Business View Magazine l January 2023

55 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 12 AMERICAN PETROLEUM INST I TUTE with each member company committing to implementing the thirteen elements. The program allows affiliated companies to extend compliance beyond API standards and demonstrate their commitment to holistic operational excellence. This approach assists the API in advocating for API members, showing that they are committed to going above and beyond regulations, as Burr expounds. “In the downstream segment, we collect process safety events every year as part of our advancing process safety initiative. Doing so helps us track our process safety performance, which has significantly improved over the past ten years, thanks to programs developed based on the safety data collected.” The API relies on the Center for Offshore Safety in the upstream segment, which helps offshore For this action, we have engaged with the SEC on their recent climate reporting draft rules.” “Overall, we collaborate with the regulatory community and other stakeholders to find the most efficient and effective ways to address climate issues while allowing our industry to innovate and develop new lower carbon technologies that reduce overall environmental footprint.” Alongside climate actions, safety is another primary consideration for the API, which Burr explains plays a leading role during standards development. “API Energy Excellence® is a new program based on thirteen core elements, addressing leadership, culture, and ensuring safety is the priority throughout all operations. It forms the foundation of API’s membership,