Climate Today: Major Oil Companies Commit to Carbon Pricing, Disclosures at Vatican (Associated Press)

Some of the world’s major oil producers pledged Friday to support “economically meaningful” carbon pricing regimes after a personal appeal from Pope Francis to avoid “perpetrating a brutal act of injustice” against the poor and future generations.

The companies, including ExxonMobil, BP, Royal Dutch Shell, Total, Chevron and Eni, said in a joint statement at the end of a Vatican climate summit that governments should set such pricing regimes at a level that encourages business and investment, while “minimizing the costs to vulnerable communities and supporting economic growth.”

The CEOs, as well as leaders of major asset managers such as BlackRock and BNP Paribas, also called for companies to provide investors with clarity about the risks climate change poses to their businesses and how they plan to transition to cleaner energy sources.

Pope Francis told oil executives that time is running out to act: “We do not have the luxury of waiting for others to step forward or of prioritizing short-term economic benefits. The climate crisis requires our decisive action, here and now.”

The Race to Succeed Theresa May:
-Tory Rivals Clash as Boris Johnson Dodges TV Debate (Bloomberg)
-Rory Stewart Becomes Bookies’ Second Favorite for UK Prime Minister (Evening Standard)
-His Critics Say He Lies, But Tories Want to Trust Boris Johnson (Bloomberg)

Hong Kong Leader Carrie Lam Clings to Power After Mass Protest (Bloomberg)

Trade Wars Today:
-India Increases Tariffs on Raft of U.S. Goods as Trade War Heats Up (Bloomberg)
-Trump Says ‘It Doesn’t Matter’ If Xi Agrees to Meeting at G-20 (Bloomberg)

Don’t Tell Him Bad News: Trump Campaign Dumps Pollsters After Low Numbers (Bloomberg)

Today in Financial News:
-Deutsche Bank Considers Closing U.S. Equities Trading in Revamp (Bloomberg)
-Goldman to Align Units in Alternative-Investing Fundraising Push (Bloomberg)

Paris Air Show:
-Airbus Wins Major 100-Plane Order Over Boeing (Bloomberg)
-For Stricken Boeing, Paris Air Show Is About More Than Jet Sales (Bloomberg)

Climate of Hope: G-20 Agrees on International Framework to Reduce Marine Plastic Pollution (Japan Today)

Rolex Rewards Maverick Projects in Conservation, Sustainability, and Medicine (Bloomberg)
Miranda Wang, 25, is the youngest of the five winners who were awarded roughly $200,000 in the Rolex Awards for Enterprise. The molecular biologist figured out how to use river bacteria that could break down plastic waste.

Art Section: Artists Using Virtual Reality to Convey the Perils of Climate Change at Venice Biennale (Quartz)

Best of late night.

On Father’s Day:

“I love Father’s Day. It’s that special day of the year when you call up your dad, get a few one-word answers and then go ‘well, good talking to you!’”
— Jimmy Fallon

“You have to actually call your dad on Father’s Day, mainly because he has no idea how to text.”
— Jimmy Fallon

“I read that Americans spend 40% less on Father’s Day than they do on Mother’s Day. I can’t believe it’s that close. On Mother’s day you do flowers, brunch, jewelry. On Father’s Day it’s an air freshener from a 7/11.”
— Jimmy Fallon

“I heard that one of the most popular gifts for dad is a home DNA-testing kit. So be sure to pick one up if you want a great Father’s Day, or a really awkward one!”
— Jimmy Fallon