Comment: Oil industry ready to work with new US climate agenda
- 16 February 2009
As The New York Times reports, international oil executives are ready to work with US President Obama's climate agenda. Read the full story.
The Climate Group's Evan Juska comments:
"It is a very positive sign, and a definite shift for the better, that the oil industry is embracing climate policies for the United States. With 86% of US energy still coming from fossil fuels, there simply can be no solution without the constructive participation of this industry.
"It is important however that this participation builds on the progress that has already been made in the US Congress. The debate over the most suitable policy mechanism - cap and trade or carbon tax - began years ago. It has now progressed to detailed negotiations over a cap and trade program, e.g. emission reduction targets, allowance distributions and cost containment mechanisms.
"Given this momentum in favor of a cap and trade program, as well as the urgent need to begin reducing US emissions, continued debate over "cap and trade or carbon tax" must not delay US action.
"Emphasis now must be placed on getting the design of a US cap and trade program right, to ensure that it reduces emissions to the levels required by science in a way that enables continued economic growth."