Business View Magazine l January 2023

54 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 are referenced in US state regulations, and over 780 times our standards have been referenced internationally,” says Burr. As a standards-setting organization, the API’s mandate includes monitoring and developing next-generation standards to support growth and innovation in the industry. “API’s Climate Action Framework (CAF) recognizes that climate change is a significant challenge for our industry and the world today,” shares Burr. “We’re committed to helping address the risks associated with climate change. Many API member companies are looking at innovative technologies like hydrogen, liquid CO2, and new low-carbon energy sources to help supply the energy we need more sustainably.” “For the API, this means looking at how to develop new standards that help reduce emissions, mitigate fugitive emissions, and track and show that we’re consistently reducing emissions.” The API is developing several standards related to transportation and hydrogen while looking at how to use or adapt existing pipelines to ensure they are safe for transporting hydrogen or other new low-carbon energy products. As part of these efforts, the API has laid out a five- pronged approach in its Climate Action Framework that brings together industry, government, and other stakeholders, as Burr explains. “APIs CAF outlines five key areas that include actions for industry and government. “The first is accelerating technology and innovation. How are we helping bring some of these new technologies to fruition and commercialization to deliver the much-needed affordable, clean energy to support our current and growing population worldwide?” “The second is how to mitigate emissions from operations further. We are looking at methane measurement and the direct regulation of methane, like the draft regulation by the EPA to regulate methane from new and existing sources. The API is also collaborating with members to develop methane detection technologies that promote reductions in greenhouse gas emissions across the industry.” “The third involves endorsing a carbon price policy by the government to drive market-based solutions. Congress recently moved in the right direction with the Inflation Reduction Act.” “The fourth is to advance cleaner fuels. Are we providing lower carbon choices for consumers, whether supporting EVs or just reducing emissions through the internal combustion engine? Also, how are we reducing lifecycle emissions in the transportation sector?” The fifth piece in the API’s CAF is climate reporting. “How do we help our industry enhance ESG reporting and ensure a level playing field for our industry regarding what is being reported?