A breakthrough rule that will reduce methane waste has been called a "win-win-win" after the U.S. Bureau of Land Management announced its finalization this spring.

The BLM said that modernized regulations will prevent billions of cubic feet of gas from being vented into the atmosphere and generate more than $50 million annually for American taxpayers and Tribal mineral owners.

"Taking action to limit methane waste on public lands offers a win-win-win for taxpayers, producers and communities harmed by this waste and associated pollution," Environmental Defense Fund senior director of regulatory and legislative affairs Jon Goldstein told the Washington Post.

As the news outlet detailed, some companies regularly vent or "flare" gas because they say the pipelines aren't available to deliver the product.

This releases heat-trapping gases like methane into the air, contributing to an overheating planet that has caused more frequent extreme weather events and led to higher food prices. Even without these practices, dirty energy is the primary cause of rising temperatures.

Concerningly, according to BLM, "The percentage of natural gas lost to venting (the intentional release of natural gas) and flaring (the burning of vented natural gas) has more than doubled" since the 1980s, worsening air quality and costing taxpayers money.

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Watch now: What's the true environmental impact of renewable energy?

Many are aware that the Inflation Reduction Act makes certain clean-energy technologies, like solar panels, obtainable at lower price points, but it also "requires oil and gas companies to pay the first-ever federal fee for each metric ton of methane they emit," per the Post.

Now, companies that waste gas will be required to pay "royalties" for their polluting practices. The policy update is a continuation of the Biden administration's policy changes addressing the environment, which also recently included new provisions to safeguard public drinking water.

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"The BLM methane rule is important for making sure that we are not wasting publicly owned resources, and that if companies flare or vent methane that belongs to taxpayers, they pay for it," Center for Western Priorities deputy director Aaron Weiss told the Post.

"This final rule, which updates 40-year-old regulations, furthers the Biden-Harris administration's goals to prevent waste, protect our environment, and ensure a fair return to American taxpayers," Interior Secretary Deb Haaland said in a BLM press release. "... We are taking long-overdue steps that will increase accountability for oil and gas operators and benefit energy communities now and for generations to come."