🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

U.S. ingenuity can tackle climate threat, fossil energy chief says

Published 2019-11-05, 08:12 a/m
© Reuters. U.S. Assistant Secretary for Fossil Energy at the department of energy Steven Winberg speaks to former Nigerian President Olusegun Obasanjo at the Africa Oil Week conference in Cape Town
NG
-

By Noah Browning

CAPE TOWN (Reuters) - The United States can tackle threats to the climate through technological advances as fossil fuels will remain a priority for the U.S. government and business, the assistant secretary for fossil energy said on Tuesday.

The world should look to the United States' ability to reduce its emissions, the Department of Energy's Steven Winberg said at an oil conference in South Africa a day after the Trump administration formally moved to exit the Paris Agreement.

"We can solve any climate issue with technology development, one thing you see back in U.S. history is we have consistently solved challenges that were put before us," Winberg told Reuters at the oil conference which drew energy ministers from across Africa as well as U.S. and other international energy companies.

The United States, the top historic greenhouse gas emitter and a leading oil and gas producer, is the only party to the accord to formally seek an exit.

A small group of protestors from the climate change awareness group Extinction Rebellion dressed in hazard suits rushed the lobby of the Cape Town event, smearing oil on the floor with mops while singing, "planet earth is burning down!"

Asked about the view of U.S. allies and partners on the U.S. withdrawal, Winberg said: "My message would be, take a look at what we're doing in the United States on reducing our emissions and developing 21st century technology".

He said U.S. carbon dioxide emissions had fallen by 14% between 2005 and 2017 and cited the development of liquid natural gas and its potential to be converted into cleaner hydrogen, capturing and sequestering carbon dioxide and advances in coal-fired boilers.

TRANSCENDS POLITICS

The Trump administration in August proposed rescinding Obama-era limits on oil and gas industry emissions of methane, one of the main pollutants scientists link to climate change.

On Monday, the U.S. Environmental Protection Agency (EPA) announced it planned to ease Obama-era rules on toxic coal ash.

Donald Trump campaigned on a promise to rescind the U.S.' commitment to the Paris deal - a cut by over a quarter in U.S. greenhouse gas emissions by 2025 from 2005 levels - arguing the restrictions would harm the U.S. economy and workers.

Finally leaving the agreement will be a decision for the winner of the 2020 presidential election, however, and Winberg said U.S. energy companies and the U.S. shale "fracking" boom will continue to enjoy bipartisan support.

"The shale revolution got started during the George W. Bush administration, got kicked off in a commercial way under the Obama administration and during the Trump administration it's been embraced."

© Reuters. U.S. Assistant Secretary for Fossil Energy at the department of energy Steven Winberg speaks to former Nigerian President Olusegun Obasanjo at the Africa Oil Week conference in Cape Town

"We're taking positive steps forward to let U.S. companies export this abundant resource that we have, so I think that transcends politics."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.