U.S. legislators should consider investment tax credits to provide incentives for the refining industry, as well as other industries, to invest in carbon reduction projects, Klesse told reporters at the National Petrochemical and Refiners Association meeting in San Diego.
SAN DIEGO (Reuters) - A climate change tax credit is needed to provide incentives for refiners to cut carbon emissions, Valero Energy Corp's chief executive Bill Klesse said Tuesday .
U.S. legislators should consider investment tax credits to provide incentives for the refining industry, as well as other industries, to invest in carbon reduction projects, Klesse told reporters at the National Petrochemical and Refiners Association meeting in San Diego.
In addition to increasing investment in carbon reduction projects, such a program would create jobs, and increase the rate of return on such projects by a few percentage points, Klesse said.
(Reporting by Rebekah Kebede)
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