U.S. Companies Unveil Carbon Reduction Plan
A coalition of major U.S. companies, including the Big Three automakers, yesterday offered its blueprint for legislation to curb greenhouse gas emissions.
The policy recommendations put forth by the U.S. Climate Action Partnership (USCAP) are not as tough as those called for by president-elect Barack Obama. However, it's significant that the group, which wields significant legislative influence, has stepped forward with a plan.
The plan calls for a reduction of greenhouse gas emissions by 80% below 2005 levels by 2050 through a mandatory, economy-wide cap-and-trade program. Obama has called for a reduction of 80% below 1990 levels.
It also asserts that some emissions allowances should be given away to capped industries. Obama has said all emissions should be auctioned off.
And finally it calls for incentive measures for coal, technology transformation, transportation, and buildings and energy efficiency that are needed to facilitate rapid technology transformation and to ensure that actual reductions in emissions occur across the economy.
"Building on the new wave of energy in Washington, it is essential for Congress to pass strong global warming legislation in 2009,”Ě said Frances Beinecke, president of the Natural Resources Defense Council (NRDC). “This more detailed blueprint, supported by a wide range of businesses and environmental groups, can help Congress tackle global warming this year and move our country to a brighter economic future."
"In the past, the U.S. has proven that we have the will, the capabilities and the courage to invest in innovation--even in difficult times," said Jeff Immelt, Chairman and CEO of GE. "Today, cap-and-trade legislation is a crucial component in fueling the bold clean energy investments necessary to catapult the US again to preeminence in global energy and environmental policy, strengthen the country's international competitiveness, and create millions of rewarding new American jobs."
A summary overview of the Blueprint for Legislative Action as well as the full text of USCAP’s recommendations are available¬† at the¬† link below.