The Senate held firm today against overturning a rule designed to reduce harmful methane leakage from oil & gas operations on public lands. Investor members of the Interfaith Center on Corporate Responsibility (ICCR) have consistently supported strong regulation on methane emissions, a potent warming agent, and ICCR applauds the Senate vote to preserve this rule. The maintenance of the rule curbing methane leakage is a victory for the American public and for an ecosystem threatened by pollution and climate change, as well as for investors and businesses.
Methane is a dangerous greenhouse gas, with an impact on global temperature roughly 84 times that of carbon dioxide over a 20-year period. Methane emissions represent a real risk to the reputation of natural gas as a cleaner fuel source for businesses looking to reduce dangerous climate impacts. A methane leakage rate of 3% or more across the natural gas value chain would make the fuel no better for the climate than coal. As responsible investors, we welcome robust, effective regulation to minimize methane leakage. This Senate vote on whether to rescind the BLM methane rule by means of the Congressional Review Act (CRA) would have meant that the rule not only would have been invalidated, but rulemaking in the future that is “substantially the same” would have been prevented.
“Common sense has prevailed,” stated Jonas Kron, Senior Vice President at ICCR member Trillium Asset Management. “Leaders with a long-term view, like U.S. Senators and investors, understand that investing in the infrastructure to steward our natural resources makes good economic and environmental sense. It is beneficial for companies, investors, our climate, and our economy.”
About the Interfaith Center on Corporate Responsibility (ICCR)
Celebrating its 46th year, ICCR is the pioneer coalition of shareholder advocates who view the management of their investments as a catalyst for social change. Its 300 member organizations comprise faith communities, socially responsible asset managers, unions, pensions, NGOs and other socially responsible investors with combined assets of over $200 billion. ICCR members engage hundreds of corporations annually in an effort to foster greater corporate accountability. www.iccr.org