US oil lobbying group mulls throwing weight behind carbon pricing

The American Petroleum Institute is considering endorsement of putting a price on carbon emissions – a move that would herald a major shift after the API long resisted mandatory government climate policies, a source tells Reuters.

Within API, there has been a widening rift between Europe’s top energy companies, which over the past year accelerated plans to cut emissions and build large renewable energy businesses, and their US rivals ExxonMobil Corp and Chevron Corp, which have largely resisted growing investor pressure to diversify [File: Tony Gutierrez/AP]

The main United States oil industry lobby group, the American Petroleum Institute (API), is considering throwing its weight behind putting a price on carbon emissions – a move that would mark a major shift after years of the API resisting mandatory government climate policies, a source familiar with the decision-making said.

The API, which includes most of the world’s biggest oil companies, is weighing whether to endorse carbon pricing “among other policy solutions to reduce emissions and reach the ambitions of the Paris Agreement”, the source said, confirming a report about the policy shift by The Wall Street Journal.

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