The American Petroleum Institute is endorsing a price on carbon emissions that the trade group has long resisted, as federal and international authorities appear poised to step up regulation.
“Confronting the challenge of climate change and building a lower-carbon future will require a combination of government policies, industry initiatives and continuous innovation,” Mike Sommers, API's president and CEO, said Thursday, as the trade group released a climate change policy framework.
API said the plan advances the United Nations Climate Change Conference of the Parties in November in Scotland.
A week after taking office, President Joe Biden signed executive orders on measures to curb greenhouse gas emissions, including a halt to leasing for energy development on federal lands.
“We’ve already waited too long to deal with the climate crisis. We cannot wait any longer,” Biden said at the time, agreeing his climate plans are ambitious.
“But we are America," he added. "We are unwavering in our commitment to innovation.”
The national industry trade group said its proposals build on the technology driving lower greenhouse gas emissions by steps that include accelerating technology and innovation, endorsing a carbon price policy and advancing cleaner fuels.
“America has made significant progress in reducing emissions to generational lows, but there’s more work to do, and there’s nobody better equipped to drive further progress than the people who solve some of the world’s toughest energy problems every day," Sommers said in a statement. "As our industry accelerates efforts to advance groundbreaking technologies, reduce emissions and drive transparent and consistent climate reporting, we urge lawmakers to support market-based policies that foster innovation, including carbon pricing.”
Carbon pricing is a market-based solution to lower overall emissions by allowed large emitters to buy credits toward an overall cap.
You can read the framework by clicking here.
Lynn Granger, executive director of API Colorado, said the state chapter is excited about the new national plan.
“We have long maintained that the natural gas and oil industry can and must be part of the solution to our global climate challenges, and today’s announcement speaks to our determination to continue taking a proactive role in this shared effort," she stated. "Colorado has been among America’s leaders in addressing these issues head-on, and we look forward to continuing our work with Governor Polis, lawmakers, regulators and stakeholders to further advance this mission.”