The Climate Legislation passed by the 46th President of the United States has allotted a considerable amount to clean projects taken up to come up with clean energy policies.
A fee is now to be implemented on Methane leaks from the non-renewable energy sector.
A common question on the subject seems to be why Methane? Methane holds the capacity to capture over eighty times more heat into the Earth’s atmosphere than Carbon dioxide.
The heat can affect the temperatures for the next twenty years. Thus, Methane has been considered to be a major contributor to Climate Change.
The Inflation Reduction Act that came into effect on August 2022 has made its first-ever effort to curb greenhouse emissions. The Democrat attempt to approach the Carbondiaoxide tax has been questioned and condemned by oil and gas companies.
Hidden deep within the over 700 pages of the recently passed #InflationReductionAct is a brand-new provision intended to give the @EPA to impose a fee on certain “climate pollutions.”— The Epoch Times (@EpochTimes) August 24, 2022
It's the first time the gov't has imposed a fee on any GHG emission. https://t.co/wShldnT5nw
Executives of the American Petroleum Institute have held that any more tax impositions by the government do not seem to be a good idea, especially in such times when there is an ongoing economic remission and energy crisis.
The fines are to be implemented as follows: $900 for every tonne of Methane that has been let out by the oil and gas corporations. This is scheduled to take effect in 2024. However, the fee is to hike up to $1500 after two years.
The Budget Office has declared that these fines are expected to bring in $6 Billion by the end of the decade. This fee as a result of the Act comes into the scene as Mr. Biden’s administration had promised to cut down greenhouse emissions by 30% by the end of 2030.