PYX Resources: Achieving volume and diversification milestones. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksRDSA.L Share News (RDSA)

  • There is currently no data for RDSA

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
3 Dec 2021 09:44

LONDON BROKER RATINGS: Jefferies ups SSE, AJ Bell; Deutsche likes BP

LONDON BROKER RATINGS: Jefferies ups SSE, AJ Bell; Deutsche likes BP

Read more
3 Dec 2021 08:43

LONDON MARKET OPEN: Stocks rebound on oil and travel; US jobs ahead

LONDON MARKET OPEN: Stocks rebound on oil and travel; US jobs ahead

Read more
2 Dec 2021 18:54

UPDATE 2-Shell scraps plans to develop Cambo North Sea oilfield

(Adds detail)By Ron Bousso and Shadia NasrallaLONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists seeking to ...

Read more
2 Dec 2021 18:54

UPDATE 1-Shell scraps plans to develop Cambo North Sea oilfield

(Adds Siccar Point statement, background)LONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo North Sea oilfield, which became a lightning rod for climate activists seeking to halt Britain's devel...

Read more
2 Dec 2021 18:54

UPDATE 3-Shell scraps plans to develop Cambo North Sea oilfield

(Adds investor comment)By Ron Bousso and Shadia NasrallaLONDON, Dec 2 (Reuters) - Royal Dutch Shell said on Thursday it had scrapped plans to develop the Cambo oilfield in the British North Sea, which became a lightning rod for climate activists s...

Read more
2 Dec 2021 18:02

Shell and partner scrap plans to develop North Sea oilfield

LONDON, Dec 2 (Reuters) - Royal Dutch Shell and Siccar Point have decided not to go ahead with the development of the Cambo oilfield in the British North Sea due to a weak economic case, Shell said on Thursday."After comprehensive screening of the...

Read more
2 Dec 2021 17:05

LONDON MARKET CLOSE: Stocks fall as Omicron variant fears mount

LONDON MARKET CLOSE: Stocks fall as Omicron variant fears mount

Read more
2 Dec 2021 12:03

LONDON MARKET MIDDAY: Europe hit by Omicron but Wall Street to rebound

LONDON MARKET MIDDAY: Europe hit by Omicron but Wall Street to rebound

Read more
2 Dec 2021 10:08

UPDATE 2-European stocks fall as Omicron worries rattle investors

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window)* STOXX 600 gives back a chunk of Wednesdays gains* Apple suppliers hit by report on slowing demand* Vifor Pharma surges on takeover speculat...

Read more
2 Dec 2021 08:31

SSE and Equinor to proceed with $4 bln Dogger Bank C offshore wind farm

OSLO, Dec 2 (Reuters) - British utility SSE and Norwegian energy company Equinor have secured financing to proceed with the construction of the 3 billion pound ($3.98 billion) Dogger Bank C offshore wind farm in Britain, the companies said on Thu...

Read more
2 Dec 2021 07:03

Shell launches $1.5bn buyback from Permian sale

(Sharecast News) - Royal Dutch Shell has launched a $1.5bn share buyback as the first stage of returning cash to shareholders from the sale of its Permian business in the US.

Read more
1 Dec 2021 12:10

German oil lobby seeks net zero CO2 emissions by 2045

FRANKFURT, Dec 1 (Reuters) - Germany's oil industry will aim for net zero carbon emissions by 2045, moving away from fossil fuel to low carbon products such as biofuels and renewable energy-derived hydrogen, the industry's lobby group en2x said on...

Read more
1 Dec 2021 12:10

LONDON MARKET MIDDAY: IAG and Whitbread lead Omicron rebound

LONDON MARKET MIDDAY: IAG and Whitbread lead Omicron rebound

Read more
1 Dec 2021 08:54

LONDON MARKET OPEN: Omicron fears ease again but uncertainty lingers

LONDON MARKET OPEN: Omicron fears ease again but uncertainty lingers

Read more
30 Nov 2021 17:33

UPDATE 3-U.S. security review stalls sale of Shell Texas refinery to Mexico's Pemex

(Updates with comment from congressman critical of sale)By Erwin SebaHOUSTON, Nov 30 (Reuters) - A U.S. national security review has delayed the sale of Royal Dutch Shell's controlling interest in a Texas refinery to Mexico's national oil company, ...

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

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