The G20 has signalled an increased interest in accepting carbon pricing to tackle climate change.
A renowned petro-economist believes carbon pricing will be one of the “sticks” the UK Government uses to compel oil firms to invest in emissions-busting technologies.
Earlier this month saw the EU Emissions Trading Scheme (EU ETS) daily carbon price hit €40. The EU ETS has been in place since 2005 and covers power and heat generation; energy-intensive industry sectors (including oil refineries, steel works and production of iron, cement, etc); and commercial aviation. For many years the carbon price traded below €10 but since 2018 the price had increased more than three-fold.
Former BP CEO Bob Dudley has said investors “need to have a little patience with the oil and gas industry” as it adjusts for the energy transition.
Banks and businesses should start assessing their risks to future climate change immediately and prepare for carbon prices to more than triple to $100 per ton by 2030, a senior Bank of England official warned.
In the “business-as-usual” version of 2020, global leaders should have been gathering this week in Glasgow for the most important meeting on climate since the Paris Agreement five years ago.
Shell will push for the reversal of President Donald Trump’s rollback of methane emissions rules and the introduction of carbon pricing when Joe Biden moves into the White House next year.
A leading environmental group is calling on the UK Government to price energy emissions more effectively in order to meet net zero targets.
Scottish energy company SSE and Yorkshire outfit Drax have asked that Philip Hammond post a ‘robust and strong’ carbon price come the Autumn budget announcement.
BG Group has joined the World Bank Carbon Pricing Leadership Coalition (CPLC), to collaborate on carbon pricing systems and policies.