USA puts $700 mln towards cutting oil and gas emissions
WASHINGTON D.C., July 25, 2023 – The US government has allocated up to USD 700 million to monitor and reduce methane emissions in the oil and gas sector, Reuters reported on Monday.
Under the deal, each state will get as much as USD 350 million from the US National Energy Technology Laboratory to push companies to voluntarily identify and reduce methane emissions from low-producing wells.
Funding will be provided alongside technical assistance.
The move is part of the Inflation Reduction Act, which aims to cut emissions from the oil and gas sector and transportation sectors.
The USA plans to reduce greenhouse gas emissions in the country by 15 billion tonnes between 2022 and 2055.