Findings

Congress finds the following: (1) Methane is a powerful greenhouse gas, with about 80 times the warming power of carbon dioxide on a 20-year time horizon. (2) Rigorous estimates suggest that at least 25 percent of the rise in global temperatures since the industrial revolution is due to methane emissions. (3) Public health experts believe that methane is a key contributor to the formation of ground level ozone and particulate pollution, which causes a wide range of cardiovascular and lung-related diseases. (4) These facts suggest that methane is a threat to human, animal, and plant life and health. (5) The intended purpose of enacting a methane border adjustment mechanism (MBAM) is to conserve exhaustible natural resources by preventing emissions and is made effective in conjunction with regulations and charges on methane emissions from domestic oil and natural gas producers under section 136 of the Clean Air Act (42 U.S.C. 7436). (6) Highly cost-effective methods of reducing methane emissions—such as MBAMs—have been well-studied and are ready for implementation. (7) Research suggests that while the impact of an MBAM on the price of fossil fuels would likely be minimal, it could have a significant impact on methane emissions. (8) By working with countries that are major importers of oil and gas to enact similar MBAMs, in partnership with the European Union, having already enacted its own border measure, the United States Government can both help strengthen the market for exports of clean United States gas and encourage other oil and gas producing countries to reduce their methane emissions.