We’ve said before how natural gas is being boosted by the global demand for cleaner energy. And while still a fossil fuel, keep in mind that this source emits a a fraction of the greenhouse gases that coal emits.
However, did you know that the entire oil and gas industry is putting money into cleaner energy practices?
And that the industry is the leading investor in the movement, according to T2 and Associates?
Short of the government, the oil and gas sector is most deeply invested in reducing emissions, including the development of zero- and low-emissions technologies such as carbon capture and the reuse of excess heat from oil and gas production and use.
In total, we’re talking around $90 billion set aside for emissions-reducing technologies. In contrast, the automotive sector only invested about $38.2 billion, electric utilities only about $37.1 billion, and agriculture and food processing only $13 billion.
Only the federal government’s $110.3 billion surpassed the oil and gas industry’s total.
Additionally, the industry accounted for $14.8 billion of the total $87.6 billion spent on non-hydrocarbon energy sources between 2000 and 2014.
According to T2 and Associates, this adds up to about 55.5 million metric tons of carbon dioxide removed from the U.S. emissions total in 2014.
But the most impressive thing about these investments and advancements isn’t necessarily the amount of each…
It’s the fact that they were made without government intervention or regulations.
Understand, the recently updated Clean Power Plan will do nothing but good when it comes to lowering U.S. emissions rates and increasing renewable energy sources.
But it bodes well for both the CPP and the oil and gas industry that progress was already being made before such goals were set.
If the industry can support cleaner energies and lower emissions without the CPP, imagine what more will be done once the plan comes into effect and there are more incentives to invest further.
Fossil fuels will be around for a long time to come, despite renewable energy proliferation. It will benefit everyone involved if the industries can support each other as time goes on.
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