API Statement on IEA Report on Pathway to Net-Zero by 2050
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WASHINGTON, May 18, 2021 – The American Petroleum Institute today issued the following statement from Vice President of Corporate Policy Stephen Comstock in response to the International Energy Agency’s (IEA) report on a pathway to achieving net-zero emissions by 2050.
“As laid out in our Climate Action Framework, the industry shares the goal for a lower carbon future, and its engineers and scientists are partnering with experts across the world on a host of advanced technologies like CCUS, hydrogen and cleaner fuels to ensure a cleaner energy future. As policymakers consider climate targets, it is essential to implement effective and achievable measures that drive further emissions reductions while at the same time, ensuring adequate affordable and reliable energy to meet growing global needs. Scenarios where demand is projected to outstrip supply could deepen energy poverty, and stifle innovation and progress.
“IEA itself regularly acknowledges that half the technology to reach net zero has not yet been invented. Any pathway to net zero must include continued innovation and use of natural gas and oil, which remains crucial to displacing coal in developing nations and enabling renewable energy. Our industry is committed to shaping a cleaner future by advancing technologies and policymaking to reduce emissions while providing the affordable, reliable energy modern life depends on.”
API represents all segments of America’s natural gas and oil industry, which supports more than ten million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.