The finance would be supported by technical assistance, according to the EPA, to assist businesses in reducing greenhouse gas emissions from leaks and ordinary operations. According to the agencies, the investment is intended to help American oil and gas operations become more efficient, generate new employment opportunities in the energy sector, and achieve short-term emission reductions. The Inflation Reduction Act makes these financial sources available. Brad Crabtree, assistant secretary of fossil energy and carbon management, said that because of methane's strength as a greenhouse gas, it is crucial to achieve targeted reductions in emissions in order to slow down the speed of climate change.
"These programs will assist states and industry in accelerating methane monitoring and mitigation efforts, increasing efficiency and lowering costs for oil and gas producers while bringing long-term benefits to communities across the country in terms of climate and health." States will also be able to utilize a portion of their grant money for environmental restoration projects and to build up their monitoring capabilities for conventional wells that produce little or no energy, which will help them better identify the sources of methane emissions and set priorities for their mitigation. The funding opportunity announcement will be released by NETL later this summer.