VATICAN CITY (AP) — Some of the world’s major oil producers pledged Friday to support “economically meaningful” carbon pricing regimes after a personal appeal from Pope Francis to avoid “perpetrating a brutal act of injustice” against the poor and future generations.
The companies, including ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and Eni, said in a joint statement at the end of a Vatican climate summit that governments should set such pricing regimes at a level that encourages business and investment, while “minimizing the costs to vulnerable communities and supporting economic growth.”
The CEOs, as well as leaders of major asset managers such as BlackRock and BNP Paribas, also called for companies to provide investors with clarity about the risks climate change poses to their businesses and how they plan to transition to cleaner energy sources.
The joint statement was issued at the end of a closed-door summit in the Vatican gardens, the second time the Holy See has convened the world’s petroleum leaders for private talks on climate change, scientific research and the moral imperative to save God’s creation.
Read the full report from AP.