For the first time, high-emitting oil and gas facilities will have to pay a fee for emitting a potent greenhouse gas if those emissions exceed a certain level set by the U.S. Environmental Production Agency (EPA).

The new rule, finalized on Tuesday, was announced by John Podesta, the top U.S. climate representative at COP29, the annual U.N. climate conference in Baku, Azerbaijan.

The regulation would cap the amount of methane that certain oil and gas facilities could release into the atmosphere. The companies will be charged a fee for each metric ton of methane exceeding that limit, starting at $900 per metric ton, increasing to $1,200 in 2025 and $1,500 in 2026.

EPA administrator Michael S. Regan wrote in a statement, "EPA has been engaging with industry, states, and communities to reduce methane emissions so that natural gas ultimately makes it to consumers as usable fuel — instead of as a harmful greenhouse gas."

He added, "Along with EPA's complementary set of technology standards and historic financial and technical resources under the Inflation Reduction Act, today's action ensures that America continues to lead in deploying technologies and innovations that lower our emissions."

The EPA estimates the new rule will reduce methane emissions by 1.2 million metric tons through 2035. That's the equivalent of taking 8 million gas-powered cars off the road for an entire year, according to the agency.

The EPA classifies methane as a "super pollutant" and says that over 100 years, one ton of methane released into the atmosphere "traps 28 times as much heat in the Earth system as one ton of emitted carbon dioxide." On a 20-year time scale, it's 84 times more potent, according to the European Union.

The EPA said the oil and natural gas industry is the largest industrial source of the greenhouse gas.

During a press call, David Waskow, director of international climate action at the World Resources Institute, said, "Large oil and gas companies actually supported the fee approach, and I think that they're aiming to make sure that methane, which has been a sort of sore spot in the oil and gas industry, is cleaned up as a way of helping the reputation of the oil and gas industry."

Waskow said that even if the incoming Trump administration tries to undo the regulation, he believes its support within the industry may help keep it in place.

-ABC News Climate Unit's Matthew Glasser

How much will it cost to fight climate change globally, and who should pay for it? That's the primary issue facing delegates at the annual U.N. climate conference, COP29. Dubbed the "finance COP," the two-week event began on Monday in Baku, Azerbaijan.

While representatives from nations worldwide will discuss various climate issues, finance is a key theme this year, namely how much external financing will be available to developing countries for their climate adaptation efforts and to compensate them for the damage and loss caused by climate change. Although wealthier countries generate the majority of greenhouse gas emissions, poorer nations are disproportionately impacted by the consequences of global warming.

Conference attendees and climate leaders will be watching closely the climate investment commitments made by various nations and private finance, and much of the discussion will revolve around who should be paying and how much they should be contributing.

The current target for international public and private financing is around $100 billion, but the U.N. estimates that it will take as much as $2.4 trillion by 2030 to meet climate goals, with $1 trillion coming from international sources.

It's uncertain, however, how much each nation will contribute and where the money will go.

"For those poorest countries and particularly for adaptation, finance needs to be in grant and concessional form," said Melanie Robinson, the global climate, economics and finance program director at the World Resources Institute.

One issue sure to be controversial is whether developing countries that can afford to contribute to the global effort should be added to the contributor base. Critics of that recommendation say the biggest emitters should be the most significant contributors.

U.N. Climate Change Executive Secretary Simon Stiell set the table for the talks during his opening address, focusing on what's at stake.

"If at least two-thirds of the world's nations cannot afford to cut emissions quickly, then every nation pays a brutal price," said Stiell. "If nations can't build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune."

Stiell added, "So, let's dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and wealthiest."

On the same day Stiell was delivering his remarks, preliminary data from the World Meteorological Organization showed that 2024 remains on track to be the warmest year on record and will likely become the first year that is more than 1.5 degrees Celsius warmer than the 1850 to 1900 pre-industrial average

COP29 takes place in the shadow of significant political challenges, including changes in worldwide political leanings and the recent presidential election in the U.S. It didn't help that delegates had to delay the convention activities on Monday because leaders couldn't agree on a conference agenda. Who would be leading financial planning meetings, as well as an unconventional move from a supervisory board to pass new standards without any consultation, were the primary sources of contestation.

Mukhtar Babayev, president of COP29 and Azerbaijan minister of ecology and natural resources, suspended sessions for further talks on the agenda.

"The hour is late, we have a lot of work ahead of us," Babayev said as the delayed session resumed.

-ABC News' Charlotte Slovin and ABC News Climate Unit's Matthew Glasser

With the future of U.S. climate and environmental policies uncertain following the presidential election, the world is gathering in Baku, Azerbaijan, to talk climate change. COP29, formally known as the 29th Annual Conference of Parties, opened Monday with questions about the United States' commitment to global climate goals in light of the 2024 election results.

At a press conference on Monday, U.S. Climate Change Envoy John Podesta told reporters, "For those of us dedicated to climate action, last week's outcome in the United States is obviously bitterly disappointing."

"It is clear that the next administration will try to take a U-turn and reverse much of this progress," Podesta said. "And I know that this disappointment is more difficult to tolerate as the dangers we face grow ever more catastrophic," he added.

In sharp contrast to President-elect Donald Trump calling climate change a hoax, promising to "drill, baby, drill," and roll back unused Inflation Reduction Act (IRA) funds, Podesta highlighted the Biden-Harris Administration's efforts to combat climate change, including the move to rejoin the Paris Agreement and the climate and clean energy investments made through the IRA and the Bipartisan Infrastructure Law.

Podesta said that while the Biden Administration will work with the incoming Trump Administration to ensure a peaceful transfer of power, "This is not the end of our fight for a cleaner, safer planet."

"Facts are still facts. Science is still science," he added. "The fight is bigger than one election, one political cycle in one country, this fight is bigger still, because we are all living through a year defined by the climate crisis in every country of the world."

Podesta pointed to extreme heat records, recent hurricanes in the Southeast United States, flooding in Spain, severe drought in southern Africa, and wildfires in the Amazon as some examples of the acute impacts of climate change felt around the world just this year.

Following then-President Trump's withdrawal from the Paris Agreement in 2017, a coalition of local and state government leaders, organizations and private industry members announced the joint declaration, "We Are Still In."

Podesta reminded attendees of that effort, saying that while a Trump White House may pose challenges for federal level climate action, the U.S. is not giving up on its goals and that support for clean energy has become a bipartisan issue in the United States.

"You might not know that by reading the newspapers, but it has," he said. "Fifty-seven percent of new clean energy jobs created since the Inflation Reduction Act passed are located in congressional districts represented by Republicans."

He added, "We can and will make real progress on the backs of our climate committed states and cities, our innovators, our companies and our citizens, especially young people, who understand more than most that climate change poses an existential threat that we cannot afford to ignore. Failure or apathy is simply not an option."

-ABC News Climate Unit's Kelly Livingston and Matthew Glasser

Food waste is a massive problem. According to the UN, the world wastes more than a billion tons annually. Here at home, Americans waste around 80 million tons each year. And worldwide, nearly 40% of all the food we produce is lost or wasted, according to the WWF.

At the same time, Feeding America, a nationwide network of food banks and pantries, says 47 million people in the U.S. face hunger, including 1 in 5 children. Then, there are the significant environmental impacts of sending so much wasted food to landfills. Left to decompose, this organic waste releases methane, a powerful greenhouse gas that's far more potent than carbon dioxide.

Erin Murphy, a student at Georgia State University in Atlanta and a sustainability initiatives intern, saw all the food her peers were wasting and wanted to do something about it. She applied for a grant to bring new technology to campus that uses artificial intelligence to examine food waste and provide real-time data on what's left behind.

The technology, aptly named "Raccoon Eyes," analyzes the food left on each plate, categorizing and weighing the leftovers to provide detailed data on the waste and recommendations for reducing the leftovers.

When students finish their meals, they place their plates on a conveyor belt, where "Raccoon Eyes" captures an image of the plate. AI then uses that picture to evaluate the contents. This data is displayed on an online dashboard, offering real-time insights to the dining staff.

Ivan Zou, the co-founder of "Raccoon Eyes," said the information helps identify trends, such as how many plates of a specific meal were uneaten. For example, the system showed that students ate most of the salmon they put on their plates during a particular meal, but they left behind a lot of French fries during another meal.

Jennifer Wilson, GSU's director of sustainability, said that since the program's launch in January, AI has analyzed over 400,000 plates and found that approximately 21% contained food waste.

And it turns out that some of the most popular items, like chicken, pizza, and french fries, also generate the most waste. The dashboard's detailed feedback, however, also reveals that popular meals often have leftover portions because students take too much, not because the food is unpopular. This nuanced insight helps dining services adjust not only the menu but also portion sizes and serving methods.

The initiative is already making a difference. In the first four months, GSU reduced food waste by 23%, thanks to AI insights and increased student awareness.

The program even encourages feedback through a kiosk where students can leave comments like "sorry for my waste." Such feedback has proven invaluable, guiding the dining team in refining their offerings, for instance, by making more of the crowd-favorite Hot Cheetos sushi and less of other items.

-ABC News Climate Unit's Matthew Glasser, ABC News' Matt German, and ABC News meteorologist Dan Manzo