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Chevron, Exxon Opt Out of Funding COP28 Methane-Reduction Fund
(www.bloomberg.com)
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this post was submitted on 04 Dec 2023
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To be honest, I don't really get why there needs to be a fund to support gas/oil companies in finding methane leaks and stopping flaring. These companies are effectively burning/emitting some of their own potential profits. I find it hard to believe that national gas/oil companies would be so cash-starved that they couldn't finance a straightforward way to secure additional profits from existing sites. Am I missing something?
I have no doubt the bottom line is king to them, which surely must imply that the cost of plugging the leaks exceeds the value of the fuel they would recover.
What I don’t get is why they are not being forced to plug the leaks at their own cost. Seems to showcase that regulation is an embarrassment.