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A number of major oil companies have expressed their willingness to set "economically significant" carbon prices after the Vatican summit on climate change held on Friday.
The companies today issued a joint statement in favor of carbon pricing. From the Associated Press:
Companies, including ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and Eni, said in a joint statement Friday that governments should set such pricing regimes at a level that encourages business and investment, while "minimizing the costs for vulnerable communities and supporting economic growth. "
The managers of these companies also expressed the desire to better explain to investors the financial risks of climate change, particularly with regard to internal plans for transition to clean energy.
The AP notes the statement "was published at the end of an in camera summit and a personal appeal of Pope Francis. "
During the summit, Pope Francis discussed with leaders the need for a "radical energy transition" towards clean, low-carbon energy, calling for "swift and determined action."
Francis said carbon pricing was "essential" to addressing climate change, as he also called for "open, transparent, scientific and standardized" climate risk reports, according to a Reuters summit report. .
Electrek's Take
Let's take a closer look at this joint statement, based on the report. We currently have two aspects: encouraging business and investment and "minimizing costs for vulnerable communities and supporting economic growth".
Encourage businesses and investments. Support economic growth No apparent mention of sources of clean energy in transition and certainly no mention of the actual price.
With regard to vulnerable communities, what could be more harmful than the air pollution that is already affecting these communities?
So, what kind of statement is this? For us, it sounds like it's something you could say before accepting carbon pricing … at a ridiculously low price. We can already hear the argument:
"We agreed on carbon pricing. That's what you wanted, is not it? But we can not do it at these prices. It does not make any commercial sense. "
Carbon pricing would not be a total solution at this stage, but it would still be a huge piece of the puzzle in reducing emissions and transitioning to clean energy. This idea is far from new, and some governments are already using it, but as Democrats develop their climate / energy plans, we may hear about it again in the United States. John Oliver is already immersed in the subject of his HBO show last month.
So, oil companies, let's see some figures. Are we talking $ 50 / ton? Or is it $ 5? Regarding the adoption of "significant" carbon pricing, we will believe it when we see it.
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