Several U.S. energy groups have responded to the outcome of the COP28 climate summit, which wrapped up earlier this week.
The COP28 website highlighted that the summit concluded “with a historic agreement by 198 Parties to deliver a new era of climate action”.
“The parties agreed a landmark text named The UAE Consensus, that sets out an ambitious climate agenda to keep 1.5°C within reach,” the site noted.
“The UAE Consensus calls on parties to transition away from fossil fuels to reach net zero, encourages them to submit economy-wide Nationally Determined Contributions (NDCs), includes a new specific target to triple renewables and double energy efficiency by 2030, and builds momentum towards a new architecture for climate finance,” it added.
In response to the COP28 final agreement, the American Petroleum Institute’s (API) Senior Vice President of Policy, Economics and Regulatory Affairs, Dustin Meyer, said in a statement posted on the API site, “demand for affordable, reliable energy will continue to rise as global population increases, and the world will need more sources of energy, not fewer”.
“The U.S. has led the world in both production gains and emissions reductions, and our industry is focused on building on this progress by accelerating innovation, advancing smart policies and investing in low-carbon technologies,” he added.
“We’re committed to working with policymakers on solutions that keep all options on the table – from renewables to oil and natural gas – and advance our shared goal for a cleaner, more secure energy future,” he continued.
In a statement sent to Rigzone commenting on the pact signed at the conclusion of COP28, National Ocean Industries Association (NOIA) President Erik Milito said, “the goals set by COP28 underscore the pivotal role of the American offshore industry in achieving the objectives of mitigating climate change while enhancing global living conditions”.
“As global energy demand continues to rise, the reality is the necessity for all energy sources to remain into the foreseeable future in order to effectively meet the energy security needs of a growing global society. The U.S. offshore region is uniquely situated to provide the energy sources Americans rely upon for a high quality of life, while also providing a roadmap for addressing emissions,” he added.
“The U.S. Gulf of Mexico stands out for consistently demonstrating the ability to produce oil and natural gas with lower greenhouse gas emission intensity than almost all other regions. Encouraging increased production in the Gulf of Mexico is not only in the national interest but also globally advantageous, preventing a shift to higher-emission sources to meet energy demands,” Milito continued.
“Moreover, the rapid expansion of the American offshore wind sector and the advancements in offshore carbon sequestration provide potent tools to address global emissions. While the strategic benefits of U.S. offshore wind are widely acknowledged, the Gulf of Mexico presents substantial potential for offshore carbon sequestration,” he went on to state.
Widespread adoption of carbon capture and storage is a key tool for achieving global climate change ambitions, Milito said in the statement.
“The Gulf of Mexico, with its abundant geological prospects for carbon storage, well-established energy infrastructure, proximity to industrial centers for emissions capture, and a readily available engineering and energy knowledge base, stands as a key player in this effort,” he added.
Milito went on to state that an American-led energy transition “offers vast advantages”.
“It allows significant strides against climate change while ensuring global access to reliable, affordable, and responsible energy production and boosting our national security,” he noted.
In another statement sent to Rigzone on the outcome of COP28, Energy Workforce and Technology Council President Molly Determan said, “as we evaluate the agreement stemming from COP28, we must recognize that oil and gas will continue to play a significant role in energy production for years to come”.
“Despite headlines claiming the death of fossil fuel production, the oil and gas industry has long prioritized finding innovative ways to reduce emissions and implement technologies that are shaping the future of energy production,” Determan added.
“The reality is that the oil and gas industry is leading the charge towards a more sustainable future, driving the energy revolution with emerging technologies such as CCS and expanding hydrogen production,” Determan continued.
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