1 June 2015: BG Group, BP, Eni, Royal Dutch Shell, Statoil and Total have sent an open letter to governments and the UN, expressing readiness to further limit greenhouse gas (GHG) emissions if States introduce carbon pricing systems where they do not yet exist at the national or regional levels and eventually link them into a global system that puts a price on the environmental and economic costs of GHG emissions.

In the letter, the six oil and gas companies highlight their current actions to help limit GHG emissions, including: the growing share of gas in production; energy efficiency improvements in operations and products; renewable energy; and investment in carbon capture and storage (CCS). Expressing willingness “to do more,” the companies urge governments across the world to provide clear, stable, long-term and ambitious policy frameworks, highlighting a price on carbon as their key element.

To support progress towards these outcomes, including at the negotiations under the UN Framework Convention on Climate Change (UNFCCC) towards the Paris climate agreement and beyond, the companies indicate their interest in engaging in dialogue to contribute to creating and implementing a workable approach to carbon pricing.

Welcoming the companies’ call for a price on carbon, World Bank President Jim Yong Kim called it “an important step in global efforts to drive the world’s economy toward a low-carbon, resilient future and lower climate risks.” [UNFCCC Press Release] [World Bank Press Release]