France’s Total SE on Friday said it would not renew its membership in the American Petroleum Institute (API), making it the first global oil major to quit the powerful US oil lobby. The company said that it had reviewed API’s climate positions and found them to be just partially aligned with its own. According to CEO Patrick Pouyanné, in May 2020, Total announced its climate ambition under which the company is committed in ensuring that it would only become a member of industry associations which share similar positions and messages against climate change.
Total cited its reasons to leave API, including the group’s support in rescinding US regulation on methane emissions and its lack of support for electric vehicle subsidies. API thanked Total for its memberships. However, the group said that it had contributed to emissions reduction through technological advancements and did not support subsidies because it could distort the market.
The departure came ahead of the expected major energy policy changes in the US under the incoming Joe Biden administration which aims to bring the nation’s carbon emissions to net zero by 2050. Analysts said that some companies would likely follow Total’s move soon amid growing investors pressure to curb emissions and boost renewable investments.
European peers, Shell, BP, and Equinor said they are also reviewing memberships in organizations and how their positions align with the companies’ climate-related ambition. BP and Shell have insisted to remain with the group in recent years, citing its role in formulating operating standards and industry safety.
Tags: AlwaysFree,Americas,Bio/Renewables,Crude Oil,English,Gas,US
Published on January 18, 2021 10:36 AM (GMT+8)Last Updated on January 18, 2021 10:36 AM (GMT+8)
