Exxon Mobil will donate $1 million to a campaign promoting a tax to curb emissions of planet-warming carbon dioxide to U.S. lawmakers and the American public.
With the commitment, the world's largest publicly traded oil company is throwing its financial support behind Americans for Carbon Dividends, an organization tasked with lobbying for a carbon tax plan developed by Republican statesmen James Baker III and George Shultz.
Exxon's support comes at a time when U.S. lawmakers remain at an impasse over putting a price on greenhouse gas emissions, with many Republicans opposed to a carbon tax or cap-and-trade system. The policy vacuum at the national level threatens to leave energy companies grappling with a patchwork of state and regional policies.
A single, national tax policy would provide regulatory certainty to the energy industry, and the Baker-Shultz plan in particular seeks to limit the Environmental Protection Agency's rule-making authority.
The contribution also marks Exxon's latest measure to tackle the challenge of global warming, following a period of intense scrutiny of the company's public record of downplaying the risks posed by climate change.