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Major energy companies write to UN requesting help setting up carbon pricing scheme - 1st June

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Six major energy companies have written to the UN for help setting up a carbon pricing scheme in order to combat climate change.

BP, Royal Dutch Shell, Total, Statoil, Eni and the BG Group have contacted the United Nations to help them hold ‘direct dialogue with the UN and willing governments’ in order to develop a new carbon emission pricing scheme.

The intention is that the carbon pricing scheme would charge companies producing carbon emissions with the resulting proceeds going towards companies that help reduce carbon emissions, such as renewable energy firms.

This scheme will cost the six energy firms money however the Chief Executives hope that it will create a level playing field in the market. The Executive Director of UN Global Compact believes that the private sector are ‘coming round to the idea of carbon pricing’ and ‘to not price pollution and carbon emissions is the biggest market distortion in history’.

The EU currently runs the world’s biggest carbon-trading scheme placing limits on 45% of total emissions from 31 states. The system has been criticised for pricing carbon too low.

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