Sir, European Union officials must be getting used to the familiar refrain they hear every time an industry sector is asked to cut carbon emissions. But when the latest industry to claim it will be “destroyed” by a flagship European climate policy also happens to be one of the richest and most influential, its arguments warrant a closer look.

Jeroen van der Veer, chief executive of Royal Dutch Shell, says that the proposed European Union scheme to force companies to pay for carbon emission permits — previously handed out free — threatens to destroy Europe’s petrochemical and refining industries. Mr van der Veer, whose company made a profit of $27. ... Read full article