Chevron Chief Executive Officer John Watson on Wednesday rejected calls by European peers to introduce a price for carbon emissions, saying the region should instead focus on shale gas and nuclear power. In a blunt speech to the OPEC seminar in Vienna, Watson elaborated on why he opted not to join the heads of European six top oil and gas companies including Royal Dutch Shell, BP and Total in a letter published earlier this week urging governments around the world to introduce a pricing system for carbon emissions.
He understands the concerns but he does not think putting a price on carbon is an answer... he does not think it is a policy that can be effective, Watson said. Instead, Europe should develop its gas resources, he said, alluding to the reluctance of European governments to develop shale gas in a process known as fracking which has radically transformed the U.S. market. We need to make sure we develop the natural gas resources that we have, here in Europe - although Europe is choosing not to develop its resources - but also elsewhere in the world, he said.
Nuclear power, which fell out of favor around the world, particularly in Germany, was also key to reducing carbon emissions, Watson said. If we are serious about climate change - nuclear power would be on the agenda. We would not be shutting down nuclear plants in Germany, he inferred.
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