Oil majors go solo with emissions campaign
USCAP, which aims to support the development of national emissions reduction legislation, confirmed this week that BP and ConocoPhillips have decided not to renew their memberships of the coalition. A statement from the body said: “USCAP is a CEO-led organisation whose membership changes periodically."
Commenting on its decision to leave the coalition, a spokesperson for BP says: “The effort to pass climate change legislation continues and as it becomes more focused on specific details, we feel we would be of more use operating as BP, rather than as part of a wider group.”
He adds that BP continues to support the use of an economy-wide carbon price to curb emissions. “Traditionally, we favour market-based approaches,” the spokesperson continues. “One of the big advantages of a cap-and-trade scheme is the ability to link internationally. It is difficult to link a system internationally if it is regulatory in nature and tax-focused.”
ConocoPhilips will also continue calls for national climate change legislation, according to a statement released on February 16 entitled ‘ConocoPhillips intensifies climate focus’.
Calling USCAP a “true pioneer in the climate change debate”, Jim Mulva, ConocoPhillips’ chairman and chief executive officer, says the decision to leave would enable the company to better focus its efforts on campaigning for fairer treatment of the transportation sector and increased use of natural gas.
“House climate legislation and Senate proposals to date have disadvantaged the transportation sector and its consumers, left domestic refineries unfairly penalised versus international competition, and ignored the critical role that natural gas can play in reducing greenhouse gas emissions," Mulva says.
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The week on Risk.net, September 15–21, 2018
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