API highlights industry’s investments in technologies that are reducing greenhouse gas emissions throughout all of its operations
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May 15, 2018
Kyle Isakower API
Vice President for Regulatory and Economic Policy at the American Petroleum Institute
Good afternoon.
America’s natural gas and oil industry is a leader in making our air cleaner through increased investments in renewables and other low-carbon technologies, according to a new study that we are releasing today.
Between 2000 and 2016, the natural gas and oil industry directly invested more than $108 billion dollars in zero- and low-carbon emissions technologies, according to the study by T2 and Associates. That’s more than double the investments of each of the next two industry sectors over the same period – and is in addition to surging domestic natural gas production that also is playing a leading role in reducing U.S. emissions.
Here’s another important finding of the study: One of every $6 dollars invested in renewables and other non-hydrocarbon technologies in North America since 2000 has come from the natural gas and oil industry. This includes funding for biomass, ethanol and renewable energy sources like wind, solar and geothermal technologies. In fact, over this time period, natural gas and oil and electric utilities were the No. 1 private sector investors in renewable energy behind the federal government.
These investments have been fundamentally important to our country’s broad effort to reduce emissions. And our industry is cutting its own emissions as well. In 2016 alone, our industry reported its largest GHG reduction since we’ve been tracking it – equal to the carbon that would be captured by more than 5.4 billion, 10-year-old evergreen trees.
The study shows that the natural gas and oil industry is a leader in the development and deployment of GHG-reducing technologies. It shows that our nation can lead the world in energy production, strengthen our economy and create good-paying jobs while leading the world in the reduction of carbon emissions. U.S. carbon dioxide emissions are at 25-year lows due to increased natural gas use while global emissions have risen 50 percent over the same time frame.
Today’s study is proof that growth, progress and environmental stewardship go hand in hand.
Thanks for your time this afternoon. I’m happy to answer your questions.
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