Friends Fiduciary, along with 67 other faith and values-based investors of the Interfaith Center on Corporate Responsibility with assets totaling over $292 billion, sent a letter to the Environmental Protection Agency urging the organization not to delay planned implementation of methane regulation. Methane gas is often accidentally released into the atmosphere during the extraction of natural gas.
The letter asked the EPA not to further delay the regulations, which would postpone oil and gas companies’ compliance with important methane leak detection and repair (LDAR) requirements. Friends Fiduciary believes that methane regulations are important from a community, environmental, and business perspective. As investors, we see leaked methane as wasted saleable product. Methane is 86 times more potent a pollutant than carbon dioxide, so controlling emissions is even more important for mitigation of climate risk. Additionally, methane leaks have devastating health impacts on the communities in which they occur, including increased rates of asthma and cancer. From a business perspective, these negative environmental and social impacts of methane leaks undermine natural gas’ reputation as a cleaner fuel source in the transition to a low-carbon economy, depriving the industry of a valuable opportunity. Reducing emissions is a clear benefit to company revenue while doing good for communities and the environment.
Read the letter here.