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Shell wants to set up a global CO2 market

Houston Chronicle: Shell wants to set up a global CO2 market

Push to ensure India, China join reduction efforts

By FRED PALS
Bloomberg News

Royal Dutch Shell, Europe’s largest oil company, wants a global carbon market to be introduced as “quickly as possible” to ensure that nations like India and China participate.

“We need this as soon as possible to ensure that CO2 reduction dollars focus on the most cost-effective and implementable solutions globally,” Malcolm Brinded, Shell’s head of exploration and production, said at an energy conference in Paris last week. India and China would participate in a global carbon market, based on binding “cap and trade” agreements, Brinded added.

The European Union’s push to curb emissions of carbon dioxide, the main greenhouse gas blamed for global warming, may force companies to invest more in so-called greener technologies at a time when economic decline in the United States threatens to spread to the region.

The Intergovernmental Panel on Climate Change estimates that the capture and storage of carbon dioxide emission could provide 55 percent of the emission reduction the world needs to avoid the worst effects of climate change.

Brinded said comments made in the London-based Times last week about the company threatening to stop investing in Europe if the European Union makes it pay for emission permits were “taken out of context.”

Christian Balmes, a Shell France director, told the European parliament that the auctioning needs to be carried out in such a way that it “addresses the issue of competition,” he said.

The EU plans to make oil refineries, airlines and maybe other industrial sectors pay for 20 percent of emissions by 2013 and 100 percent by 2020.

April 12, 2008, 2:12AM

http://www.chron.com/disp/story.mpl/business/5695337.html

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