The American Petroleum Institute (API) responded to the Biden administration’s announcement to update the social cost of greenhouse gas (GHG) emissions and signaled the industry’s commitment to working with the administration to shape a lower-carbon future.

“As the U.S. works to achieve a lower-carbon future, assessing the social cost of greenhouse gas emissions in an effort to drive emissions down is an important step in policymaking,” API Vice President of Corporate Policy Stephen Comstock said. “We look forward to working with the interagency working group and providing input as they develop their final recommendations, and we encourage the administration to pursue a transparent process for stakeholder engagement. This is an opportunity for government and industry to work together to advance our shared goals of reducing the risks of climate change and building on the progress our country has made in driving down greenhouse gas emissions.”

API recently joined other trade organizations in sending a letter to the administration expressing the regulatory community’s interest in participating in this process.

America’s natural gas and oil industry has led the way in reducing GHG emissions to generational lows through technology, innovation and industry-led initiatives such as The Environmental Partnership. According to the EIA, from 2014 to 2019, CO2 emissions in the U.S. declined by 5 percent across the economy and 21 percent in the power sector. Additionally, over the past decade, methane emission rates relative to production in the key producing U.S. basins have declined nearly 70 percent.

API supports the direct regulation of methane for new and existing sources to build on the progress the U.S. has made in reducing methane emissions.