World’s major oil companies meet in Vatican, commit to support carbon pricing


Some of the world’s major oil producers committed Friday to supporting “economically meaningful” carbon pricing regimes after a Vatican climate summit and a personal appeal from Pope Francis to avoid “perpetrating a brutal act of injustice” against the poor and future generations.

The companies, including ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and Eni, said in a joint statement that governments should set such pricing regimes at a level that encourages business and investment, while “minimizing the costs to vulnerable communities and supporting economic growth.”

The CEOs, as well as leaders of major asset managers such as BlackRock and BNP Paribas, also called for companies to provide investors with clarity about the risks climate change poses to their businesses and how they plan to transition to cleaner energy sources.

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