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An oil pumpjack operates at dusk in Long Beach, California. Photo: Apu Gomes/AFP via Getty Images

The American Petroleum Institute is preparing to endorse, in principle, a price on carbon emissions, according to a draft statement first reported by the Wall Street Journal.

Why it matters: The endorsement of carbon pricing, which API said in its draft statement would "lead to the most economic paths to achieve the ambitions of the Paris Agreement,” would signal an evolving climate stance from the oil industry's top lobbying group.

Yes, but: The Journal reports that API's draft statement supports pricing "instead of mandates or prescriptive regulatory action," meaning it likely wouldn't be backed by Democrats in Congress.

  • The posture comes as the Biden administration is planning a suite of new climate rules, and pricing is not a high climate priority in Congress.
  • It also remains to be seen whether API will aggressively lobby for carbon pricing or just voice its support, which would be a key distinction.

What they're saying: An API spokesperson told Axios that the group and its membership "continue to discuss and consider carbon pricing among other policy solutions to reduce emissions and reach the ambitions of the Paris Agreement, as reported by the WSJ."

What to watch: API's executive committee is set to discuss the proposed statement this week, according to the Journal.

Go deeper

Ben Geman, author of Generate
Mar 2, 2021 - Energy & Environment

Global carbon emissions rebound to pre-COVID levels

Expand chart

Newly released data show that global CO2 emissions had returned to pre-pandemic levels by the end of last year and surpassed them in some major economies.

Why it matters: The International Energy Agency warned that clean energy efforts are falling short.

Updated 27 mins ago - World

Putin calls Biden summit "constructive," but blames U.S. for tensions

Photo: Sergei Bobylev\TASS via Getty Images

Russian President Vladimir Putin said Wednesday that his summit with President Biden was "constructive," and that the countries had agreed their ambassadors would imminently return to their posts in Moscow and Washington.

What he's saying: "Many of our joint positions are divergent but nevertheless I think both sides manifested a determination to try and understand each other and try and converge our positions," Putin told reporters at a press conference immediately following the meetings, according to a translator.

Updated 56 mins ago - World

Live updates: Putin holds press conference after Biden summit concludes

President Biden met with Russian President Vladimir Putin in Geneva for less than four hours of talks on Wednesday, a highly anticipated summit that comes as both sides say U.S.-Russia relations have sunk to a new post-Cold War low.

The latest: At a press conference following the conclusion of the summit, Putin called the talks "very constructive' and announced that the U.S. and Russia's respective ambassadors would return to their posts.

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