ConocoPhillips Joins USCAP & Establishes $22 Million Biofuel Research Program

April 11, 2007

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ConocoPhillips is supporting a mandatory greenhouse gas emissions cap and has joined the U.S. Climate Action Partnership – a business-environmental group.

“We have joined USCAP in support of the development of a mandatory national regulatory framework to reduce the level of greenhouse gas emissions,” said Jim Mulva, chairman and chief executive officer. “Further, we believe that a mandatory national framework that links to international programs is most likely to achieve meaningful impact on global greenhouse gas emissions.”

Mulva continued, “Any such framework should be transparent, clearly communicate the cost of carbon to consumers, be structured to avoid increasing the volatility of energy prices, and encourage energy efficiency. It also should be paced to match the speed at which technology can be developed and deployed, in order to avoid undue impact on the economy including any impact on the number and location of jobs. The most likely and prudent approach will result in a slow, stop, reverse pattern.”

In other news, ConocoPhillips established an eight-year, $22.5 million research program at Iowa State University to develop technologies that produce biorenewable fuels. The company will make an initial $1.5 million grant in 2007 to support Iowa State researchers, with additional grants of $3 million per year for seven years.

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