💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

After skepticism, U.S. Chamber of Commerce forms climate change task force

Published 09/24/2019, 04:58 PM
© Reuters. FILE PHOTO: Wind turbines operate at sunrise in the Permian Basin oil and natural gas production area in Big Spring
BP
-
SHEL
-
AAPL
-
XOM
-
EXC
-
PCG
-

WASHINGTON (Reuters) - The U.S. Chamber of Commerce said on Tuesday it was forming a climate change task force to better understand how businesses are responding to the issue, backing away from the skepticism on global warming that prompted several companies to quit the group a decade ago.

"This is really driven by how much we're learning from our members about the various things they're doing in the climate space," said Neil Bradley, the chamber's chief policy officer.

"Virtually any industry sector that you talk to, they're taking action on climate and ... thinking about how climate change impacts their business model."

Bradley and other officials at the chamber announced the task force at a conference in New York.

The move is a sign of how the chamber's policy on climate has changed from a decade ago when Apple Inc (O:AAPL) and three big power utilities, Exelon Corp (N:EXC), PG&E Corp (N:PCG) and PMN Resources Inc, left the organization because they disagreed with its climate change policy.

The chamber had pushed then for public hearings to challenge scientific evidence that humans contribute to climate change.

Last April, Royal Dutch Shell (L:RDSa) criticized the chamber's climate policy, but remained in the group even though it quit other industry groups. Two weeks later, the chamber revised its website to acknowledge that humans contribute to climate change and that "inaction is simply not an option."

Bradley said that to support the business push for action on climate the chamber was supporting several bills that focus on energy innovation. These include areas such as advanced nuclear energy, capturing carbon emissions and storing them underground, and research and development for batteries to store electricity generated by wind and solar farms.

The chamber said it does not have a position on a carbon tax, in which a fee would be placed on fossil fuels, some of which would be returned to consumers and workers to deal with costs associated with transition to low-carbon energy. Versions of a carbon tax are supported by several big energy companies such as Exxon Mobil Corp (N:XOM), BP PLC (L:BP) and Shell.

© Reuters. FILE PHOTO: Wind turbines operate at sunrise in the Permian Basin oil and natural gas production area in Big Spring

A group of senior Republicans, including former secretaries of state James Baker and George Shultz, also support a carbon tax of some sort.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.