Statement endorsed by investors representing $5.51 trillion warns against proposed rollback of the EPA’s New Source Performance Standards (NSPS) citing the potential for increased climate and economic threats.
NEW YORK, NY – Thursday, August 29th, 2019 – A group of 140 global Investors representing over $US 5.5 trillion in assets under management/advisement released a statement they are sending to 35 oil and gas producers and mid-stream companies calling on them to oppose the EPA’s proposed rollbacks of the NSPS and publicly support continued federal regulation of methane emissions.
“We applaud those companies that have made commitments to rigorous methane management, both individually and through coalitions such as the Oil and Gas Climate Initiative and ONE Future,” said Steven Heim, a Managing Director of Boston Common Asset Management. “But with thousands of oil and gas producers and pipeline companies in the U.S., federal methane regulations are essential to reduce emissions industry-wide. If the industry does not publicly oppose the rollback, it may be interpreted by investors and others as acquiescence to this rule that undermines the industry’s long-term viability, undoing the goodwill industry leaders have built up through positive actions.”
The statement requests that oil and gas companies submit comments to the EPA affirming:
- Support of the direct regulation of methane and its significance for the oil and gas industry;
- The importance of upholding the scientific consensus and maintaining the EPA’s finding that methane from oil and gas sector sources contributes to GHG pollution and climate change, and;
- The need for trade associations and industry groups to support direct regulation of methane and affirm the scientific consensus on methane emissions from the oil and gas industry.
