the legislation in the Senate, said immediately after the
vote. “Wyoming and other leading energy producing states
already regulate methane emissions. We don’t need this
Two Senate Democrats who voted against the CRA reso-
lution on May 10 urged Zinke to revise the rule or pro-
pose a new one because significant concerns exist. “Put
simply, we believe BLM erred in its development of the rule
and failed to consider credible concerns raised by industry
stakeholders and tribes with active oil and gas on federal
and Indian lands,” Heidi Heitkamp (ND) and Joe Manchin
( W.Va.) said in a letter to the secretary.
They said that Zinke has several tools at his disposal to
change the rule, including:
• Asking US District Court in Wyoming, which is hear-
ing a lawsuit by the Western Energy Alliance, Independent
Petroleum Association of America, and four producing
states against the rule, to remand the matter back to BLM
• Beginning the revision process by issuing a rule suspending enforcement, and proposing a replacement to correct the current rule’s inherent flaws.
• Using his secretarial discretion to issue guidance that
BLM will not enforce certain portions of the existing rule
until it’s fully reconsidered.
Acting US Interior Sec. for Land and Minerals Kate Mc-
Gregor said following the vote that the department already
has reviewed and flagged BLM’s methane rule “as one we
will suspend, revise, or rescind given its significant regula-
tory burden that encumbers American energy production,
economic growth and job creation.”
McGregor said, “The rule is expected to have real and
harmful impacts on onshore energy development and
could impact state and local jobs and revenue. Small inde-
pendent oil and gas producers in states like North Dakota,
Colorado, and New Mexico, which account for a substan-
tial portion of our nation’s energy wealth, could be hit the
Groups representing oil and gas producers pledged to
work with DOI to overturn the rule as they expressed their
disappointment. “The Senate has voted to deny taxpayers
$110 million in revenue every year,” Western Energy Alli-
ance Pres. Kathleen Sgamma said in Denver.
WEA, IPAA, and the four states will continue to make
their case in the Wyoming federal district court that the
rule exceeds BLM’s authority because it tries to regulate
airborne emissions, which is under the US Environmental
Protection Agency’s jurisdiction, Sgamma said. BLM has
said that the rule tries to stop the waste of federal resources, which is within its purview.
“We’ll also work with [Interior] to revoke this rule. BLM
has neither the authority nor expertise to regulate air quality, and we know that Sec. Zinke understands that fact,”
• Departs from the established concept of what material information is for investors.
• Uses metrics that are not correlated with financial
risk and opportunity.
• Inappropriately suggests that companies quantify financial implications of climate-related risks under a series
• Fails to consider what business information should
• Looks beyond investment decision-making into the
realm of public policy.
• Prematurely proposes a definition of carbon-related
assets that excludes transportation, agriculture, materials,
and buildings, and other carbon-intensive sectors.
“Developing a corporate strategy isn’t easy,” said Bullard. “Making predictions in the future is difficult, particularly for oil and gas producers. Some of the ones which said
5 years ago that they would be working heavily offshore in
2017 now are concentrated onshore.”
Yergin said, “More information can be good if it goes
into a general discourse. If it goes into mandated financial
requirements, it isn’t.”
Speakers noted that FSB still is taking comments on the
taskforce’s proposals and has begun some reviews. “This
conversation is not over,” Harbert said. “The FSB will con-
sider other proposals.”
“Companies which are affected by climate change can’t
ignore this,” said Bullard. “They need to engaged in the dis-
cussion and provide ideas.”
Yergin noted, “The main goal is to provide the appropriate
information for investors. At the least, this should be consid-
ered before the G20 meeting this July in Hamburg.”
Senate narrowly rejects
CRA resolution to revoke
BLM methane rule
The US Senate has rejected a Congressional Review Act resolution to revoke the US Bureau of Land Management’s methane emissions rule on May 10 by a 49-51 vote. Backers of
the resolution, which the House approved Feb. 3 by a 221-
191 vote, immediately called on US Sec. of the Interior Ryan
Zinke to withdraw the rule immediately.
“If left in place, this regulation will only discourage energy production, job creation, and economic opportunity
across the West,” Environment and Public Works Committee Chairman John A. Barrasso (R-Wyo.), who sponsored