ConocoPhillips announced its support for a mandatory national framework to address greenhouse gas emissions and has joined the US Climate Action Partnership (USCAP), a business-environmental leadership group dedicated to the quick enactment of national legislation to require significant reductions of greenhouse gas emissions.
The members of USCAP include a number of major corporations: Alcoa, BP America, Caterpillar Inc., Duke Energy, DuPont, FPL Group, General Electric, Lehman Brothers, PG&E Corporation and PNM Resources. Member non-governmental organizations include: Environmental Defense, Natural Resources Defense Council, Pew Center on Global Climate Change and World Resources Institute.
We recognize that human activity, including the burning of fossil fuels, is contributing to increased concentrations of greenhouse gases in the atmosphere that can lead to adverse changes in global climate.
In addition to taking actions in our own businesses, we believe it is important that business should step forward to help devise practical, equitable and cost-effective approaches to address the concentration of greenhouse gases in the atmosphere at both a national and international level. To that end, we have joined USCAP in support of the development of a mandatory national regulatory framework to reduce the level of greenhouse gas emissions. 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.—Jim Mulva, chairman and chief executive officer
Mulva said that such a 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.
Yesterday, ConocoPhillips announced it will establish an eight-year, $22.5 million research program at Iowa State University dedicated to developing technologies that produce biorenewable fuels. An area of interest for the company is the distributed use of fast pyrolysis to produce a bio-oil that could then be upgraded in refineries to transportation fuels. (Earlier post.)