The Business Roundtable, a D.C. lobbying group comprising CEOs of more than 200 major U.S. companies, says it supports market-based carbon pricing to fight climate change, a shift from the past when the group was divided on the issue.

The group says it backs a goal to cut U.S. greenhouse gas emissions by 80% below 2005 levels by 2050, a reversal of its previous refusal to support legislation that would have established an economy-wide cap-and-trade system for GHG emissions.

The group is not endorsing any specific kinds of carbon pricing mechanism, but it believes the market – not regulation – is best suited to prompt emissions cuts.

Oil firms and utilities backing the recommendations as part of the Business Roundtable include Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), AEP, Phillips 66 (NYSE:PSX), ConocoPhillips (NYSE:COP) and Vistra (NYSE:VST).


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