The oil and gas sector far outpaces all other industries in investments in emission reduction technologies, according to a new study by T2 and Associates. The oil and gas industry spent approximately $90 billion on emissions technologies between 2000 and 2014, compared to $38.2 billion by the automotive sector, $37.1 billion by electric utilities and $13 billion by agriculture and food processors. The federal government invested a total of $110.3 billion over that same time period.
The report said the oil and gas industry’s investments in non-hydrocarbon technologies reduced 2014 emissions by the equivalent of 55.5 metric tons of CO2 year-over-year — equal to taking nearly 12 million cars off the road. API President Jack Gerard said the study proves “market-driven, private sector leadership” can help meet public policy goals more efficiently than government mandates.
