Three Companies Quit Climate Action Partnership (BP, CAT, COP)

BP America (NYSE: BP), Caterpillar (NYSE: CAT) and ConocoPhillips (NYSE: COP) are quitting the Climate Action Partnership. The companies have raised concerns over the direction that climate change legislation has taken. Climate Action Partnership has downplayed the implication of the exodus.

The Congress has granted concessions to coal and utility industries, upsetting the oil companies. Under the proposed legislation, coal-burning utilities have been granted free emission allowance, whereas the oil companies are required to pay for the emissions. The legislation is currently held up.