Tuesday, October 09, 2018
Exxon gives million-dollar backing to carbon tax push
In a big shift, ExxonMobil is now helping fund a multi-million dollar political advocacy campaign lobbying Congress for a price on carbon emissions.
Why it matters: This is a significant turning point in Washington’s mostly static climate debate. Exxon officials have said for years they support a carbon tax, but they haven’t backed that up with actual lobbying dollars — until now. This move increases the odds that Capitol Hill could consider big changes to climate and energy policy in the coming years.
The big picture: A seminal report released this week by a United Nations scientific body underscored the growing urgency of climate change, the collective lack of will to address it and how a price on greenhouse gas emissions is an essential part of the solution.
Driving the news: Exxon, the world's largest publicly traded oil company, has committed $1 million over two years to the political advocacy group, called Americans for Carbon Dividends. At $500,000 a year, that represents just over 4% of Exxon’s roughly $12 million annual lobbying budget in recent years, according to the Center for Responsive Politics...MORE