Europe's Top Oil Firms Jointly Call for Carbon Pricing



Reuters

LONDON, June 1 (Reuters) - Europe's top oil and gas companies urged governments around the world to introduce a pricing system for carbon emissions, as governments meet in Bonn, Germany, on Monday to work on a U.N. deal to fight climate change.

Criticised for not doing enough to tackle climate change, the chief executives of BG Group, BP, Eni , Royal Dutch Shell, Statoil and France's Total said carbon pricing "would reduce uncertainty and encourage the most cost-effective ways of reducing carbon emissions widely."

In a joint statement, the companies acknowledged "the current trend" in greenhouse gas emissions is too high to meet the United Nation's target for limiting global warming by no more than 2 degrees.

"Our industry faces a challenge: we need to meet greater energy demand with less CO2. We are ready to meet that challenge and we are prepared to play our part," the leaders of the six companies said.

"We firmly believe that carbon pricing will discourage high carbon options and reduce uncertainty that will help stimulate investments in the right low-carbon technologies and the right resources at the right pace."

Notable Absentees

U.S. oil majors ExxonMobil and Chevron chose not to take part in the initiative, an industry source said.

Exxon said it was aware of the letter. Like Chevron, Exxon said it works with the International Petroleum Industry Environmental Conservation Association (IPIECA), a trade group, to develop a common position for climate change mitigation.

"It's clear that there is a difference of views on each side of the Atlantic," Patrick Pouyanne, Total's Chief Executive, told reporters during a news briefing.


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