Big Oil Companies Back Agreement to Prevent Climate Change
- CEOs meeting in Paris don't reach agreement on carbon pricing
- Chinese may join group, which doesn't include U.S. producers
Pump jacks at an oil field over the Monterey Shale formation near Lost Hills, California.
Photographer: David McNew/Getty ImagesThis article is for subscribers only.
Ten major energy companies declared their support for a global deal to prevent climate change, but stopped short of offering unanimous backing for carbon pricing.
Producers including BP Plc, Saudi Arabian Oil Co. and Petroleos Mexicanos -- who together account for almost 20 percent of the world’s oil and gas output -- said in a statement they will back policies consistent with the goal of keeping the increase in average global temperatures to within 2 degrees Celsius (3.6 degrees Fahrenheit).