Oil companies in group seeking carbon tax

Four major oil companies have joined a nongovernmental initiative to impose a carbon tax in the US as a precaution against catastrophic climate change.

The Climate Leadership Council, which was launched in February by a group of former officials of Republican administrations, listed BP PLC, ExxonMobil Corp., Royal Dutch Shell PLC, and Total SA in a June 20 disclosure of founding members.

The CLC advocates a tax beginning at $40/ton of carbon-dioxide emissions and increasing over time.

Proceeds of the tax would be returned to Americans via monthly dividend checks and be accompanied by border adjustments favoring non-US countries with comparable carbon-pricing systems and by elimination of regulations made unnecessary by carbon pricing.

Other corporate founding members are GM, Johnson & Johnson, P&G, Pepsico, Santander, Schneider Electric, and Unilever.

The CLC also reported two nongovernmental organizations as founding members: Conservation International and The Nature Conservancy.

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