BP, Caterpillar Join USCAP Exodus
BP America and Caterpillar have decided to leave the U.S. Climate Action Partnership (USCAP), a coalition of major businesses that has been lobbying for cap and trade legislation. This follows the Feb. 16 announcement that ConocoPhillips would not renew its membership.
ConocoPhillips cited a need to ensure ‚Äúfair and equitable treatment of the transportation sector‚ÄĚ and also was discontented with the lack of recognition for using natural gas as a means of cutting emissions.
BP America notified members of USCAP of its decision by letter, reports the New York Times. BP shares similar concerns about the lack of a role for natural gas in cap and trade legislation in Congress.
“We don’t think the allowance structure in the bills will create a deep and liquid carbon market,” BP spokesman Ronnie Chappell told the New York Times. “The markets will be volatile, and so will the price of carbon.”
USCAP also confirmed that Caterpillar was leaving the coalition.
Caterpillar said it would be focusing on commercializing technologies that help reduce emissions.
Caterpillar recently joined the FutureGen Alliance in its bid to build a carbon capture and sequestration coal plant.
USCAP said that its membership “changes periodically” and that it had added several members in the past year, including AES, Alston and Honeywell, reports the Los Angeles Times.
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