The American Petroleum Institute today issued the following statements regarding the Biden administration’s announcement for a new U.S. Nationally Determined Contribution (NDC) for the Paris Agreement and an anticipated executive order directing federal agencies to address climate-related financial risk.
“API supports the goals of the Paris Agreement to reduce global emissions and alleviate poverty,” API President and CEO Mike Sommers said. “The new U.S. nationally determined contribution addresses only half of the dual challenge of reducing the risks of climate change while ensuring affordable, reliable energy for all Americans. With a transparent price on carbon and innovation, we can make measurable climate progress within this decade without hurting America’s middle class, jeopardizing U.S. national security, and undermining economic recovery. We are focused on working with Congress and the administration on effective government policies, while accelerating industry initiatives and innovation as outlined in API’s Climate Action Framework.”
API’s recently unveiled Climate Action Framework outlines industry initiatives and government actions to support a lower carbon future, including accelerating technology and innovation; further mitigating emissions from operations; endorsing a carbon price policy; advancing cleaner fuels and driving climate reporting. The framework reiterates API’s support for the direct regulation of methane from new and existing sources.
API also addressed an anticipated executive order to address climate-related financial risk.
“We share the administration’s goal for a lower carbon future, and we are committed to working with federal agencies to address climate-related risks while ensuring access to affordable, reliable energy,” API Vice President of Corporate Policy Stephen Comstock said. “As the administration reviews the impacts of climate change on the financial sector, any future regulatory actions must be workable for all industries, support access to capital for all sectors, and avoid a one-size-fits-all, prescriptive approach that would only stifle the innovative work underway in the private sector to manage climate-related risks and opportunities.”
API Senior Vice President of Policy, Economics and Regulatory Affairs Frank Macchiarola is set to appear before the House Subcommittee on the Environment today.
“It is essential that policymakers implement effective and achievable measures that facilitate advancements in reducing emissions, while supporting America’s economy, employment and energy security,” said Macchiarola in his prepared remarks. “Recent history proves that economic growth and emissions reductions do not have to be mutually exclusive and with effective policy support, the United States can continue to make progress on these important priorities.”
New polling from Morning Consult shows that U.S. voters want practical solutions to address climate change. According to the polling:
- 73 percent agree that natural gas and oil will be part of the energy mix for decades to come and should be included in the country’s energy policies. Majorities of Democrats, Independents and Republicans agree.
- 55 percent believe private-sector scientists and experts will do better than the government in solving the issue of climate change. Just 22% believe the government will do a better job than the private sector.
- 59 percent believe the world will use more energy in 2050 than it does now. Majorities of Democrats, Independents and Republicans believe more energy will be needed to heat and cool buildings, run electrical appliances, travel, grow crops and more.
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.