Europe’s top oil companies call for carbon emission pricing

• 8 years ago (2015-06-02)

Europe 1061 North America 999

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In a joint statement, the leaders of the six companies said: “Our industry faces a challenge: we need to meet greater energy demand with less CO ₂ . We are ready to meet that challenge and we are prepared to play our part... 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.”

The leaders also noted that the “current trend” in greenhouse gas emissions is too high to meet the UN’s global warming target of 2 degrees Celsius.

However, major US oil producers, ExxonMobil and Chevron, chose not to take part in the initiative. However, Patrick Pouyanne, Total’s chief executive, remained hopeful that one of them could soon join the European initiative.

Mark Kenber, chief executive of Climate Group, a non-profit advocacy group, said: “This is a symbolic moment, and demonstrates an important if not universal shift. It reflects a growing realisation within influential sectors of the fossil fuel industry of a need to adapt to both market and climate realities.”