Conoco Your Own Way

First major U.S. oil company joins coalition to limit greenhouse gases

You thought the times were a-changin' in the '60s? Meet 2007, baby! This week, ConocoPhillips became the first major U.S. oil company to join the U.S. Climate Action Partnership, a coalition of green groups and corporations begging Congress to impose federal limits on greenhouse gases forthelovagod. To walk its talk, ConocoPhillips Chair Jim Mulva said the world's fifth-largest oil company will allocate "significantly more resources" to alt-energy R&D, reduce emissions at its U.S. refineries 10 percent in the next five years, and work to minimize environmental damage from accessing Canada's oil sands. "Voluntary programs have worked reasonably well, but voluntary programs are not going to meet the challenge of climate change," says Mulva, who as late as January was expressing disinterest in climate "mandates saying specifically, 'You have to do it this way and that.'" American International Group also pledged allegiance to U.S. CAP yesterday, becoming the first insurer to join the club.