ConocoPhillips recognizes that human activity, including the burning of fossil fuels, is contributing to increased concentrations of greenhouse gases in the atmosphere that can lead to adverse changes in global climate. While uncertainties remain over the extent of human contributions and the timing and magnitude of future impacts, we are committed to taking action to expand our business planning processes to address greenhouse gas (GHG) emissions and to develop greenhouse gas targets for our operations. Our commitment to sustainable development will provide the foundation for our actions.
Concerns continue to grow regarding the possible environmental and financial impacts of climate change. We recognize these concerns, and in the context of our business we face uncertain costs and outcomes associated with:
- Developing technology, products and operating practices which reduce or avoid GHG emissions.
- Responding to altered patterns of demand for products due to regulations designed to combat climate change, actual climate changes or changes in consumer attitudes toward products based on their associated GHG emissions.
- Complying with government-mandated action.
- Adapting our facilities or operational practices due to the physical consequences of changing climate.
No one entity can address these issues on its own, but ConocoPhillips will show leadership in finding pragmatic and sustainable solutions. In addition to taking actions within our own sphere of influence, we intend to play a constructive role in public policy dialogue to devise practical, equitable and cost-effective approaches to stabilize the concentration of GHG in the atmosphere. It is our view that mandatory national regulatory frameworks which link to international ones are most likely to achieve meaningful global GHG reductions. We will seek to encourage policy measures which deliver the following principles:
- Slow, stop and ultimately reverse the rate of growth in global GHG emissions.
- Establish a value for carbon emissions, which is transparent and relatively stable and sufficient to drive the changed behaviors necessary to achieve targeted emissions reductions.
- Provide long-term certainty for investment decisions.
- Encourage the development and deployment of innovative technology to help avoid or mitigate GHG emissions at all stages of the product life cycle.
- Realistically match the pace and stringency of policy to the rate at which new technology or infrastructure changes can be developed and deployed.
- Encourage energy efficiency at all stages of the product life cycle.
- Inform and influence consumer preference toward less GHG-intensive consumption.
- Encourage the deployment of carbon capture and storage as a practical near-term solution.
- Avoid placing a disproportionate burden on any one business sector or consumer segment.
- Support equitable international competition.
- Ensure that early actions are not disadvantaged.
- Avoid undue harm to the economy.
As economies around the world continue to develop, the growing global demand for energy must be met in concert with responsible actions on climate change. Balancing supply and demand will require more efficient use of energy and the full utilization of both conventional and innovative sources of energy into the foreseeable future. This will include renewable sources such as wind, solar, hydro, thermal and biomass, together with nuclear power and continued use of hydrocarbons in ways that lower the GHG impacts of oil, gas and coal.
Meeting the twin challenges of taking action on climate change and providing adequate and reliable supplies of energy will require technical innovation, resource commitments and responsible stewardship by energy producers and consumers alike. ConocoPhillips intends to meet these challenges.
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