Washington, DC (April 11, 2007)- ConocoPhillips and American International Group (AIG) both announced they would be joining the US Climate Action Partnership, an alliance of big businesses and environmental groups that have been urging Congress to enact legislation to cut U.S. greenhouse gas levels by 10 to 30 percent within 15 years and reduce the emissions by as much as 80 percent by 2050.
ConocoPhillips and AIG represent the first major US oil company and insurer to back an aggressive plan to address global warming. ConocoPhillips is the third largest US oil company and AIG is the world’s largest insurer.
The announcements come a day after a United Nations draft report said global temperatures were on track to exceed a rise of 3.6 degrees Fahrenheit (2 Celsius) over pre-industrial times, and governments have little time left to avert damaging temperature increases.
Last week, the U.S. Supreme Court ruled that the U.S. Environmental Protection Agency had the power to regulate greenhouse gas emissions, rejecting arguments that the body did not have the authority to limit pollution from new cars and trucks.
Both Exxon and Chevron said they had no plans to join the U.S. Climate Action Partnership, but planned to continue their involvement in discussions on proposed legislation.
Insurers swallowed about $80 billion in claims from hurricanes wreaking havoc along the Gulf Coast region in 2005, and have been coming under pressure to find ways to prepare for increased catastrophic weather.
Other members of the U.S. Climate Action Partnership include Alcoa, General Electric, DuPont, Duke Energy, Lehman Brothers, and Caterpillar.