brief INSIGHT by Ceres
The Trump administration’s rollback of reasonable and effective oversight of methane emissions “is unconscionable – akin to saying to auto makers that seat belts and airbags are burdensome and are no longer necessary,” said Ceres CEO and President Mindy Lubber.
U.S. Environmental Protection Agency administrator Andrew Wheeler announced yesterday that the agency would roll back the common sense rule that would have required oil and gas companies to check for and reduce leaks of methane — a highly harmful greenhouse gas with 80 times the heating-trapping power of carbon dioxide. At the same time, methane is a valuable product for oil and gas companies and their investors, who see methane leaks as a waste of assets.
Lubber continued: “A number of large operators support keeping regulations in place – these are companies that have invested in managing methane, retaining product that can be sold in the process. This rollback only benefits producers who do not have strong operational controls.
Methane emissions need to be regulated across the industry and supported by robust monitoring. The ill-advised action of the EPA Administrator to remove reasonable oversight for methane emissions creates short term health risks for communities and enormous long-term risk for meeting climate goals.
This action counters current technology, investor wishes, and reason. Companies and policy makers should be working together to address the methane issue, not setting back the clock.”
Ceres is a sustainability nonprofit organization working with the most influential investors and companies to build leadership and drive solutions throughout the economy. Through powerful networks and advocacy, Ceres tackles the world’s biggest sustainability challenges, including climate change, water scarcity and pollution, and inequitable workplaces.
| All opinions expressed are those of the author. investESG.eu is an independent and neutral platform dedicated to generating debate around ESG investing topics.