Trade group says Gulf of Mexico energy output fits with Biden’s climate plans
WASHINGTON, D.C. - National Ocean Industries Association President Erik Milito issued the following statement after NOIA submitted comments to the U.S. Securities and Exchange Commission on climate change disclosures:
“Offshore energy companies are in the business of solving, scaling, and deploying the solutions and best practices to optimally balance societal and environmental needs. Whether we are talking about the Gulf of Mexico, which provides among the lowest carbon barrels of producing regions, wind projects along the Atlantic coast, or other emerging carbon reduction technologies, such as hydrogen development and carbon capture and storage, the offshore energy sector’s track record of innovation and technological advancement is world-class. The offshore energy sector is a climate asset the Biden Administration should fully utilize.
“There is substantial momentum across all segments of the economy in transparency and reporting of GHG emissions, sustainability, and ESG performance. The SEC should exercise restraint from taking any action that could hinder or otherwise complicate these ongoing efforts. The U.S. Gulf of Mexico region is recognized as providing among the lowest carbon barrels of the various producing regions because of the continuous dedication of the women and men of the energy industry in producing vital energy in a responsible manner. U.S. government efforts should serve to prevent substitution of sustainable and responsible U.S. offshore production with barrels from high emitting foreign sources with weak environmental oversight, such as Russia, China, or Iran.
“NOIA and the full diversity of its membership are committed to the advancement of principles of innovation, conservation, efficiency, resiliency, mitigation, adaptation, and best practices that must be part of a systematic approach to addressing the climate challenge, and we share a commitment to a high standard of corporate citizenship and continuous improvement in ESG performance. We look forward to engaging with the SEC on this issue.”
