Source: BP
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Carbon pricing in the US
According to think tank Resources for the Future, a carbon price is a climate policy approach that works by charging emitters for the tons of carbon dioxide for which they are responsible. A number of countries and sub-national jurisdictions, like US regions or states, use this policy to reduce emissions.
Cap-and-invest and a carbon tax are examples of carbon pricing. S&P Global describes trading in the carbon pricing marketplace as “an increasingly popular mechanism to harness market forces to address climate change by creating financial incentives for companies and countries to lower their emissions.”
Carbon pricing benefits
Carbon pricing promotes emissions accountability and helps companies develop effective climate strategies together with regulatory agencies.
bp supports a price on carbon because it's fair, efficient and effective. A well-designed carbon price provides the right incentives to decarbonize the entire economy. It encourages companies like bp to innovate more and emit less. The greater the program’s scope, the more effective it can be.
While we’re supportive of a national carbon pricing program, much of the action is taking place at the state and regional level, and we’re engaging with state stakeholders to progress well-designed carbon pricing programs there.
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