50 oil and gas companies representing# about 40 percent o pledged to reduce methane emissions to near# zero by 2030.

Methane is a byproduct of oil## and gas production that can trap 80 times as# much heat as carbon dioxide in the short term.

The companies including industry# giants like Exxon Mobil, Shell and## BP say they'll achieve this by plugging leaks# at their facilities and ending th of burning off excess gas with flares.

The# same time the Biden administration announced## new rules to enforce major elements# of that agreement in this country.

Earlier, I spoke with Fred Krupp the# president of the Environmental Defense## Fund, who was at COP28.

I asked him# what makes this deal so important.

FRED KRUPP, President, Environmental# Defense Fund: John, I've been at this## for a lo I don't think we've ever had as good# a day for the climate as we had today.

First, we had the U.S. EPA announcing the# strongest methane rules for the oil and gas## sector on the planet.

Second, we had 50 companies# representing 40 percent of global oil production,## pledging to virtually eliminate their# methane pollution.

And then third,## we saw an announcement from the# U.S. and China that they've agreed## to incorporate methane in the future# into their pledges internationally.

And methane, John, is 80 times more powerful# as a greenhouse gas than carbon dioxide pound## for pound in those first 20 years.

And so# reductions now that will happen as a result## of these three actions mean that storms will be# less ferocious temperatures will be lower than## they would otherwise be over the next 10 years.# Thanks to the actions that were pledged today.

JOHN YANG: Is this a long term solution to the# problem is just a sort of short term quick fix.

FRED KRUPP: Well, we have to both do# methane to reduce temperatures in the## short term and we cannot stop working.# In fact, we have to accelerate our work## on eliminating carbon dioxide.

The oil# and gas industry took this one step.

But they have to do a lot more than this.# We have to move away from reliance or## dependency on fossil fuels as quickly as# we can.

But while we're still you them,## we have to eliminate this very# powerful greenhouse gas methane.

JOHN YANG: This agreement is voluntary.

The oil# companies have to do what they what they promised## to do.

And a lot of environmental groups don't# like that.

They say there's no accountability## mechanism or guarantee the companies will# follow through.

What do you say to that?

FRED KRUPP: Well, I think it's good to be# skeptical of pledges at the COP.

A lot of## pledges that have been made at this# Conference of the Parties year after## year aren't delivered on.

In this particular# pledge, we structured it to have built in.

So the oil and gas companies# are agreeing to report their emissions## by monitoring them and then sending them to# an international independent third party.

In addition to that, the Bloomberg Philanthropies# today announced a major $25 million gift to not## only the Environmental Defense Fund, but it will# stand up an accountability partnership, that will## make data transparent.

And so we'll be able to see# exactly who is meeting this pledge, and who's not.

JOHN YANG: But there's really# no teeth in that they sort of,## you're relying on public shaming, to just sort# of publicize that they're missing their go FRED KRUPP: It turns out that oil companies in# order to stay in business, like other businesses## need public support a license to operate.

But# there is some more teeth than that.

Just a couple## of weeks ago, the European Union pass new methane# regulations that anticipate within a few years,## they will put in place import standards that# require companies to meet this sort of cleanup.

And the sort of cleanup we're talking about, John,# is not incremental.

The average company that has## signed up will have to reduce their methane# pollution by 80 to 90 percent, and not by## some faraway date of 2050 but by 2030.

There'll# be giving these measurements to an independent## international third party and methane sat an# Environmental Defense Fund project that we'll## be able to look at 80 percent of the oil and gas# infrastructure worldwide, multiple times a week.

And that's how we will know whether companies are# meeting the standards.

And then the purchasers## like the European Union, and maybe a few years# later Japan will be able to enforce that.

JOHN YANG: Today, of course,# the Biden administration,## the EPA also announced new rules on# methane.

How are these two work FR ED KRUPP: Well, the Biden administration# rules are the strongest on the planet,## that will not only help clean up the United# States, but here at the COP, I've been meeting## with oil companies from developing nations.

And# most of the questions they've asked me have been,## what's that EPA regulation coming out?# What are the monitoring requirements.

And so because the United States is the biggest# oil and gas producer in the world, other countries## and companies look to our regulations to kind of# set the bar for their practices, it's plugging## leaks, it's when the compressor seals were# out and the compressor is leaking methane,## you'll have to replace them periodically.

You'll# have to regularly go look for and fix leaks.

This isn't rocket science.

This is something the# oil company should already be doing.

But an 80,## 90 percent reduction, that's a very big deal.

JOHN YANG: Is the agreement to reach the lower# levels to essentially bring it to n 2030.

Or just the grid also due to specific things# of plugging methane leaks and stopping ven FRED KRUPP: The agreement is performance oriented.# So we know now that these companies are leaking## two or sometimes 3 percent of the methane, they# take it out of the ground natural gases, methane,## we can two or 3 percent.

And the agreement# requires near zero defined as 0.2 percent.

So going from 2 to 0.2, that's where you get that# 80 to 90 percent reduction.

The reductions in this## pollutant mean will actually reduce pollution in# the next 10 years that we'll be able to feel that## benefit will be able to reduce temperatures# from what we would otherwise experience.

JOHN YANG: Do you think this year's# summit will be the time that they## finally address fossil fuels and deal# with fossil fuels?

Either an ag to reduce them or an agreement to# eventually eliminate their use?

FRED KRUPP: Well, I don't know that# that will happen.

This year there's## been an agreement by many countries# over 100 countries to triple the## construction of renewable energy and# to double energy efficiency by 2030.

So we need that those things in order# to be able to rapidly get away from## fossil fuel.

But I don't know that the# language of do we face it out or do we## get out of it completely by when will# be agreed on I don't think that's likely JOHN YANG: Fred Krupp of the Environmental Defense# Fund at the COP28 summit.

Thank you very much.

FRED KRUPP: Thank you, John.