The Biden administration has finalized a rule aimed at cutting the United States' oil and gas industry's emissions of methane, a potent greenhouse gas (GHG), by nearly 80% through 2038. Methane, the main component of natural gas and a byproduct of fossil fuel drilling, has more than 80 times the warming power of carbon dioxide during its initial two decades in the atmosphere. Scientists and climate advocacy groups have been urging nations to take swift action to reduce methane emissions as global temperatures continue to rise.

The Environmental Protection Agency (EPA) will implement the new rule, which is estimated to prevent approximately 58 million tons of methane from escaping into the atmosphere over the designated period. This reduction is equivalent to removing over 300 million gas-powered cars from the road for a year, according to the EPA.

To address methane leaks, the rule will introduce several measures. It will put an end to routine flaring of natural gas, a byproduct of oil well drilling, and instead require the gas to be captured rather than burned. The rule will also mandate stringent leak monitoring of oil and gas wells and compressors, as well as reduce leaks from equipment such as pumps, storage tanks, and controllers.

EPA Administrator Michael Regan and White House National Climate Adviser Ali Zaidi unveiled the rule at the COP28 climate summit in Dubai on Saturday. Regan emphasized that the rule signifies "strong action" from the Biden administration in significantly slashing methane emissions. Meanwhile, Zaidi highlighted the comprehensive approach being taken by the Biden-Harris Administration to reduce harmful methane pollution.

The United States, being the largest oil producer globally, drilling and selling 21% of the world's oil last year, acknowledges the urgency to address methane emissions. The commitment to cut these emissions comes in conjunction with other significant announcements made at COP28, including a pledge from at least 117 countries to triple renewable energy by 2030 and the US committing an additional $3 billion to global climate action.

The oil and gas industry has also made commitments to reduce methane emissions. Fifty major companies, including Exxon and Saudi Aramco, signed a pledge to cut their methane emissions by 80-90% by 2030. Recent studies by the Environmental Defense Fund indicate that oil and gas operations worldwide have a methane intensity ranging from 2% to 3%, and these companies are striving to reduce it to 0.2% by 2030.

While the EPA rule has been applauded for its significant step forward in tackling methane emissions, some experts believe it falls short of being ambitious enough. Critics argue that the rule does not go beyond previous commitments made by the industry and fails to address the burning of fossil fuels, which is the primary source of emissions.

Moreover, to ensure that oil companies adhere to their commitments, a group led by Bloomberg Philanthropies and the United Nations will launch a program to monitor and verify the reduction of methane leaks in their operations.

As scientists emphasize the importance of rapidly reducing methane emissions to limit the impacts of climate change, the implementation of this new rule by the Biden administration represents a significant step towards reaching global climate goals. However, there is a recognition that more can and should be done to combat methane emissions from the oil and gas industry as the world continues to address the climate crisis.