ConocoPhillips has already begun to incorporate the potential long-term cost of carbon into its capital spending plans, Mulva said. Its internal goals include improving energy efficiency at its U.S. refineries by 10 percent by 2012. The company is also developing greenhouse gas emissions targets, according to a news release.
Mulva did express concern about the auto industry’s push to win support for the development of E-85, a fuel mix that is 85 percent ethanol. He said the fuel remained untested for widespread use.