Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions.
Read more
Sign In
June 24, 202110:43 AM PDTLast Updated a month ago
Sustainable Business
Top U.S. oil industry lobby sets greenhouse gas disclosure template
Laila Kearney

3 minute read
The operations floor of a drilling rig is seen from the control room on a lease owned by Oasis Petroleum in the Permian Basin near Wink, Texas U.S. August 22, 2018. REUTERS/Nick Oxford
NEW YORK, June 24 (Reuters) - The biggest U.S. oil and gas trade association on Thursday released new industry guidelines for energy companies to report greenhouse gas emissions, in a bid to address the sector's carbon footprint.
The American Petroleum Institute, which includes Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), said the framework aims to standardize the way companies track emissions, including flared natural gas, and prompts them to voluntarily disclose those details publicly.
Aaron Padilla, API's manager of climate and ESG policy, said on a call with reporters that the template "gives a foundational picture of a company's work to mitigate greenhouse gas emissions," and also helps standardize reporting indicators to allow comparisons between companies.
The framework comes on the heels of plans by the U.S. Securities and Exchange Commission to introduce new climate-mitigating rules as it steps up environmental, social and governance (ESG) disclosures. read more
The five sections of API's disclosure template include ones to log and disclose data on greenhouse gasses emitted directly from company assets, and emissions from the energy the companies use.
There are also sections for companies to report emission reduction efforts through the use of renewable electricity, carbon capture and other measures, as well as details about how the companies independently verify their data.
API's new guidelines exclude so-called Scope 3 emissions, which take into account greenhouse gas emissions from customers using the oil and gas they have purchased for transportation and other uses.
The trade group said the template is not mandatory, but it expects companies will choose to use it. First reporting is expected in 2022.
The guidelines follow API's announcement earlier this year that it would endorse carbon-price policy, easing its previous resistance to regulatory action on climate change amid a shift in the oil industry's strategy on the issue and the new U.S. presidency. L1N2LN2H0
Reporting by Laila Kearney; Editing by Jan Harvey
Our Standards: The Thomson Reuters Trust Principles.
More from Reuters
Play video on original page
Read Next
Sustainable Business
TC Energy to switch to green power to run N. American energy pipelines
2:36 PM PDT
Autos & Transportation
Biden wants U.S automakers to pledge 40% electric vehicles by 2030 -sources
2:27 PM PDT
The Great Reboot
Canada looks to women to bolster trades amid post-pandemic labor shortage
9:37 AM PDT
Sustainable Business
Russian fisheries agency seeks $800 mln from Nornickel over fuel spill
9:20 AM PDT

Sign up for our newsletter
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Sustainable Business
Sustainable Business · 4:24 AM PDT
EXCLUSIVE From Shell to Unilever, plastics polluters back recycling-tech flops
Some of the world’s biggest multinationals are hailing so-called advanced recycling as the solution to a waste crisis that has lawmakers looking to crack down on plastics use.
Sustainable Business
Canada looks to women to bolster trades amid post-pandemic labor shortage
9:37 AM PDT
Sustainable Business
Biden wants U.S automakers to pledge 40% electric vehicles by 2030 -sources
2:27 PM PDT
Sustainable Business
EU creates checklist for 'climate proof' infrastructure projects
8:55 AM PDT
Sustainable Business
Global initiative aims to bring transparency to voluntary carbon markets
12:59 AM PDT
Latest
Home
Media
Videos
Pictures
Graphics
Browse
World
Business
Legal
Markets
Breakingviews
Technology
Investigations
Lifestyle
About Reuters
About Reuters
Careers
Reuters News Agency
Brand Attribution Guidelines
Reuters Leadership
Reuters Fact Check
Reuters Diversity Report
Stay Informed
Download the App
Newsletters
Information you can trust
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Follow Us
Thomson Reuters Products
Westlaw
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
Onesource
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
Checkpoint
The industry leader for online information for tax, accounting and finance professionals.
Refinitiv Products
Eikon
Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface.
Refinitiv Data Platform
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
World-Check
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
Advertise With Us
Advertising Guidelines
Cookies
Terms of Use
Privacy
Corrections
Site Feedback

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved