BP to Work With California Governor to Implement Climate Legislation

GreenBiz

HOUSTON, Sept. 5, 2006 - BP America says it will work with California Gov. Arnold Schwarzenegger to develop workable, market-based strategies for implementation of climate change legislation to reduce greenhouse gas emissions throughout California.

Governor Schwarzenegger is expected to sign the legislation into law in the near future.

"After speaking with Governor Schwarzenegger, I believe that, through his leadership, a fully functioning market will become an integral part of the system to reduce greenhouse gas emissions," said BP Group Chief Executive John Browne. "Having an emissions market will help California achieve the lowest cost solutions and spur innovation of new technologies supporting lower greenhouse gas emissions."

BP annually reports its greenhouse gas emissions and has made significant reductions in those emissions over the years. The company has long advocated the use of emission "cap and trading" programs to achieve emissions reductions and is an active participant in the European Union emissions reduction market.

"I believe this legislation can provide a framework for addressing climate change in a way that helps, not harms, California's economy," said BP America Chairman and President Bob Malone, a founding board member of the California Climate Action Registry.

"Over the years BP has worked with successive California administrations and legislatures to develop sound public policy to reduce green house gases," Malone said. "Our engagement on this issue will continue as new climate change regulations are developed. We want this effort to be successful because what happens in California matters to the nation and to the world."