Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo: Vincent Isore/Getty Images

Royal Dutch Shell is sitting out a multi-million dollar fight over a carbon fee proposal in Washington state even as nearly all other oil companies with operations there rally to oppose it.

Why it matters: It’s a sign of the oil industry’s uneven, years-long evolution toward supporting policies that put a price on carbon emissions. And whether Washington State voters support the initiative, which is on the state-wide ballot this Election Day, will be a bellwether for other attempts at big climate policy.

Driving the news: In an interview with Axios on the sidelines of a conference in New York Monday, Shell CEO Ben van Beurden criticized aspects of the proposal, but nonetheless said his company isn’t going to fight it. He indicated Shell won't join an industry campaign, funded by BP and others, to oppose it.

“ It’s a price on carbon, so it ought to be a good thing. This fee has some imperfections. It doesn’t, in my mind, win any beauty contests the way it has been designed. ... But we’re not going to fight it. Let me be very clear on that as well.”
— Ben van Beurden, CEO, Shell

Between the lines: van Beurden’s comments reflect a subtle but significant shift. It may seem trivial to casual observers when stakeholders in any fight opt to not oppose something. But it’s a sign of evolving stances and could make a difference in the overall outcome, both because of the lack of monetary support and also the symbolism of Shell opting not to fight it.

He said he didn’t like how the proposal excludes several other major emitters, including aluminum plants and a coal plant. That’s one big reason why BP, which like Shell has a refinery in the state, is helping fund a campaign fighting the proposal. Other companies funding the campaign include refiner Phillips 66 and Chevron.

  • The industry campaign has more than $20 million in contributions so far.
  • The campaign supporting the initiative has roughly $5.6 million in contributions. Organizers of the effort say the coal plant is already set to shut down, and some industries particularly vulnerable to trade competitiveness are exempted to ensure that related jobs remain in Washington.

Yes, but: Shell's decision to abstain from the fight is unlikely to win it much praise from critics. Many environmentalists say that despite oil executives rhetorically supporting carbon prices for years and backing groups that do, the companies don’t push for the policy on Capitol Hill or anywhere else where it’s a live issue — like in Washington state.

Go deeper: Big Oil teeters between enemy and ally in climate fight

Go deeper

Felix Salmon, author of Capital
27 mins ago - Economy & Business

The biggest obstacle to a wealth tax

Illustration: Aïda Amer/Axios

Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 7 hours ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.