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A key oil and gas company is saying that governments internationally need to put a price on carbon to increase the percentage of renewables, natural gas and energy efficiency. BP’s Chief Executive Bob Dudley said in the company’s “BP Energy Outlook 2035” that even though carbon emissions will grow at a slower rate than in the past, they will still rise overall.
BP is part of a group of oil companies that favor such action: ExxonMobil, Royal Dutch Shell and StatOil. Those companies don’t generally advocate for taxes or restrictions but they think that such measures would be more efficient than a patchwork of international laws. Moreover, they have major investments in natural gas, which is expected to continue to be the fastest growing fuel in the United States.