EDF Praises Senate Plan For Early Reduction of Greenhouse Gases

The Environmental Defense Fund (EDF) today praised three United States Senators for their introduction of a bill (S. 2617) which provides credit for companies who take early steps that reduce their overall emissions of domestic greenhouse gases. EDF has advocated incentives for early reductions for more than a year, and several key elements of EDF’s proposal are reflected in the bill.

“This important action on the part of Sen. John Chafee, Sen. Connie Mack, and Sen. Joe Lieberman shows that common-sense bipartisan progress is possible on the issue of climate change,” said EDF’s executive director Fred Krupp. “By jointly introducing this bill to provide credit for voluntary actions that reduce greenhouse gases, these Senators have shown true leadership, and a willingness to work together toward meaningful solutions. This is a great first step toward progress in the next Congress.”

Sen. Chafee, (R-RI), chairs the Senate Committee on Environment and Public Works. Sen. Lieberman, (D-CT), serves on Environment and Public Works, and is Deputy Minority Whip, and Sen. Mack, (R-FL), chairs the Senate Republican Conference, and is Vice Chair of the Joint Economic Committee.

“The introduction of this bill now will also send a strong message in advance of the international climate discussions in Buenos Aires next month,” said Krupp. “The Congress of the United States is beginning to address climate change.”

“American businesses are beginning to recognize that they can help solve the problem of global warming,” said EDF senior economist Dan Dudek who, along with EDF senior attorney Joseph Goffman, helped develop the credit for early reductions approach. “Congressional approval of a program to give domestic credit to companies that take voluntary action to reduce their overall emissions can provide the certainty necessary to move forward with practical emission reductions now.”

The proposed legislation would award credit to companies taking voluntary steps to reduce their overall domestic greenhouse gas emissions prior to the introduction of any mandatory domestic greenhouse gas regulatory requirements. These credits could be either saved for use in meeting future domestic emissions reduction requirements, or sold to other companies who might need them to help manage their own reduction schedule. The legislation would also provide strong incentives for American companies to move quickly on developing innovative technologies that can begin to slow the rate of buildup of greenhouse gases in the atmosphere.

“Just as economic debt accumulates interest, greenhouse pollution, with its long-lasting capacity to heat the climate, accumulates in the atmosphere,” said Goffman. “If we postpone dealing with the risks of climate change, we may be hurtling toward a situation from which ‘bailout’ would be exceedingly difficult, and costly, if not impossible. Not only does the approach used in this bill promise to result in reductions sooner rather than later, but it also relies critically on harnessing the power of a market-based system to do so. We look forward to working with these Congressional leaders, businesses and our environmental colleagues towards passage of legislation in the next Congress.”