementation of new solutions for reducing methane emissions, especially in sources that have been difficult to mitigate on a large scale. The funding is also meant to help drive activities to measure, quantify, and characterize methane emissions over large areas. These activities could include data collection and characterization; at scales ranging from individual equipment to entire basins, as well as programs to train industry workers and members of affected communities how to effectively use data and technology.
Making Progress: Funding Another Action in U.S. Methane Emissions Reduction Action Plan
This opportunity is the latest of the Biden administration’s efforts to slash methane emissions. Funding for oil and gas companies complements a previous commitment of $350 million in grant funding to 14 states to measure and reduce methane emissions. These and nearly 100 other actions are part of implementing the U.S. Methane Emissions Reduction Action Plan (MERP).
Funding opportunities like this can help organizations mitigate methane emissions, but groups must make efficient use of funds. BioSqueeze’s novel sealing technology is a cost-effective solution for companies needing to eliminate problematic methane leaks in oil and gas wells, freeing up funds to devote to other assets. To learn more about BioSqueeze’s full suite of applications and advantages over traditional materials complete the form below.
