HR 480

This bill, the Methane Border Adjustment Mechanism Act, proposes a new tax on imported methane – petroleum and natural gas – designed to incentivize countries to reduce methane emissions. The tax would be calculated based on the ratio of a country’s methane production to the total methane production of that country, mirroring existing carbon border adjustment mechanisms. The bill also directs the Treasury Secretary to encourage other major oil and gas importing countries to adopt similar measures and establishes a framework for international cooperation on methane emissions tracking and reporting.