View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
March 22, 2021

US oil and gas companies to be impacted negatively if the US re-joins the Paris Climate Agreement, opine majority in a poll

The Biden administration is firm on its stance of returning to the international Paris Agreement to restore the US as the torchbearer of combating climate change and global warming.

By Vasanthi Vara

The Biden administration is firm on its stance of returning to the international Paris Agreement to restore the US as the torchbearer of combating climate change and global warming.

Verdict has conducted a poll to assess how the US oil and gas companies would be impacted if the US re-joins the Paris Climate Agreement.

US oil and gas companies to be impacted negatively if the US re-joins the Paris Climate Agreement, opine majority in a poll

More than half (51%) of the respondents opine that the US oil and gas companies would be impacted negatively if the US re-joins the Paris Climate Agreement.

On the contrary, 23% of the respondents believe the impact of the US re-joining the Paris Climate Agreement would be positive on the US oil and gas companies.

While 13% of the respondents believe the returning of the US to the Paris Climate Agreement would not have any impact, 14% are not aware of the impact.

The analysis is based on 205 responses received from the readers of Offshore Technology, a Verdict network site, between 04 December 2020 and 08 March 2021.

Effect of the US returning to the Paris agreement on the US oil and gas industry

The re-joining of the US to the Paris Climate Agreement will result in a major reversal of the policies adopted by the US under the Trump administration. The US exited the agreement to maximise fossil fuel production despite being the second largest greenhouse gas emitting country in the world.

US President Joe Biden’s pledge to put back the US on its track to achieve zero carbon emissions by 2050 would curb the country’s fuel production. He has already taken various steps in this direction including suspension of oil and gas leasing activities in the Arctic National Wildlife Refuge in Alaska, cancellation of the permit for TCEnergy’s Keystone XL oil pipeline project, and reduction of methane emissions.

The path to achieving the goals of the Paris Climate Agreement, however, is expected to be difficult considering the opposition from fossil fuel companies, political leaders and international partners.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology