OIH - Top oil lobby group now backs carbon price in sharp policy reversal

"Climate change is real... we know that more needs to be done," says Mike Sommers, head of the American Petroleum Institute, which today pledged to push Congress for legislation to price carbon emissions across the economy.The oil industry's top lobbying group, which for years worked to play down the impact of climate change, now has released a "climate action framework," a sweeping plan that supports a price on carbon dioxide that every emitter must pay, as well as more federal research funding, federal regulation on methane emissions, and improved industry efforts to track and reduce emissions.But as the concept of taxing emissions has gained support in the business community, it has lost momentum among the environmentalists and Democrats who once supported it.House Democrats released a major climate bill earlier this month that did not mention carbon pricing, instead favoring a clean energy standard with broad requirements for electricity from zero-emissions sources.ETFs:

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Top oil lobby group now backs carbon price in sharp policy reversal