BP boss still backs cap and trade

Tony Hayward: BP boss says cap-and-trade still best emissions approach.

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Noah Brenner

 23 March 2010 20:23 GMT

US lawmakers drafting legislation to curb greenhouse-gas emissions should not abandon a cap-and- trade program as the foundation of the bill, BP boss Tony Hayward said.







“I profoundly believe that a cap-and-trade mechanism is the only way we will solve the emissions issue,” Hayward said today in a speech at the Peterson Institute for International Economics in Washington.

The US House of Representatives narrowly passed cap-and- trade legislation last year that would regulate companies responsible for 85% of US greenhouse-gas emissions through a system where pollution rights could be bought and sold.

The legislation, which later stalled in the Senate, favored the electricity industry over the oil companies that produce transportation fuels like gasoline, Hayward said.

London-based BP…

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