By Bill Loveless, USA Today.
With the Trump Administration poised to reverse U.S. policies on climate change, the head of a major oil and natural gas company is calling again for governments around the world to put a price on carbon emissions once and for all.
BP CEO Bob Dudley reiterated his company’s longstanding position in releasing its annual report on global energy trends.
“In BP, we continue to believe that carbon pricing has an important part to play as it provides incentives for everyone — producers and consumers alike — to play their part,” Dudley said at a news conference in London last week.
The “BP Energy Outlook 2035” offers some good news regarding carbon emissions, projecting annual growth of 0.6% per year from 2015 to 2035, compared to 2.1% per year over the last two decades.
Give credit to gains in renewable energy, natural gas and energy efficiency for that improvement.
But the report goes on to say that even at that lower annual growth rate, total carbon emissions from energy use are likely to increase by 13% from 2015 to 2035, a stark contrast with the 30% reduction in emissions that the International Energy Agency suggests is necessary to meet goals set in the 2015 Paris climate agreement.