Oil and natural gas companies are taking action now to reduce greenhouse gas emissions and investing in the technologies and fuels that will reduce them even more in the future.
End-Use: America’s oil and natural gas companies are investing in efficiency improvements and alternatives and are advising companies in other industrial sectors how to use energy more efficiently. Through such end-use technologies as combined heat and power – using excess heat from refinery processes to produce additional energy – refiners are becoming more energy efficient, reducing both energy use and emissions.
Between 2000 and 2014 the industry invested $50 billion in end-use technologies, including advanced technology vehicles, efficiency improvements, combined heat and power, gas flare reduction technologies and carbon capture and sequestration. This represents approximately 30 percent of all the investments made in these technologies in North America.
Non-Hydrocarbon: We are a major provider of the green jobs that are in the news today. The oil and natural gas industry accounts for about one out of every six dollars of all the investments made in non-hydrocarbon fuels since 2000. The industry’s top investments are in wind and biofuels. Expenditures were also made in solar, geothermal, and landfill digester gas.
Fuel Substitution: The oil and natural gas industry has spent nearly $25 billion developing substitute and less carbon intensive fuels, such as liquefied natural gas and reducing fugitive gas emissions. This investment in fuel substitution technologies represents 51 percent of the total invested in this technology class.