Energy

American Petroleum Institute endorses carbon pricing

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The oil and gas industry’s largest trade group Thursday endorsed a price on planet-warming carbon emissions, marking a major shift after it long resisted regulatory action on climate change.

The American Petroleum Institute’s move comes as President Joe Biden prepares to unveil a sweeping infrastructure proposal focused on curbing greenhouse gas emissions and transitioning to clean energy.

In a virtual meeting with White House officials Monday, industry leaders from companies such as ExxonMobil, BP, Chevron and ConocoPhillips, along with API, also signaled support for market-based carbon pricing.

The endorsement represents a major shift in the industry’s strategy on the issue of climate…



Source cnbc.com

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