May 8, 2021

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US oil lobby group plans to influence carbon pricing | Business and economic news

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The American Petroleum Institute is considering approving a price on carbon emissions – a move that would herald a major change after API has long resisted government mandatory climate policies, a source told Reuters.

The main oil industry lobby group in the United States, the American Petroleum Institute (API), plans to influence the pricing of carbon emissions – a move that would mark a major shift after years of resistance from the US. API to government binding climate policies. said a source familiar with the decision-making.

The API, which includes most of the world’s largest oil companies, is examining whether to approve carbon pricing “among other policy solutions to reduce emissions and achieve the ambitions of the Paris Agreement,” the source said, confirming a report on the policy change by The Wall Street Journal.

The API has been forced to confront its resistance to regulatory action on climate change. A few of its European members have left the pressure group over disagreements over its climate policies and support for easing drilling regulations, and the administration of US President Joe Biden is pursuing a political agenda that would hijack them. United States of fossil fuels.

A draft policy change statement reviewed by the Wall Street Journal said the group did not endorse a specific carbon pricing tool such as a carbon emissions tax or a rights trading scheme. program. The source said, however, that the State of US Energy Group’s report released in January supported a market-based carbon pricing policy.

The API has not commented on whether or when the group would officially endorse a carbon price, but said it has been working for almost a year on an industry-wide response to climate change.

“Our efforts are focused on supporting a further US contribution to the Global Paris Agreement,” said API spokesperson Megan Bloomgren.

Within the API, there has been a growing divide between Europe’s major energy companies, which over the past year have accelerated plans to cut emissions and set up large renewable energy companies, and their US rivals ExxonMobil Corp and Chevron Corp, which have largely resisted growing pressure from investors to diversify.

Other large industrial groups like the Business Roundtable, of which Chevron is a member, approved market-based carbon pricing over the past year.





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