Big Oil — also known as the supermajors — refers, in order of size, to Exxon Mobil, Royal Dutch Shell, BP, Chevron, Total, and ConocoPhillips. Three American companies and three European companies.
It was only the latter three — Shell, BP, and Total — that added their names to a letter, saying: “We want to be a part of the solution and deliver energy to society sustainably for many decades to come.”
Climate Central reports: In a stunning reversal of years of obstructionism to creating a global framework to deal with climate change, CEOs from global oil and gas behemoths Shell, BP, Total, Statoil, Eni and the BG Group have signaled that they’re ready for a price on carbon.
The CEOs of the companies, with nearly $1.4 trillion in annual revenue, sent a letter on Friday, which was released publicly on Monday, to Christiana Figueres, the United Nation’s climate chief, as well as Laurent Fabius, France’s Foreign Affairs and International Development Minister who will also lead the Paris climate talks later this year.
In it, they ask for national and regional governments to set a price on carbon and for those regional carbon markets to be linked.
“We need governments across the world to provide us with clear, stable, long-term, ambitious policy frameworks,” the letter states.
The timing of the letter is no coincidence. Representatives from 190 countries are meeting in Bonn, Germany this week to continue hammering out details for an international climate agreement that is expected to take shape by the end of the year. [Continue reading…]