BP Head Backs Price on Carbon

Tony Hayward, chief executive of the oil and energy giant BP, told delegates at the World Economic Forum in Davos, Switzerland that he supports placing a price on carbon. He said taxing carbon emissions was necessary to stimulate the development of renewable energy and ensure a diverse supply of energy. The forum’s organizers also released a report calling for a tripling of annual investments in renewable energy to $515 billion, saying such investments “have the potential to generate significant economic returns.” Clean energy investments worldwide totaled $155 billion in 2008.