TEXT OF STORY
Steve Chiotakis: A couple of oil companies and a heavy equipment maker are pulling out of a group working to get climate change legislation through Congress. From the Marketplace Sustainability Desk, Jennifer Collins explains.
Jennifer Collins: The lobbying group is called U.S. Climate Action Partnership. It’s been pushing for a system of trade-able carbon credits. That system would limit emissions, and it has become a key part of legislation in Congress.
Heavy equipment maker Caterpillar and oil giants BP and ConocoPhillips announced they’re pulling out of the group. ConocoPhillips representative Red Cavaney says the legislation is unfair for oil refiners.
Red Cavaney: You need to have a bill that treats each of the sectors and segments right so you don’t disadvantage consumers.
The legislation would protect utilities and other industries from the cost of their pollution. But Cavaney says it doesn’t provide that same protection for refiners.
Brian Hertzog is with utility Pacific Gas & Electric, which is still part of the coalition:
Brian Hertzog: Everyone recognizes that achieving the goal is going to be challenging. I’d say, though, that we’re no less committed to getting it done.
He says he’s still hoping for climate change legislation to pass Congress this year.
I’m Jennifer Collins for Marketplace.
We’re here to help you navigate this changed world and economy.
Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.
In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.
Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.