U.S. Trade Group Calls for ‘New Approach’ to Cut Carbon Emissions, Such as Carbon Taxes

A major U.S. business trade association, whose CEOs include some of the biggest oil and gas operators, is calling for a market-based solution to help curb carbon emissions, including imposing a carbon tax.

The Business Roundtable is made up of CEOs from companies with total annual revenues of around $7 trillion. While they did not recommend a particular market-based design to reduce emissions, pricing carbon could reduce emissions because “a clear price signal is the most important consideration for encouraging innovation, driving efficiency and ensuring sustained environmental and economic effectiveness.”

Warning of threats posed to the country from climate change, the CEOs said, “It’s time for a new approach.” Progress has been made to reduce greenhouse gas (GHG)...