US companies abandon climate coalition

USCAP

They can see when the party’s over, clearly:

Three major US companies said Tuesday they were leaving a coalition pushing for action on climate change, dealing a potential fresh blow to landmark legislation to cut carbon emissions.

The companies — oil groups ConocoPhillips and BP America and equipment maker Caterpillar Inc. — said they backed efforts for a green economy but felt that proposed laws were unfair to them.

The firms said they would not renew membership in the US Climate Action Partnership (USCAP), a coalition of business leaders whom President Barack Obama’s Democratic Party often cites to bulwark its case on climate change.

ConocoPhillips and BP America, a unit of British giant BP, said the bill under consideration did not attach enough importance to natural gas — which they promote as a way to curb carbon emissions blamed for global warming.

The bills “have disadvantaged the transportation sector and its consumers, left domestic refineries unfairly penalized versus international competition, and ignored the critical role that natural gas can play in reducing greenhouse gas emissions,” said Jim Mulva, ConocoPhilips chairman and CEO.

“We believe greater attention and resources need to be dedicated to reversing these missed opportunities, and our actions today are part of that effort,” he said in a statement.

Read it here.