The new framework to put a price on carbon should include funding for research and development of green energy sources. OGEF’s system utilizes technologies developed by off shore oil drilling. We want to re-purpose it for drilling for geothermal resources. Hopefully, the new carbon pricing frameworks will encourage oil companies to find ways to profit on new technologies like the OGEF proposes.

Six oil companies would like a seat at the table to discuss how their industry is to be regulated. Business cannot proceed without a predictable framework for regulation. How will business models be adjusted to maintain profitability when there is a paradigm shift? It is important that oil companies be given a chance to contribute to the process of solving climate change in a way that allows them to adjust and find new business opportunities. The divestment movement and others who blame the oil companies for our environmental problems should temper their desire to punish oil companies and instead seek ways to get them involved in the process. The oil companies manage the existing infrastructure and should be in the process of improving our energy systems.

California has already put a price on carbon and the law requires that the proceeds be used on renewable energy development. The definition of renewable energy development is currently being fought over in court and the political arena. It makes sense that oil companies would want a uniform world wide agreement on putting a price on carbon rather than face the difficulty of having to manage multiple regulatory requirements from different jurisdictions.

The World Bank tracks carbon tax policies across the world.

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