The oil-and-gas industry would like you to know that it has poured more money into reducing greenhouse gases than any other industry.
Between 2000 and 2008, private industry and the federal government invested $132.9 billion in greenhouse-gas reducing technology, according to a new report commissioned by the American Petroleum Institute. The report was conducted by Thomas Tanton, president of T2 Associates, a Texas based development company in conjunction with the University of Texas.
This report is an update to a study done in 2006. In the two years between the studies, investment has jumped 41% with wind, biodiesel, nuclear, and carbon capture and storage coming out the biggest winners.
Of the $132.9 billion invested, the oil and gas industry led the way with $58.4 billion. Other private industries invested $55.3 billion, and Government invested $19.2 billion.
The biggest beneficiary of investment bucks is advanced vehicle technology, which got $37.2 billion or 28% of the pie. The oil and gas industry put $30.6 billion into end-use technologies like efficiency improvements, carbon capture, and vehicle technology.
While the oil and gas industry will point to this study in the future, they’re the primary creators of emissions, so this is a no-brainer. They stand the most to gain from reducing emissions, especially with carbon legislation in the works. Further, Climatewire reports, they’ve invested just 4% of their profits into alternative energy according to the centre for American Progress.
Greenhouse gas reducing technologies include: Fuel substitution like nuclear and liquified natural gas; Non Hydrocarbons like biomass, renewables, other reducing technologies; End use like advanced vehicle technology, efficiency, combined heat and power; Enabling is just R&D.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.