Carbon Pricing

Original statement published by University of Notre Dame

14 June 2019



The environmental and climate challenge demands urgent action. Pope Francis has strongly acknowledged this in his encyclical Laudato Si’ and in the Vatican Dialogues, “The Energy Transition and Care for Our Common Home”.

As leaders in the energy sector, the global investment community and other organizations, we recognize that a significant acceleration of the transition to a low-carbon future beyond current projections requires sustained, large-scale action and additional technological solutions to keep global warming below 2°C while advancing human and economic prosperity.

We, the undersigned, agree that:

  •  Reliable and economically meaningful carbon pricing regimes, whether based on tax, trading mechanisms or other market-based measures, should be set by governments at a level that incentivizes business practices, consumer behavior, research, and investment to significantly advance the energy transition while minimizing the costs to vulnerable communities and supporting economic growth.
  • The combination of policies and carbon pricing mechanisms should be designed in a way that simultaneously delivers innovation and investment in low carbon solutions while assisting those who are least able to pay. This requires addressing the social, economic, and cross border impacts within the overall policy design.
  • Achieving government policy changes for effective carbon pricing requires transparency, the advocacy and ongoing engagement of the energy sector, the investment community, political leaders, energy consumers, and civil society.

Undeniably, the Earth is a single system and humanity is a single whole. This requires a new level of cooperative leadership, trust-building, and commitment. We embrace this challenge.


Signed: Ben van Beurden, CEO, Royal Dutch Shell Lord Browne of Madingley, Executive Chairman, L1 Energy Mark Campanale, Founder & Executive Director, Carbon Tracker Initiative Greg Case, CEO, Aon plc Claudio Descalzi, CEO, Eni Gary Dirks, Director, Wrigley Global Institute of Sustainability, Arizona State University Robert Dudley, CEO, BP Michael M. Garland, CEO, Pattern Energy Group Vicki Hollub, CEO, Occidental Petroleum Corporation Josu Imaz, CEO, Repsol Frédéric Janbon, CEO, BNP Paribas Asset Management Fr. John Jenkins, CSC, President, University of Notre Dame Harry Keiley, Chair, Investment Committee, California State Teachers Retirement System (CalSTERS) Georg Kell, Chair, Arabesque Asset Management John Kingman, Group Chairman, Legal and General Group Ryan M. Lance, Chairman & CEO, ConocoPhillips José Meijer, Vice Chair, ABP Ernest J. Moniz, President & CEO, Energy Futures Initiative Mark Moody-Stuart, Chairman, Global Compact Foundation Barbara Novick, Co-Founder, Vice Chairman, BlackRock Saker Anwar Nusseibeh, CEO, Hermes Investment Ronald P. O’Hanley, CEO, State Street Patrick Pouyanné, Chairman of the Board & CEO, Total Mary Robinson, Chair, The Elders Eldar Sætre, President & CEO, Equinor Hans Joachim Schellnhuber, Founder, Potsdam Institute for Climate Impact Research Anne Simpson, Founder and Inaugural Chair, Climate Action 100+ Michael K. Wirth, Chairman & CEO, Chevron Corporation Darren Woods, CEO, ExxonMobil Betty T. Yee, Controller, State of California Lei Zhang, CEO, Envision Group

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Thank You!