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February 16, 2021

The American Petroleum Institute welcomes clean energy funding

The American Petroleum Institute (API) welcomed new clean energy research and development funding announced by the US Department of Energy (DOE).

By Yoana Cholteeva

The $100m funding, announced under DOE’s Advanced Research Projects Agency-Energy programme, aims to identify and develop innovative technologies to further reduce greenhouse gas emissions and tackle climate change.

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API president and chief executive officer Mike Sommers said: “Our country has made incredible strides in reducing emissions to generational lows while producing affordable, reliable, and cleaner American energy. We are pleased to see the Biden administration investing in innovation to build on this progress and tackle our climate challenges.

“Our industry is committed to working with this administration on developing ground-breaking technologies, as well as prioritising modern infrastructure investments to safely and responsibly deliver American energy.”

API believes that beneficial strategy for the US would be to maintain a strong domestic energy sector while working to achieve its environmental goals.

Over the past decade, the oil and gas industry has provided low-cost natural gas, while reducing carbon dioxide emissions in the electric power sector and addressing methane emissions.

Methane emissions have declined by nearly 70% between 2011 and 2019 in five of the largest US producing regions, according to the Environmental Protection Agency’s new Greenhouse Gas Reporting Program data.

API supports DOE’s commitment to research and development in areas where its members are already investing to find innovative energy solutions, such as: direct air capture and carbon capture, use, and storage; decarbonisation infrastructure, such as carbon dioxide pipelines; sustainable and efficient fuels; and lower cost, low-carbon hydrogen.

Last week, the DOE revealed that it will also participate in the National Climate Task Force’s Climate Innovation Working Group announced by the White House.

The working group will coordinate federal government efforts to foster new and affordable technologies that can help America achieve the president-endorsed goal of net-zero economy-wide emissions by 2050, as well as building domestic clean energy supply chains across the country.

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Free Report
img

How are oil and gas companies strategizing in response to the electric vehicle market?

Electric mobility is a crucial element of the successful energy transition. Electric vehicles (EVs) are expected to account for over one-third of the new car sales worldwide by 2031, and so oil and gas companies are reacting with heavy investments across the EV value chain. Such investments are being made in a bid to remain relevant within this exciting segment.  GlobalData’s free report, Oil & Gas Sector Strategies in Electric Vehicles, reveals that transportation accounts for almost half of the petroleum products demand. However, the wider adoption of electric vehicles could slow the pace of petroleum products demand in the future.   Our report includes:  
  • Petroleum products demand forecast till 2026 by sector 
  • Potential targeted areas for oil & gas companies to enter the EV value chain 
  • EV strategies of oil & gas companies across major regions in the world 
Use this report to help navigate a new frontier for the oil & gas industry.  
by GlobalData
Enter your details here to receive your free Report.

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