BP, Shell, Total, and ExonMobil have all backed proposals for a gradually rising and revenue-neutral carbon tax in order to significantly reduce carbon emissions.
The Climate Leadership Council, a group of senior Republican figures in the US, put forward the plans, which also include a 'carbon dividend' for citizens, and a significant rollback of regulations.
In addition, the group proposes that exports to countries without comparable carbon pricing would receive rebates for taxes paid, while imports from such countries would face fees on the carbon content of their products.
In an advertisement in the Wall Street Journal, the group said: "This plan would achieve significantly greater emissions reductions than all current and prior climate regulations, while helping businesses and workers get ahead."
"Our carbon dividends solution embodies the conservative principles of free markets and limited government. It also offers a equitable, popular and politically-viable way forward."
The council also said the plans offer a cost-effective climate solution for most major countries outside the US, and that they are pro-growth, pro-competiveness, pro-business and pro-national security.
A number of other major firms have backed the plans, including PepsiCo, Santander, Johnson & Johnson, Unilever, P&G and General Motors.
They have also gained support from the environmental organisations Conservation International, and The Nature Conservancy.
However, Greenpeace USA senior climate campaigner, Naomi Ages, said that the plans could help protect executives from legal accountability for climate pollution and fraud.
"Buried in pages of supposedly 'free market' solutions is a new regulation exempting polluters from facing legal consequences for their role in fuelling climate change," She said.
"Across the globe, communities, shareholders, and top law enforcement agencies are launching investigations and litigation against fossil fuel companies.
"A nicely-worded public relations exercise is no cure for decades of deception."