Oil majors risk wasting $2.3 trillion if peak demand looms

Oil majors risk wasting $2.3 trillion if peak demand looms

Baker had met with White House officials at the time to advocate for the national carbon tax, but the proposal was considered a nonstarter. To the contrary, President Trump has moved significantly away from climate action. "The Council's carbon dividends plan can bridge partisan divides, strengthen our economy and protect our shared environment, while making 223 million Americans financially better off", said Ted Halstead, Chairman and CEO of the Climate Leadership Council.

The plan's authors argue that the GOP needs to do something about climate change if it is going to appeal to younger voters and minorities.

Though that was the misleading headline from the right-wing Daily Caller on Tuesday after it was reported that a plan by the Climate Leadership Council (CLC) to create a tax on carbon emissions would receive endorsement from ExxonMobil, BP, Shell, and other large corporations-climate justice campaigners were quick on Tuesday to distance themselves from the proposal which they characterize as a scam and a distraction.

"The final pillar is the elimination of regulations that are no longer necessary upon the enactment of a rising carbon tax whose longevity is secured by the popularity of dividends. A carbon dividends plan offers an opportunity to appeal to all three key demographics, while illustrating for them the superiority of market-based solutions".

"If ExxonMobil and numerous world's largest fossil fuel corporations are lining up behind a carbon tax", she said, "you can be certain such a plan will have zero effect on their ability to maintain business as usual".

The founding members represent a range of moderate Democrats, Independents, and Republicans.

Members of the council include Michael Bloomberg, former Energy Secretary Steven Chu, astrophysicist Stephen Hawking, hedge-fund magnate Ray Dalio and Harvard economist Larry Summers, a former Obama economic adviser. He echoed EPA Administrator Scott Pruitt, who made similar comments in March.

Santos backs Ronaldo's right to snub media after Portugal win
The players that did get on the scoreline against Mexico were the experienced winger, Ricardo Quaresma and the defender, Cedric.

It is not entirely surprising that the oil and gas majors joined the council.

Exxon Mobil Corp. and BP PLC are among nearly a dozen companies joining the Climate Leadership Council, a new organization that advocates replacing many environmental regulations with a simplified tax on businesses that release carbon into the atmosphere. Although former chief executive officer Rex Tillerson, now US Secretary of State, said he favored the idea in 2009, the company had yet to endorse it publicly.

But, of course, as a major extractor, distributor, and purveyor of carbon products, Exxon has a complicated relationship with climate change and the science behind it. Both ExxonMobil and Shell are under investigation for allegedly deceiving both the public and their investors for decades regarding what they knew about the role carbon emissions played in heating the planet.

The plan is to charge $40 per ton of carbon dioxide emitted (about $0.36 per gallon of gasoline) and return that money to taxpayers as a monthly dividend. Its public documents suggested the cost would be $60 a ton.

Last month, three-fifths of ExxonMobil shareholders defied the board and voted for the company to report annually on how new technology and 2C policies will affect business and investment plans.

"We have been encouraged by the proposal put forth by the Climate Leadership Council as it aligns closely with our longstanding principles", Woods said.

However, backers of the Climate Leadership Council hope that strengthening public support for carbon taxes, along with growing concern over sea level rise, droughts and heatwaves, will start to erode the decade-long impasse in United States climate policy.

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