Corporations and Carbon Pricing

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Courtesy of Courtesy of Ensia

Think liberals and environmental hipsters are leading the way on carbon pricing? Think again. According to a report just published by nonprofit environmental information organization CDP, hundreds of corporate giants, including Dow Chemical, ExxonMobil and Bank of America, are already including carbon pricing in business decisions — and many are working to advance related legislation as well.

The report, Global Corporate Use of Carbon Pricing, summarizes information gathered from companies around the world in response to a 2014 questionnaire. Of those participating in the survey, 150 major corporations, including 29 in the U.S., reported that a carbon price figures into their business strategies, with prices used ranging from $6 to nearly $90 per metric ton. More than 200 of the respondents said they support carbon pricing legislation, and more than 600 — including 112 in the U.S. — reported that they consider carbon pricing regulation to be a business opportunity.

“Companies in the U.S. and worldwide are already advanced in their use of carbon pricing,” the CDP report notes. “They are ahead of their governments in planning for climate change risks, costs and opportunities. These companies want, and are calling for, clear pricing and regulatory certainty to help them plan their climate-related investments, and they want to see more certain, internationally linked carbon markets.”

Hat tip to Chemical & Engineering News for calling our attention to this story.

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