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Fossil fuel industry does U-turn on carbon pricing

The fossil fuel industry has done a U-turn on carbon pricing as the Biden administration plows ahead with climate action including a review of federal oil and gas sales.

The American Petroleum Institute (API), the industry’s powerful lobbying group whose members include ExxonMobil and Chevron, endorsed putting a federal price on carbon dioxide emissions on Thursday. The oil and gas industry, directly and indirectly, accounts for 42 per cent of global emissions driving the climate crisis.

API also called for fast-tracking commercial deployment of long-sought technology for carbon capture and storage, and advancing hydrogen technology. And the lobby group was also now advocating for federal regulation of methane emissions from new and existing oil and gas wells, after strongly resisting such regulations when proposed by the Obama administration.

API President and CEO Mike Sommers called for a combination of government policies, industry initiatives and continuous innovation to tackle climate change.

“As our industry accelerates efforts to advance groundbreaking technologies, reduce emissions and drive transparent and consistent climate reporting, we urge lawmakers to support market-based policies that foster innovation, including carbon pricing,” he said in a statement.

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