Oil and Gas Industry a Leader In Emissions Reduction
Oil and Gas Industry Has Contributed More To Emissions Reduction Than The US Government!
Since 2000, the oil and gas industry as a whole has contributed more than $81 billion to reducing carbon and greenhouse gas emissions. In fact US carbon dioxide emissions are at the lowest levels since the early 1990’s. The Federal Government added just under $80 billion to the efforts, and all other US industries combining to add just under $92 billion. This is an incredible show of support for this important cause. Emissions reduction means more than just reducing carbon dioxide emissions from existing sources – it also refers to investing in renewable energy sources of energy like wind, solar, geothermal, and biomass technologies. The oil and gas industry has invested over $11 billion in these alternative sources of energy, which again shows the incredible investment this group is willing to make in the name of environmental conservation and protection.
How Have Investments In Renewable Energy Sources Helped Reduce Emissions?
According to the Global Wind Energy Council and Greenpeace, wind energy has the potential to reduce global C02 emissions by ten billion tons by 2020. These same sources also report that wind energy may supply up to 30% of the world’s energy requirements by mid century. This is an incredibly important driver in the reduction of carbon emissions, and presents almost no environmental impact when employed around the world.
Biomass refers to converting naturally occurring materials into usable forms of energy. The oil and gas industry has done a commendable job of investing in these technologies as well. From ethanol, to methane gas, to biodiesel production, the gas and oil industry has poured millions of dollars into the research and development of better ways to harness the power of naturally occurring materials.
Solar is an interesting source of renewable energy in that the efficiency levels in the solar panels themselves aren’t high enough to deliver substantial power to the end user. Much of the oil and gas industry’s investment in solar technology comes on the research and development side, as better technology is needed to really bring solar into the forefront. Currently, solar only delivers about 1% of the world’s energy supply.
Geothermal energy is another area that the oil and gas industry has helped to support. The same technology that is used to drill oil and gas wells is used to bore geothermal boreholes. The technology and practices of the oil industry are directly translatable to geothermal well production. Geothermal is generally considered as the cleanest and most easily renewable resource because it simply utilizes the stored energy in hot, underground water – which is quickly replaced after being used. The city of Reykjavik, in Iceland, operates using 95% geothermal energy and is considered as one of the cleanest cities in the world.
Investing in clean energy technologies has been one of the most powerful and impactive ways that the oil and gas industry has helped support our nation’s emissions reduction priorities.