Shell says tripling of carbon price will spur industry action

A Shell executive says a price close to $100 per tonne of carbon dioxide -- more than three times today's price -- is needed before industry will invest in carbon capture and storage (CCS) schemes to reduce greenhouse-gas emissions, the Guardian reported on Friday.

Jeremy Bentham, Shell’s vice president of business environment, also called on the European Union to take vital decisions "within five years" to shape the pattern of energy supply and global warming.

Shell reiterated the view of many in the industry that the price of CO2 emissions permits needed some certainty if vital technological investment was to be made. CCS, he said, required the right regulatory framework and pricing structure, with carbon pricing at "above $50 and below $100 per tonne" — and "probably" closer to the higher figure.

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