On the surface, it appears counterintuitive, but the world’s largest oil and gas producer desperately needs seek regulatory certainty. So, ExxonMobil is giving US$1m to create the think tank Americans for Carbon Dividends, an educational and advocacy organisation created to promote a carbon tax-and-dividend plan.
The organisation will argue in favour of a US$40 per ton tax on carbon dioxide and regulatory ‘simplification’ in the US. The State of California and New York City have sued fossil fuel manufacturers in US federal and local state courts citing damages caused by global warming.
Other US and multinational companies supporting the plan include Exelon, BP, First Solar, General Motors, Shell, Total and PepsiCo. Prominent Republican former cabinet members James Baker and George Schultz are promoting the program.
Image: Shaun Withers, US National Archives / public domain
This story is taken from the 12 October 2018 edition of The Warren Centre’s Prototype newsletter. Sign up for the Prototype here.