Shell Boss: Global Carbon Price Needed
The oil giantâ€™s boss, speaking at a conference yesterday, said heavy industry, heavy-duty transport, chemicals and other industries will continue to rely on fossil fuels because biomass wonâ€™t meet their energy demands, Energy Live News reports.
And while a price on carbon would reduce emissions in the short term, van Beurden warns energy costs would increase, which is why he says â€ś[policy makers] need to design carbon pricing systems that address concerns about cost and competitiveness. This isnâ€™t impossible.â€ť
Shell is one of more than two dozen major companies â€” including Walmart, BP, ExxonMobil and General Electric â€” that have integrated a price on carbon emissions into their long-term business plans, according to a CDP report.
Earlier this year van Beurden said the oil industry needs to take the lead in the climate change conversation and be â€śless aloof.â€ť
In calling for a global price on carbon, Shell joins BP, which in February warned CO2 emissions will increase by 1 percent each year to 2035 â€” or 25 percent in total â€” unless policy makers put a â€śmeaningful global price on carbon.â€ť
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