There was a drastic change in climate change recently amid a historic heat wave that buckled the pavement on I-5 in Seattle and other locations. This has prompted warnings from health departments of third-degree burns for walking barefoot on pavement. To overcome this, the American Petroleum Institute (API) has unveiled new sets of climate reporting templates for the natural gas and oil sector, particularly describing it as a subsequent step to accelerate climate solutions.
The newly released template will assist individual companies in reporting and track greenhouse gas indicators continuously. Meanwhile, many oil and gas companies have already been reporting GHG indicators for decades. The inclusion of this new template will standardize the reporting to a uniform set, easing comparisons.
The API has stated that the template will standardize the names of indicators, units of measure, and definitions for reporting boundaries. There is also a framework for reporting GHG emissions and capture carbon dioxide. API also plans to release new versions of the template later this year to improve GHG emissions intensity indicators and will continue to update the template as per the requirement.