ACCF believes that government policies should enable capital investment needed to develop affordable, reliable and sustainable energy to consumers. We recognize that addressing the challenge of climate change is critical and must be balanced with the need for energy to maintain global economic growth. ACCF is pleased to offer comment to those policymakers, members of the business community and public interest groups that are taking credible, positive steps to advance the climate debate.
ACCF applauds the American Petroleum Institute (API) for the release of its Climate Action Framework. ACCF supports the transparent, economy wide use of carbon pricing and a border adjustment to drive emissions reductions while maintaining a level economic playing field with other countries. Furthermore, we agree that redundant policy should be eliminated to remove regulatory confusion that can stunt investment. Importantly, API’s framework also encourages technology innovation, which will be critical to reducing emissions.
According to the International Energy Administration, in a scenario with all nations meeting their Paris commitments, the world will still rely on oil and natural gas for nearly half its energy in 2040. The oil and natural gas industry must, therefore, be a leader in addressing climate change. As such, ACCF sees today’s release of API’s Climate Action Framework as a very positive step.