API has released a new study highlighting the oil and gas industry’s leadership in making air cleaner through increased investments in renewables and other low-carbon technologies.
“The natural gas and oil industry is a leader in the development and deployment of greenhouse gas reducing technologies,” said API Vice President of Regulatory and Economic Policy, Kyle Isakower. “It shows that the US 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, which are at 25-year lows across the entire US economy.”
Key points from the study include:
- The natural gas and oil industry is a leading investor in zero and low-carbon technology, investing more than US$108 billion between 2000 and 2016, which is more than double the investments of each of the next two industries.
- In 2016, the natural gas and oil industry reported the largest greenhouse gas (GHG) reduction to date compared to the previous year – GHG reductions of more than 57 million t of CO equivalent. This is the amount of carbon that would be captured by more than 5.4 billion, 10-year-old evergreen and pine trees.
- US carbon dioxide emissions are at 25-year lows due to increased natural gas use while global emissions have risen 50% over the same timeframe.
“The natural gas and oil industry’s commitment to investing in low-carbon technologies has been fundamentally important to our country’s broad effort to reduce emissions and help the environment. Today’s study is proof that economic growth, technological innovation and environmental stewardship go hand in hand,” Isakower added.
The study, prepared for API by T2 and Associates, is available on the API website.
Read the article online at: https://www.hydrocarbonengineering.com/the-environment/16052018/api-oil-and-gas-leading-the-way-in-making-air-cleaner/