The Biden administration has officially introduced a tax on methane emissions from major oil and gas producers, aimed at reducing greenhouse gas emissions. Set to start at $900 per metric ton in 2024, the tax will escalate annually, affecting facilities emitting over 25,000 tons of CO2 equivalent. This measure aligns with global efforts, including the Global Methane Pledge, to cut methane emissions by 30% by 2030. The regulation, part of the Inflation Reduction Act, is projected to reduce cumulative methane emissions by 1.2 million metric tons by 2035, equivalent to removing nearly 8 million gasoline cars off the road for a year.