Tuesday, July, 07, 2020 09:21:06

According to reliable sources, financial contributions of Shell and BP will go to a campaign backed by Exxon Mobil, among others.

Oil and gas company British Petroleum, also known as BP, and Royal Dutch Shell will reportedly give $1 million each to Americans for carbon dividends, which will push the U.S. congress to approve a carbon tax and dividend plan.

Reportedly, this is part of a larger market trend which has seen oil companies worldwide work to enhance sustainability amid pressure from stakeholders and investors.

According to reliable sources, financial contributions of Shell and BP will go to a campaign backed by Exxon Mobil, among others.

If the campaign turns out to be successful, then it would see a price on carbon dioxide emissions throughout the U.S. starting at $40 per ton. Revenue from the taxes will be distributed among households in quarterly dividend checks to help low and middle-income Americans survive higher energy costs due to carbon taxes.

Susan Dio, Chairman, BP America, reportedly stated that with the pledge to the work of the Climate Leadership Council, the company aims to make further progress and keep developing the transition to a lower-carbon future.

Reportedly, Shell had left the oil lobby in April 2019 due to a disagreement on climate change policy. The company will set short-term climate change goals regarding executive pay.

For the uninitiated, Royal Dutch Shell Plc, founded in 1907, is an oil and gas giant incorporated at the United Kingdom and headquartered in the Netherlands. The company operates around 70 countries and has 44,000 service stations globally.

For the record, BP plc is a global oil and gas company founded in the year 1909. The company is headquartered in London, U.K. It has operations in all areas of the oil and gas industry, including distribution and marketing, power generation and trading, exploration and production, petrochemicals, and refining.

Source credit: https://www.oilandgasmiddleeast.com/drilling-production/33964-bp-and-shell-each-give-1mn-to-lobby-for-carbon-tax