USA: Corporate leaders push President Georgre W. Bush and the Congress for stronger U.S. laws controlling greenhouse gas emissions

Executives from several U.S. corporations urged President George W. Bush and the Congress to do more to fight climate change. Corporate leaders advocate swift passage of legislation that sets mandatory caps on greenhouse gas emissions and puts in place a market system of trading emission credits to allow industry to meet those standards. CEO's of major U.S. corporations called on President George W. Bush and the Congress on Monday (January 22) to do more to address climate change, a day ahead of the President's State of the Union address. In his speech, President Bush is expected to call for an increase in the use of ethanol, according to sources familiar with White House plans, but probably will not advocate limits on the emission of greenhouse gases -- including carbon dioxide given off by power plants and vehicles. Together with environmental advocates, leaders of major U.S. corporations, including Alcoa Inc., General Electric Co., DuPont Co. and Duke Energy Corp, have formed the United States Climate Action Partnership (USCAP). The Partnership is asking Congress to pass legislation to significantly reduce greenhouse gas emissions and to do so swiftly. "We cannot put this problem on the backs of our children and grandchildren. It is a very significant step that we call on the leaders in Washington, the President and members of the United States Congress to take action now and make sure that the planet's future is protected for future generations," said Alain Belda, the CEO of Alcoa Inc. at a news conference in Washington, D.C. attended by ten CEO's. The leaders on Monday sent a report with recommendations to Congress and a letter to the President. The coalition advocates legislation for mandatory nation-wide reductions on greenhouse gas emissions from major emitting sectors, including large stationary sources, transportation and energy use in commercial and residential buildings. The system would be built around a "cap and trade" market-based program. Industry could trade emissions credits so that those companies that were under emission limits could sell their "emission credits" to those companies which could not meet the standards. "We need a program flexible enough to cope with the economic and technical challenges ahead but it must be mandatory so there is no doubt about our commitment to concrete action. US CAPS supports an mandatory, economy-wide, market-driven approach to climate protection. We believe a cap and trade program will get the job done and can be constructed to be fair to those disproportionately impacted," said Jim Rogers, CEO of Duke Energy. Corporate leaders said the U.S. bears a responsibility because it is the world's largest emitter of greenhouse gases. "The U.S. has a unique opportunity and a unique responsibility. Our emissions far eclipse that of any other nation in the world and so we are undeniably part of the problem. We also have the wealthiest and the most innovative economy so financially and technologically we are in the best position to help solve the problem," said Peter Darbee, the CEO of Pacific Gas and Electric Company. The coalition is calling on Congress to establish mandatory emission reduction targets that would require total emissions to be between 100-105% of today's levels within five years of enactment, between 90 to 100 per cent of today's levels within ten years of enactment and between 70 to 90 per cent of today's levels within fifteen years of enactment. Several CEOs spoke of the need for cleaner coal production technology. The news conference comes amidst an increase of voices from environmentalists, evangelical Christians and congressional and corporate leaders calling for action on global warming in the days leading up to President George W. Bush's State of the Union speech, Interest is particularly keen because of what Bush said in last year's address to Congress and the nation: that "America is addicted to oil" and that this addiction should be broken with technological advances and alternative fuels.

ITN Source | January 23, 2007

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