The industry group representing oil and gas companies including Exxon Mobil Corp. and Chevron Corp. said March 25 that it supports a carbon price as one measure to mitigate climate change risk.
Oil and gas trade group the American Petroleum Institute (API) said in a call with reporters that it endorsed a carbon-price policy to drive economy-wide solutions.
“We are not advocating a specific price,” API President Mike Sommers said on the call announcing the group’s new plan to address the risks of climate change. “What we are saying is this is a framework through which API will advocate for specific principals.”
The API plans to advocate for sensible legislation that prices carbon across all economic sectors while avoiding regulatory duplication, Sommers said.
API has started to shift some of its rhetoric on climate and carbon issue as the climate-focused Biden administration came to power.
Still, Sommers did not commit to the industry reaching net-zero oil emissions in the next 15 years.
“There is no way that it is feasible without technologies that are not in the marketplace today,” he said.
President Joe Biden’s administration is due to unveil a new economy-wide emissions reduction target for 2030 to comply with the Paris climate agreement by April 22, when Biden convenes world leaders on climate change.
Utilizing the technology of Denver-based Project Canary, the pilot project will extend across the energy value chain—from production, transportation and marketing of responsibility sourced natural gas—for consumer and community use locally in Colorado.
Service providers and operators innovate to ensure record production continues.
As the oil and gas industry is increasingly being held to account for its methane footprint, adopting the right technology to detect and stop methane emissions can help it turn this challenge into a golden opportunity.