Chevron exec favors Paris accord, but not carbon tax

Chevron CEO says a carbon tax could increase energy costs, making industrial activity more difficult. Chevron photo.

Carbon tax would boost costs: John Watson, Chevron CEO

One day after the Washington Post reported the Trump administration is considering imposing a carbon tax, Chevron CEO John Watson told Reuters he would not support such a move.

“A carbon tax will have the effect of adding cost on the people who can least afford it,” Watson told Reuters. “If you increase energy costs you are going to make it more difficult here for industrial activity.”

The White House has since said it is not in favor of a carbon tax, but according to a Reuters report, it could be resurrected by Congress where it has some support.

Watson does, however, support the United States participating in the Paris accord.  The energy major joins Exxon and BP in support of the 2015 agreement involving nearly 200 nations.  The Paris climate change accord aims to limit the rise in global temperatures to well below 2 degrees Celsius, or 3.6 degrees Fahrenheit.

“We have said that Paris is a first step, but we need to understand what that translates to in terms of policy,” Watson said.