Big Oil truly is facing a conundrum of biblical proportions
Liam Denning: Bloomberg.com: October 16, 2015
Big Oil is getting religion — sort of.
Ten major oil companies including Royal Dutch Shell, BP and Saudi Aramco declared on Friday that they totally get the climate change thing and would support measures aimed at preventing it.
Yet, without committing to the most obvious measure to encourage fundamental change — namely, widespread carbon pricing — you could say the Oil and Gas Climate Initiative has taken a leaf from St. Augustine: yearning to be pure, just not quite yet.
The announcement comes ahead of December’s UN climate conference in Paris and not long after a more modern cleric, Pope Francis, took his call for greater efforts to curb carbon emissions directly to Congress.