The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksBP Share News (BP.)

Share Price Information for BP (BP.)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 507.30
Bid: 507.20
Ask: 507.40
Change: 6.80 (1.36%)
Spread: 0.20 (0.039%)
Open: 502.10
High: 508.00
Low: 502.10
Prev. Close: 500.50
BP. Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

UPDATE 3-Europe's top oil firms jointly call for carbon pricing

Mon, 01st Jun 2015 20:43

(Adds comments from Exxon, Chevron)

By Ron Bousso and Susanna Twidale

LONDON, June 1 (Reuters) - Europe's top oil and gascompanies urged governments around the world to introduce apricing system for carbon emissions, as governments meet inBonn, Germany, on Monday to work on a U.N. deal to fight climatechange.

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

In a joint statement, the companies acknowledged "thecurrent trend" in greenhouse gas emissions is too high to meetthe United Nation's target for limiting global warming by nomore than 2 degrees.

"Our industry faces a challenge: we need to meet greaterenergy demand with less CO2. We are ready to meet that challengeand we are prepared to play our part," the leaders of the sixcompanies said.

"We firmly believe that carbon pricing will discourage highcarbon options and reduce uncertainty that will help stimulateinvestments in the right low-carbon technologies and the rightresources at the right pace."

NOTABLE ABSENTEES

U.S. oil majors ExxonMobil and Chevron chosenot to take part in the initiative, an industry source said.

Exxon said it was aware of the letter. Like Chevron, Exxonsaid it works with the International Petroleum IndustryEnvironmental 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 sideof the Atlantic," Patrick Pouyanne, Total's Chief Executive,told reporters during a news briefing.

He said he and his counterparts from BP, Shell and Statoilhad once met at a roundtable in Oslo and agreed on the Europeaninitiative.

"Instead of waiting for the smallest common denominator, wegot convinced it was worth making a commitment as European oilmajors, as we command a significant share of the oil market,without necessarily waiting for an American to come on board."

Pouyanne said he was in talks with the two U.S. oil majorshowever and that he hoped that one of them would join theEuropean initiative quickly.

In May, Ken Cohen, Exxon's head of public policy, wrote ablog that said a "revenue-neutral carbon tax," a scheme thatshares similarities with carbon pricing, would be better atreducing greenhouse gas emissions than mandates.

The letter from the European companies was first publishedby the Financial Times on Sunday.

Climate Group, a non-profit advocacy, urged the world'sbiggest economies to respond positively to the initiative.

"This is a symbolic moment, and demonstrates an important ifnot universal shift. It reflects a growing realisation withininfluential sectors of the fossil fuel industry of a need toadapt to both market and climate realities," Mark Kenber,Climate Group chief executive, said in a statement.

Setting a price for each ton of carbon that emitters produceis meant to encourage companies to adopt cleaner technologiesand shift away from using fossil fuels, primarily coal.

China is the world's biggest carbon emitter.

The U.N. and World Bank have been strong advocates forpolicies that shift the responsibility to polluters to pay forcarbon emissions.

"Business used to wait for governments for policyperfection, they are no longer waiting. They are moving forward,providing support and encouragement to national andinternational actions, because addressing climate change istheir best policy for business continuity," Christiana Figueres,head of the U.N. climate change secretariat, said at a carbonmarket event in Barcelona last week.

According to a report published by the World Bank last week40 nations and over 20 cities, states and regions now have aprice on carbon dioxide (CO2) emissions, covering around 12percent of annual global greenhouse gas emissions, or theequivalent of nearly 7 billion tonnes of CO2.

The value of global schemes to price carbon, includingtrading schemes and taxes, totaled almost $50 billion as ofApril 1, the World Bank said.

Governments from more than 190 nations from June 1 to June11 will work towards streamlining a draft text of a U.N. deal tofight climate change due to be agreed in Paris inDecember. (Additional reporting by Anna Driver in Houston, ErnestScheyder in North Dakota, Michel Rose in Paris; Rishika Sadam inBengaluru; editing by Terry Wade, Jason Neely, Louise Heavensand Bernard Orr)

More News
Today 10:26

Balfour Beatty says trades in line amid "progress" on pacts

(Alliance News) - Balfour Beatty PLC on Thursday said it has traded in line with expectations so far in 2024, as it makes progress on major deals.

Read more
Today 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
8 May 2024 13:19

Middle East Crude-Benchmarks fall, snapping two-day streak

SINGAPORE, May 8 (Reuters) - Middle East crude benchmarks Dubai, Oman and Murban fell on Wednesday after rising for consecutive days after Saudi Aramco and ADNOC raised official selling prices (OSPs) for term supplies in June.

8 May 2024 13:06

BP softens tone on 2030 oil output cut to reassure investors

LONDON, May 8 (Reuters) - BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals.

Read more
7 May 2024 17:30

UK's FTSE 100 notches record closing high in broad rally

FTSE 100 up 1.2%, FTSE 250 adds 1.2%

*

Read more
7 May 2024 16:32

London close: Stocks jump on return from long weekend

(Sharecast News) - London markets closed on a high note on Tuesday, as the top-flight index surged to record highs, buoyed by positive momentum from the US and European markets.

Read more
7 May 2024 16:08

BP profit slides by 40% as refinery outage offsets higher output

First-quarter underlying profit $2.7 bln vs forecast $2.87 bln

*

Read more
7 May 2024 12:00

LONDON MARKET MIDDAY: Stocks buoyed by local data, strong US equities

(Alliance News) - Stock prices in London were up at midday on Tuesday, boosted by positive local economic data and tracking European equities that were buoyed by strong US stocks performance on Monday.

Read more
7 May 2024 09:09

LONDON MARKET OPEN: Stocks track global equities rise while BP falls

(Alliance News) - Stock prices in London opened up on Tuesday, tracking European markets in reaction to New York stocks extending their rally on weaker US jobs data, while markets reopened in London after a bank holiday on Monday.

Read more
7 May 2024 08:51

TOP NEWS: BP keeps up pace of share buybacks despite profit decline

(Alliance News) - BP PLC on Tuesday launched a fresh share buyback, despite a drop in first-quarter profit due to lower oil and gas prices and weaker fuels margins.

Read more
7 May 2024 07:02

BP in $1.75bn buyback as Q1 profits fall on weaker prices, margins

(Sharecast News) - BP reported a worse-than-expected fall in first-quarter profit on the back of lower oil and gas prices, an outage at a US refinery and "significantly weaker" fuels margins as it also started a $1.75bn share buyback.

Read more
6 May 2024 15:01

Shell to exit South Africa's downstream businesses

CAPE TOWN, May 6 (Reuters) - Oil major Shell will divest its majority shareholding from a local South African downstream unit after a comprehensive review of its businesses across all regions, it said on Monday.

Read more
3 May 2024 13:47

British regulator awards more North Sea oil and gas licences

NSTA awards 31 new licences aimed at boosting output

*

Read more
2 May 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 shines but "mixed feelings" after Fed

(Alliance News) - London's FTSE 100 was solidly higher on Thursday, outperforming European peers, as earnings from the likes of Shell and Standard Chartered impressed.

Read more
1 May 2024 18:30

Sector movers: Oil, Autos drag on FTSE 350

(Sharecast News) - Weakness in the oil patch and among select cyclicals dragged on the FTSE 350 in the middle of the week.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account