ConocoPhillips Joins Group to Reduce Greenhouse Gas Emissions

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ConocoPhillips Joins Group to Reduce Greenhouse Gas Emissions

HOUSTON -- ConocoPhillips is going green with its support of a mandatory national framework to address greenhouse gas emissions, and also joined the U.S. climate Action Partnership (USCAP), a business environmental leadership organization that supports the enactment of national legislation to reduce greenhouse gas emissions.

"We recognize that human activity, including the burning of fossil fuels, is contributing to increased concentrations of greenhouse gases in the atmosphere that can lead to adverse changes in global climate," Jim Mulva, chairman and chief executive officer for ConocoPhillips, said in a written statement. "While we believe no one entity can alone address the environmental, economic and technological issues inherent in any solution, ConocoPhillips will show leadership in finding pragmatic and sustainable solutions."

Mulva added that actions should be taken by businesses to devise practical, equitable and cost-effective approaches to tackle the concentration of greenhouse gases at both national and international levels.

"To that end, we have joined USCAP in support of the development of a mandatory national regulatory framework to reduce the level of greenhouse gas emissions," he continued. "Further, we believe that a mandatory national framework that links to international programs is most likely to achieve meaningful impact on global greenhouse gas emissions."

The framework should be transparent and clearly voice carbon's cost to consumers, and also be arranged to avoid increasing the volatility of energy prices while encouraging energy efficiency, he added.

"It also should be paced to match the speed at which technology can be developed and deployed, in order to avoid undue impact on the economy including any impact on the number and location of jobs. The most likely and prudent approach will result in a slow, stop, reverse pattern," he concluded.

ConocoPhillips already began addressing environmental, technological and economic impacts of greenhouse gases by building the long-term cost of carbon into its capital spending plans for every major project around the world. In addition, the company plans to improve energy efficiency in its facilities, including plans to increase its energy efficiency by 10 percent at its U.S. refineries by 2012. The company is also developing internal focuses for greenhouse gas emissions from its operations.

"Meeting the twin challenges of taking action on climate change and providing adequate and reliable supplies of energy will require technical innovation, resource commitments and responsible stewardship by energy producers and consumers alike," Mulva said. "ConocoPhillips intends to meet these challenges."