Earth Equity News

ConocoPhillips, BP and Caterpillar Quit USCAP. By Steven Mufson, WashPost, February 17, 2010. "ConocoPhillips, BP and Caterpillar have dropped out of the U.S. Climate Action Partnership (USCAP), the coalition of corporations and environmental groups that has been most prominent in pushing Congress to pass cap-and-trade legislation. The loss of three major companies has dealt a blow to the now 28-member group and further dims prospects for the cap-and-trade bill that passed the House last summer and is awaiting action in the Senate... Conoco and BP cited concerns about the effect that proposed climate legislation might have on the oil refining business... The oil giants also want to do more to promote natural gas, which has become more abundant because of recent developments in the exploitation of shale gas and emits half as much greenhouse gas as coal does. The legislation adopted by the House included benefits for coal producers and coal-fired power plants in an effort to secure the votes of key lawmakers. Many natural gas producers think that more should be done for them... A Caterpillar spokeswoman said the company wants to focus on carbon capture and storage projects, such as FutureGen, an Illinois plant that is partly financed by the federal government... Corporate membership in USCAP costs about $100,000, according to an oil company official."