Listen To The Story
Marketplace

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.

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.