With endorsement of senior Republican Senator, cap and trade legislation could have bright future. "Sen. Barbara Boxer, California Democrat and chairwoman of the Senate Environment Committee, wants Congress to pass legislation that would for the first time place caps on emissions of heat-trapping gases from power plants, cars and factories. Those efforts moved forward after Sen. John Warner, a Virginia Republican and one of the most senior committee members, agreed to work with Democrats "to craft a comprehensive climate bill." The United States is the world's biggest emitter of greenhouse gases. Boxer called the accord "a groundbreaking moment," saying Warner was the first Republican on her committee to back the idea of economy-wide reductions."
http://www.nytimes.com/reuters/washington/politics-usa-warming-senate.html
Climate News Live
Archives for: June 2007
Agreement makes July 4th a pivotal date for climate change debate.
"Rep. Edward Markey (D-Mass.), who is expected to head a new select committee in the House to address global warming, said Jan. 25 he supports a timetable offered by House Speaker Nancy Pelosi (D-Calif.) that would put climate change legislation on the House floor by July 4. I believe that the Speaker has set an ambitious, achievable goal," Markey told reporters after his speech before the U.S. Conference of Mayors' winter meeting. "I share the same hopes that [she] does and hope that we can do so this year--and do it in a way that makes a dramatic difference in [addressing] climate change."
markey.house.gov
A key Congressman states affirmatively that without industry support of the House climate change bill, it would be virtually impossible to pass a meaningful measure.
"House energy subcommittee chairman and coal-state Democrat Rick Boucher (VA) is pledging to have legislation for an economy-wide climate change program ready for floor consideration by “late September, early October” and says Congress is in the best position to draft “balanced legislation” before the next general election. Boucher warned that possible Democratic electoral gains could complicate efforts to weigh a climate change program’s impact on the economy because of the party’s increasingly strong stance on the issue. At an April 19 energy policy forum hosted by the law firm Pepper Hamilton and The Abraham Group, Boucher discussed a timeline for completing climate change legislation over the next year, and said he is counting on industry support for House measures to bolster his committee’s status in negotiations with the Senate on a global warming package."
www.carboncontrolnews.com
A leading panel of experts is conflicted. It sets out a revised plan to tackle global warming but also raises concern with certain provisions.
"An influential U.S. panel of energy experts has toughened its recommendations on global warming emissions, aiming for a 15 percent cut in greenhouse gases by 2030, a spokesman for the group said on Friday. The National Commission on Energy Policy -- a nonpartisan organization that includes representatives from industry, government, labor, environmental activism and academia -- revised a plan first issued in 2004 that was used as the model for some climate change proposals in Congress."
Reuters.com
A group of investors believe the Exxon has not been responsive to the threat of climate change.
"A group of institutional investors and shareholder activists on Wednesday called on Exxon Mobil Corp. (XOM.N) shareholders to vote against the reappointment of a board member in protest of the company's stance on climate change. The group, which includes the California State Teachers Retirement System, labor funds and the treasurers of six U.S. states, is pushing for the removal of Michael Boskin, who is chairman of Exxon's public issues committee."
nytimes.com
Environmentalists support less dependence on fossil fuels but wary of additional nuclear-power.
"Prime Minister Tony Blair, in an opinion piece in The Times newspaper Wednesday, urged the country to "consider how nuclear power can help to underpin the security of our energy supply without increasing our reliance on fossil fuels. He said Britain will move from producing 80% of its own energy to having to import almost all of its gas and more than half of its oil by 2020."
wsj.com
Prime Minister calls for a new global commitment to combat global warming.
"Japan's prime minister proposed cutting world greenhouse gas emissions in half by 2050 on Thursday as part of a new global warming pact for all countries, including top polluters United States and China. The initiative calls for close cooperation between developing and developed nations to piece together a comprehensive global warming pact to take effect in 2013, after the Kyoto Protocol on greenhouse gases expires."
washingtonpost.com
U.S. cites "fundamental opposition" to proposal.
The United States has rejected Germany's bid to get the Group of Eight to agree to tough cuts in climate warming carbon emissions, according to a draft of the communique to be presented to the meeting. Germany wants agreement to curb the rise in average temperatures this century to two degrees Celsius, to cut global emissions by 50 percent below 1990 levels by 2050 and to raise energy efficiency in power and transport by 20 percent by 2020. Washington rejects all of these goals as well as language in the draft that supports an extension of carbon trading, because acceptance of it would imply acceptance of emission caps.
Yahoo News
While passage not guaranteed support growing for federal requirements on utilities.
"A bill about to be introduced in the Senate would push utilities to generate drastically more of their power -- 15%, compared with the current 2% -- from sources such as wind or the sun by 2020. While three similar measures have died after passing the Senate, this one has powerful bipartisan support."
Wall Street Journal
The newly-released report gives the California Air Resources Board (CARB) direction when considering adoption of a market-based system.
"If California develops a cap-and-trade program to reduce greenhouse gas emissions, all major industry sectors must eventually be included in the program, according to recommendations in a draft report the state released June 1. The report recommended five key design features the California Air Resources Board must consider when weighing what type of market-based measures it should adopt to curb the heat-trapping emissions linked to global warming."
BNA Daily Report for Executives, 6/4/2007. pubs.bna.com
The new Pee Dee plant draws attention to South Carolina's fight against greenhouse gas emissions.
"Only four other states have seen their carbon dioxide emissions increase more than South Carolina did in recent years, and environmentalists say the state-owned utility's bid to build a new coal-fired power plant in Florence County will further add to global warming."
The State, 6/2/2007. thestate.com
Changing your address could reduce your carbon dioxide emissions footprint.
"As America struggles with its embarrassing title as world's leader in greenhouse gases, some states spew far more than their share and show no signs of slowing down...Pennsylvania remains one of the top polluters even if it is dwarfed by Texas. It ranked third in total carbon dioxide emissions in 2003, with 271 million metric tons. On a per capita basis, on the other hand, the state was about average in pollution per person."
Pittsburgh Tribune-Review (AP), 6/1/2007. pittsburghlive.com
Some would assert that increasing CAFE standards may not be good public policy.
"You can learn a lot about the political system from what's about to happen to the auto industry. You might just rush out and hug a special interest. To be blunt, the looming CAFE update is the product of a political lynch mob. It's coming because the auto industry can no longer defend itself."
wsj.com
U.S. and EU are nearer on recognizing climate change as an issue, but still no consensus on solutions.
"The Intergovernmental Panel on Climate Change, the UN's leading authority on global warming...aims to thrash out a master plan on limiting the worst impacts of global warming, but faces deep divisions over how to go about it. In a joint statement on energy security and climate change, the three leaders in Washington meanwhile called for "urgent, sustained, global action" to battle global warming...Bush called earlier this year for a 20-percent cut in gasoline use over 10 years. The 27 EU members agreed in March to reduce greenhouse gas emissions by at least 20 percent by 2020, based on 1990 levels. Germany's proposal was a more aggressive 40 percent cut."
yahoo.com
Many governors acknowledge and lay out plans related to climate change in their State of the State addresses.
"Nearly half of the states are pursuing at least one of three main strategies to curb the burning of fossil fuels, a chief source of gases linked to global warming: cleaning up smokestacks, reducing auto exhaust or reaping more power from the sun and wind...At least 16 governors this year proposed efforts to stanch climate change in their state of the state addresses, according to the National Governors Association. That includes California's Gov. Arnold Schwarzenegger (R), who banked his successful 2006 re-election in part on his actions to curb carbon-dioxide emissions. Even South Carolina Gov. Mark Sanford (R), a Southern conservative, launched a task force in February to determine not whether global warming exists, but how it how will impact the state and what steps could be taken to mitigate the problem. More than a dozen other states, from Alaska to Florida, have similar advisory groups."
As expectations for the alternative energy market grow, venture capitalists flock to invest - in fact, twice as much in 2006 as in 2005.
"Matthew M. Nordan, president of Lux, said that the amount of venture capital put into clean energy investments last year was $1.5 billion, up 141 percent from the $623 million of 2005, and that in the same period, initial public offerings by companies in this sector rose to $4.1 billion, from $1.6 billion in 2005. The initial public offerings were primarily in companies involved in solar power or biofuels, according to the report, to be released today. The investment is driven by fear that the peak of oil production is approaching, he said, and by the possibility of new taxes or other restraints in an effort to curb global warming gases, principally the carbon dioxide that is given off by burning fossil fuels."
The Climate Registry continues its expansion across the border.
"Manitoba said it will be the second Canadian province to join six U.S. states in the Western Regional Climate Action Initiative. The states, including California, and provinces agree to identify, evaluate and implement ways to cut emissions blamed for global warming, Manitoba said yesterday in a statement on its Web site."
Bloomberg, June 13, 2007 .
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=an44OcQBMXLA
Colleges and universities are working to reduce their carbon footprints.
"Colleges and universities are hardly the worst offenders when it comes to producing the greenhouse gases that contribute to global warming. But with about 17 million students, they are massive energy consumers -- and some schools say they consider it a moral responsibility to be at the forefront of the green movement. On Tuesday, a consortium of colleges formally launched an initiative committing them to a path toward 'carbon neutrality' -- that is, reducing demand for greenhouse gases, and taking steps to offset the harmful effects of energy production on their behalf."
The Charlotte Observer, June 13, 2007. http://www.charlotte.com/local/story/157803.html
Key climate change component of energy independence legislation to be considered by House Energy Committee.
"Legislation to be considered in June by the House Energy and Commerce Committee will include a requirement to limit the carbon dioxide emissions resulting from the burning of vehicle fuel, a key subcommittee chairman said May 22. Rep. Rick Boucher (D-VA), chairman of the Subcommittee on Energy and Air Quality, said in a briefing for reporters that the standard will be included in legislation the subcommittee and full committee will vote on in June...In addition, Mr. Boucher said, the committee is planning to consider legislation for mandatory carbon dioxide emissions controls to mitigate climate change in September and move a bill to the House floor in October."
BNA for Daily Report for Executives - 5/23/07 www.bna.com
The House Foreign Affairs Committee is expected to vote on bill that would require U.S. to seek binding international commitments to reduce greenhouse gas emissions.
"Introduced May 22 by committee Chairman Tom Lantos (D-CA), the bill (H.R. 2420) would require the United States to seek emissions reduction commitments under the United Nations Framework Convention on Climate Change. It says the United States should directly engage China, India, and Brazil as well as developed countries that have already agreed to emissions reductions under the Kyoto Protocol. The measure is co-sponsored by Rep. Chris Smith (R-NJ) and Rep. Edward Markey (D-MA)."
BNA Daily Report for Executives - 5/23/2007 www.bna.com
Idaho Governor issues executive order that sets in motion state's effort to address climate change head on.
"Whereas, there are indications that atmospheric concentrations of greenhouse gases are rising and are projected to continue to increase...The Director of the Department of Environmental Quality shall take a leadership role to work with all state government departments and agencies and shall serve as the central point of contact for coordination and implementation of greenhouse gas reduction efforts and other associated activities…The Director of the Department of Environmental Quality shall develop a greenhouse gas emission inventory and provide recommendations to the Governor on how to reduce greenhouse gas emissions in Idaho, recognizing Idaho's interest in continued growth, economic development and energy security."
General Motors takes important step in testing of hydrogen powered vehicles with completion of 300-mile test run.
" 'No one has done this before.' Chris Borroni-Bird, who manages Sequel development, said the two vehicles arrived with enough hydrogen to travel an additional 40 to 50 miles. "Who would have thought?" he said, clearly elated at completing the trip."
Missouri joins other states in reporting system related to climate change.
"The registry will provide for uniform emissions reporting, a foundation for any future voluntary or mandatory reduction strategy, Tippett Mosby said. ''If something would happen at the federal level, we'd be ready for that, by having accurate information,'' she said."
Government Reform Committee Chairman Henry Waxman weighs in on calls DOT made to California delegation.
"The head of the House Oversight and Government Reform Committee June 12 alleged a Department of Transportation official made "highly inappropriate" calls to congressional offices asking for help in blocking California rules that would regulate greenhouse gas emissions from automobiles. Committee head Rep. Henry Waxman (D-Calif.), in a letter to Transportation Secretary Mary Peters, said the recent phone messages urged congressional members to submit comments to the Environmental Protection Agency, which is considering whether to grant or deny California's request."
BNA Daily Report for Executives, June 14, 2007. http://pubs.bna.com/ip/bna/der.nsf/eh/a0b4r1d5j5
Fearful of impact revised CAFÉ standards may have, the auto industry is looking to slow movement on legislation.
"Detroit's Big Three auto makers are making a concerted push to slow the momentum to raise fuel-economy standards, in a test of the industry's weakened but still considerable political clout. The chief executives of General Motors Corp., Ford Motor Co. and DaimlerChrysler AG's Chrysler Group met with lawmakers in Washington yesterday amid an escalating energy debate that is playing a central role in the 2008 presidential election. The companies are weighing in as they struggle under the weight of deep losses in North American operations and falling market share.
As early as next week, the Senate will debate a bill requiring auto makers to build cars and trucks that achieve a fleet-wide average of 35 miles per gallon by 2020, a considerable jump from the current corporate average fuel economy standard, known as CAFE, of about 25 mpg. After that, the bill mandates 4% annual mileage increases for several years after."
http://online.wsj.com/article/SB118115409963626713-search.html?KEYWORDS=%22mike+spector%22&COLLECTION=wsjie/6month
List names several locations around the globe in serious danger due to climate change.
"The 2008 watch list, announced Wednesday, includes places in 58 countries on all seven continents. The World Monument Fund cites climate change as threatening spots from Canada's Herschel Island, an Inuit whaling town, to explorer Robert Falcon Scott's hut in Antarctica to the historic areas of New Orleans.
"Cultural heritage is part of what we're at risk of losing, and that point hasn't been made when you talk about climate change," says WMF president Bonnie Burnham."
http://www.usatoday.com/travel/destinations/2007-06-07-endangered-tourist-sites_N.htm?csp=34
Cities across the country are looking at ways they can deal with climate change within their own boundries.
"New York is among a faction of U.S. cities from Boston to Portland, Ore., that are racing ahead of the federal government in setting carbon emission targets and developing concrete strategies to deal with climate change. Their solutions are already beginning to alter the fabric of life for millions of urban dwellers. A nationwide poll released in April showed a third of Americans now call global warming the world's single largest environmental problem -- double the number a year ago, according a Washington Post-ABC News-Stanford University survey. Though the administration agreed this week to "seriously consider" a European proposal to slash emissions 50 percent by 2050, the United States rebuffed efforts to make the cuts mandatory."
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/08/AR2007060802779.html
As lawmakers wrestle with national climate change legislation, Members look to reduce own emissions.
"Congress says it is going to join the war against global warming by cleaning up its own backyard, now cluttered with a coal-burning power plant, a fleet of fuel-inefficient vehicles and old-fashioned lights. House Speaker Nancy Pelosi has set a goal of making House operations carbon neutral during this session of Congress, meaning the House would remove as much carbon dioxide from the atmosphere as it adds by the end of next year."
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/11/AR2007061100323.html
Further, study shows that renewable energy programs would create thousands of Michigan jobs and boost the State's economy.
"[State Representatives] unveiled a plan Monday aimed at making Michigan a 21st century powerhouse of renewable energy production to attract cutting-edge industries and boost the economy. The plan, which parallels the Michigan Public Service Commission plan at points, focuses on increasing tax incentives for alternative energy, offering tax breaks for individual households employing the alternatives and protecting the Great Lakes and Michigan's other natural resources."
Monroe News, June 12, 2007.
http://www.monroenews.com/apps/pbcs.dll/article?AID=/20070612/NEWS01/106120034/-1/NEWS
Advocates in Pennsylvania are following in the footsteps of California.
"An environmental advocacy group yesterday issued 40 recommendations it said would help Pennsylvania, the third-largest producer of greenhouse gases in the United States, deter man-made climate change. The Pennsylvania Environmental Council developed the road map after consulting with business, agricultural and energy-producing groups for the last two years."
The Patriot-News, June 12, 2007. http://www.pennlive.com/news/patriotnews/index.ssf?/base/news/1181611510196080.xml&coll=1
Many leaders in the science community find the Department of Defense's reduction in climate sensors to be counterproductive to the effort against climate change.
"Because of technology glitches and a near-doubling in the original $6.5 billion cost, the Defense Department has decided to downsize and launch four satellites paired into two orbits, instead of six satellites and three orbits. The satellites were intended to gather weather and climate data, replacing existing satellites as they come to the end of their useful lifetimes beginning in the next couple of years. The reduced system of four satellites will now focus on weather forecasting. Most of the climate instruments needed to collect more precise data over long periods are being eliminated."
India is resisting calls to enforce stricter limitations on greenhouse gas emissions; asks for developed countries to do more.
"Blaming industrial nations for the problem, India called for further commitments from them to limit greenhouse gas emissions. 'Developed countries should come forward and take further deeper commitments beyond 2012,' the ministry said, adding India contributed only 4 pct to total global emissions."
Although China released its national plan on Monday "to protect the country from the dangers of global warming," China is reluctant to adhere to greenhouse gas emission restrictions for fear of impacting economic development.
"China will unveil its national plan on Monday, two days before President Hu Jintao attends a meeting of Group of Eight leaders in Germany at which global warming will feature. Beijing has already signaled that the plan is meant as a defensive policy wall to limit damage from rising seas, worsening droughts and melting glaciers, but also to protect ambitious growth goals from possible greenhouse gas quotas that it fears would cripple development. 'Global climate warming is already an undeniable fact having serious consequences for natural ecosystems and for humankind,' a cabinet meeting chaired by Premier Wen Jiabao agreed on Friday, the official Xinhua news agency reported. But China would "insist on responding to climate change within a framework of sustainable development," the cabinet said at the meeting which approved the plan."
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/03/AR2007060300201.html
Lowering emissions on China's radar, but not top priority.
"China's engagement in the G8+5 Climate Dialogue, with an emphasis on the guiding role of UNFCCC as well as its principle of 'common but differentiated responsibilities', will help China become more energy efficient, including more energy use from renewable sources….However, it is not realistic for China to make drastic large scale cuts in carbon emissions considering its…push for economic growth…stage of accelerating industrialization and urbanization…coal-based energy structure…weaker technical and financial capacity…conventional urban air pollution…and more than 200 million people…below the international poverty line."
http://www.chinadaily.com.cn/cndy/2007-06/06/content_887919.htm
The Environmental Protection Agency is being pushed to take action - one way or the other.
"The chairman of the House climate-change panel told the head of the Environmental Protection Agency June 8 to accelerate its decision to either grant or deny California's request to regulate greenhouse gas emissions from automobiles. Rep. Edward Markey (D-Mass.), who chairs the House Select Committee on Energy Independence and Global Warming, said EPA was stalling on the waiver decision more than two months after the U.S. Supreme Court ruled EPA has authority to regulate such emissions."
BNA Daily Report for Executives, June 11, 2007. http://pubs.bna.com/ip/bna/der.nsf/eh/a0b4q5x4v5
Bank of America launches new $20 billion lending initiative.
"Bank of America has launched a $20 billion program to fight global warming over the next decade by financing companies creating low-emissions technology, lending money for green building projects and creating the ability for customers to trade carbon credits. The bank will spend $18 billion on commercial green lending and finance while another $2 billion will be spent on consumer programs and efforts to reduce the greenhouse gas emissions and environmental impact of its own operations."
Asheville Citizen-Times, June 10, 2007
http://www.citizen-times.com/apps/pbcs.dll/article?AID=200770608101
With new allies and increased attention, biofuels looks to be a big winner in this summer's energy debate.
"The energy bill now under consideration in the Senate would bring that horizon a lot closer for the ethanol industry. The proposal includes requirements that the use of biofuels -- part corn-based ethanol and part fuels made from other feedstocks -- climb to 36 billion gallons by 2022, more than six times the capacity of the nation's 115 ethanol refineries. While many other provisions of the energy package remain controversial, opposition to the biofuels mandate has all but evaporated in Congress, a situation that would have been almost unthinkable just a few years ago. And though environmental, industry and farming groups can point to numerous unresolved concerns about biofuels' effects and feasibility, the ethanol lobby has never been stronger."
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/14/AR2007061402089.html
Agreement looks to include China and India in future talks.
"The United States agreed today to “seriously consider” a European proposal to combat global warming by halving greenhouse gas emissions by 2050, breaking a trans-Atlantic deadlock at a meeting here of the world’s richest industrial nations. The compromise, hammered out in tough negotiations between the United States and Germany, also endorses President Bush’s recent proposal to gather together the world’s largest emitting countries, including China and India, to set a series of national goals for reducing emissions."
http://www.nytimes.com/2007/06/07/world/europe/07cnd-prexy.html?_r=1&oref=slogin
Senate rejects two amendments that would have boosted federal investment into technology. Environmental groups claim victory. "By a 61 to 33 vote, senators turned back one amendment that would have authorized $200 million to build coal-to-liquid plants and $10 billion in loans to pay for capturing and storing greenhouse gases from the plants. The second measure, defeated 55 to 39, would have created a fuel-mandate program requiring the production of 6 billion gallons of liquid coal fuel by 2022. Environmental groups oppose coal-to-liquid programs because, they say, such technology produces twice as much greenhouse gas as petroleum-based motor fuels and would greatly expand coal mining."
http://www.washingtonpost.com/wp-dyn/content/article/2007/06/19/AR2007061902195.html
Several big city mayors are calling for increased funding to help cut greenhouse gas emissions.
"Mayors of several U.S. cities, including Portland, Ore., and Chicago, urged Congress June 19 to support local efforts to cut greenhouse gas emissions and reduce energy use by increasing funding for mass transit, improving the efficiency of new federal buildings, and providing block grants to cities that develop strategic climate change plans."
BNA Daily Report for Executives, June 20, 2007. http://pubs.bna.com/ip/bna/der.nsf/eh/a0b4r6e9n6
Republican House will push for alternative energy legislation this fall.
"After years of standing still in a bounty of cheap coal and high carbon emissions, Ohio appears poised to join a rapidly growing renewable energy push that more than 20 other states have already started. A requirement that power companies provide a certain percentage of electricity from renewable sources such as wind and solar will be part of a broad energy measure to be introduced this fall in the Ohio Legislature, the Republican chairman of the House Alternative Energy Committee said this week."
Akron Beacon Journal, June 21, 2007. http://www.ohio.com/mld/beaconjournal/17401435.htm
Nearly two years later, the Environmental Protection Agency will be ready to rule on California's waiver request in December.
"The head of the Environmental Protection Agency said June 21 that he would decide on California's clean vehicle regulations by the end of 2007, giving EPA a deadline for deciding the fate of the first statewide effort to regulate greenhouse gas emissions from automobiles."
BNA Daily Report for Executives, June 22, 2007. http://pubs.bna.com/ip/bna/der.nsf/eh/a0b4r8q6k1
Legislation sets the stage for what should be busy session on climate change.
"Reps. John Olver (D-Mass.) and Wayne Gilchrest (R-Md.) Jan. 22 introduced the first House legislation in the 110th Congress that calls for capping and reducing U.S. greenhouse gas emissions through an emissions trading scheme. The legislation (H.R. 620) calls for establishing a U.S. cap-and-trade program for emissions beginning in 2012. The House bill is the companion measure to the latest Senate climate proposal (S. 280) introduced Jan. 12 by Sens. John McCain (R-Ariz.) and Joseph Lieberman (I/D-Conn.), a spokeswoman for Olver said Jan. 24."
http://www.house.gov/olver/news/pr070122.html
Former Morgan Stanley Vice Chairman will lend his expertise to ongoing discussions on cap and trade proposals for reducing greenhouse emissions.
"Under the auspices of Environmental Defense, the new Environmental Markets Network will provide a platform on which the sharpest minds in the financial and policymaking communities can stand together, plan for the future of the environment and be heard by crucial decision-makers. Initially, the EMN will focus on climate change legislation, where a cap on greenhouse gas emissions and a sound trading system offer a roadmap for economic growth and sound environmental policy. EMN will provide a resource for policymakers in Washington, communicate with the public and press, link academic research with sound action and convert market knowledge into environmental solutions."
http://www.environmentaldefense.org/pressrelease.cfm?contentID=6063
In what will likely turn into a place for political bickering and partisanship, Pelosi and Boehner named the leadership and members for the new climate change Congressional committee.
"House leaders on Friday announced the 15-member roster of the newly created Select Committee on Energy Independence and Global Warming. Speaker Nancy Pelosi (D-Calif.) has asked Rep. Ed Markey (D-Mass.) to serve as chairman…[o]n the GOP side, House Minority Leader John Boehner (Ohio) has asked Rep. Jim Sensenbrenner (Wis.) to serve as ranking member." Roll Call, March 9, 2007. http://www.rollcall.com/issues/1_1/breakingnews/17416-1.html
U.S. Congressman Henry Waxman reintroduces the "Safe Climate Act", which caps emissions in 2010.
"According to the best science, under any plausible scenario of future international actions to stabilize the climate, the United States will eventually need to reduce its emissions by about 80%. Fortunately, we have some time to get there, as long as we start reducing our total emissions now. And that’s what the Safe Climate Act does. It caps U.S. emissions in 2010, and then gradually reduces them by just 2% per year until 2020."
Congressional Record, March 20, 2007. http://www.house.gov/waxman/safeclimate/sca_statement.html
The Western Governors Association is pushing the federal government to play a larger role in assisting states in developing plans for climate change.
"The Western Governors Association (WGA) is developing a proposal for congressional legislation that would give the federal government a larger role in helping states plan for the effects of climate change, an indication that growing support for federal emission limits could boost calls for Congress to consider adaptation strategies to global warming."
Climate Control News, March 16, 2007. www.climatecontrolnews.com
Industry groups once opposed to mandatory greenhouse gas controls are now realizing that opposition is not an answer or option.
"The American Chemistry Council (ACC) has dropped its explicit opposition to mandatory greenhouse gas controls and is now calling for any federal legislation to adhere to a series of “principles,” according the group’s President and CEO Jack Gerard. The policy maneuvering by ACC is part of a larger effort by major lobbying groups in Washington, responding to a request by powerful House Energy & Commerce Committee Chairman John Dingell (D-MI) for input on possible climate change legislation."
Carbon Control News, March 20, 2007. www.carboncontrolnews.com
Taking a page from their own '94 Republican Revolution playbook, Republicans are once again taking over left-leaning issues - and climate change is no exception.
"Once a talking point reserved for Democrats, global warming is slowly heating up in Republican presidential campaigns amid a growing push to highlight the issue in early primary states…[a]mong Republican voters nationwide, global warming ranks as their 19th-most-important policy issue, with 23 percent listing it as "very important," according to a Pew Research Center survey taken last year."
Pioneer Press, 3/24/2007. http://www.twincities.com/mld/pioneerpress/
Wisconsin's Republican controlled Assembly is galvanizing support for nuclear power.
"Climate change is a pivotal factor in a new bid by Wisconsin lawmakers to advance legislation that would help expand nuclear power generation in the state, mainly through a measure that would lift a decades-old moratorium on new nuclear plant construction. The Wisconsin development is buttressing predictions by some experts that nuclear power could make a comeback in the United States as a result of growing pressure on state and federal policy makers to cut greenhouse gas (GHG) emissions while increasing energy supply."
Carbon Control News, 5/30/2007. www.carboncontrolnews.com
In an effort to get all of the "ducks in a row", Chairman John Dingell slows the push for climate change legislation.
"Democratic leaders of the House Energy and Commerce Committee insist they will craft climate change legislation on their own schedule and will not be pressured to act by House Speaker Nancy Pelosi's (D-Calif.) June 1 deadline. Pelosi has given House committees until June 1 to produce climate and energy legislation with the hope she can move an overall package to the floor for passage before the July 4 recess. A senior Pelosi aide yesterday reiterated the deadlines and said requests by Dingell and Boucher for more time had not been granted."
Environment & Energy Daily, 3/1/2007. http://www.eenews.net/eed/
Businesses are looking to the federal government to protect them from states' emission reduction initiatives.
"Recent state actions to curb global warming are having a surprising effect: They are prompting big power companies and manufacturers to call on the Bush administration to mount a fight against climate change. It's a major turnabout for big business. For years, industrial companies fought back whenever lawmakers in Washington talked about ways to reduce greenhouse gases. Some even supported scientific research that questioned whether climate change really is a problem." Chicago Tribune, 3/2/2007.
Oil companies warn that alternative energy sources won't be enough to meet the energy demands.
"Top executives in the US oil and electricity industries warned US lawmakers this week against relying solely on biofuels for energy security, calling instead for more domestic drilling, streamlined regulation, and access to foreign reserves. The executives, meeting at a high-profile energy conference in Houston, voiced their concerns in the wake of a White House proposal to slash US imports of foreign oil by quintupling the use of biofuels within 10 years." Reuters, 2/16/2007. http://www.reuters.com/article/ousiv/idUSN1561400220070216
Some argue that it is and are pushing for alternatives instead, such as a carbon tax; of course, new taxes do not sit well with most constituents.
"Emissions trading, also called carbon trading, is being expanded in the European Union and Japan. This should be great news for the environment, but many experts have their doubts. The notion that emissions trading is going to make a significant dent in global warming is deeply flawed, they say. Current emissions-trading schemes have proved to be little more than a shell game, allowing polluters in the developed world to shift the burden of making cuts onto factories in the developing world." Newsweek, March 12, 2007.
The Govenator delivers message not to wait on feds.
"Gov. Arnold Schwarzenegger told U.S. mayors Saturday they must take the lead in battling global warming and creating an economy based on "clean" technology. Schwarzenegger said California and other states are "not waiting for Washington" before promoting legislation to protect the environment by reducing greenhouse emissions blamed for climate change."
Daily News, June 23, 2007. http://www.dailynews.com/news/ci_6215427
Greenhouse gas legislation passes in New Jersey with strict goals, but little direction is given on how to reach those goals.
"The New Jersey Legislature passed a bill yesterday that set ambitious goals for reducing emissions of greenhouse gases from power plants, refineries, motor vehicles and other sources that contribute to global warming. Business leaders expressed concerns about the bill’s effect on energy costs and the state’s competitiveness, but environmental advocates hailed it as pathbreaking, and Gov. Jon S. Corzine said he was ready to sign it into law."
The New York Times, June 22, 2007. http://www.nytimes.com/2007/06/22/nyregion/22warming.html
Companies are waking up to the financial benefits of recognizing the shift in thinking on climate change.
"This year, researchers at Citigroup Inc., Lehman Brothers Holdings Inc. and UBS AG have issued widely circulated reports on risks and opportunities for investors because of climate change. They argue that global warming can no longer be ignored as a factor in investing.
Researchers at these firms and others are identifying companies well-positioned for global warming, either because they are devising new technologies or because they are taking advantage of market changes. Investment managers are introducing green mutual funds and exchange-traded funds, hoping to gain an investment edge. Investment strategists are advising bankers, brokers and clients to think about how climate change will affect their investments."
http://online.wsj.com/article/SB118239582814643063-search.html?KEYWORDS=%22global+warming%22&COLLECTION=wsjie/6month
A myriad of factors impact remaining coal supply, caution against long-term assumptions.
"With domestic production of oil, gas and uranium far below peaks, coal has been promoted by elected officials and energy experts as the only bright spot in the national fuel supply picture. But as Congress considers billions of dollars in aid for projects to make gasoline and diesel substitutes from coal, and to build coal-fired plants that would capture their own carbon emissions, the study said that estimates of coal reserves were unreliable. There is probably sufficient coal to meet the nation’s needs for more than 100 years at current rates of consumption,” the study said. “However, it is not possible to confirm the often-quoted assertion that there is a sufficient supply of coal for the next 250 years.”
http://www.nytimes.com/2007/06/21/business/21coal.html
Breaking out of his traditional California role, Schwarzenegger is lending support for Governor Crist's Florida Summit on Global Climate Change.
"Charlie Crist is going Hollywood in his effort to get Floridians to fight global warming. The Florida governor announced that California Gov. Arnold Schwarzenegger will be the keynote speaker at the Florida Summit on Global Climate Change in Miami next month."
Tampa Bay's 10 News, June 19, 2007.
http://www.tampabays10.com/news/local/article.aspx?storyid=57194
New scorecard would provide consumers with a companies policies on climate change.
"Climate Counts, a new nonprofit group, wants consumers to think about more than taste or service when they make those decisions. It wants them to consider the companies’ records in adding to or curbing climate change. In a scorecard to be released today, the group will rank 56 consumer companies, grouped by industry, on how they measure greenhouse gas emissions, their plans to reduce them, their support or opposition to regulation and — most important, says Wood Turner, the group’s executive director — how fully they disclose those activities."
http://www.nytimes.com/2007/06/19/business/19green.html
Western States want the leeway to take more aggressive action on climate change.
"California and five other western states pressed Congress June 14 to develop national climate change policies that support state programs to reduce greenhouse gas emissions and to avoid policies that 'preempt the states' leadership'...In the letter, the governors note that several states and cities have established greenhouse gas emission reduction goals and are developing policies to achieve their goals. There has been broad participation and technical analysis of the state plans, according to the letter."
BNA Daily Report for Executives, June 18, 2007. http://pubs.bna.com/ip/bna/der.nsf/eh/a0b4r3t1w1
The Environmental Protection Agency will inform California this week of a timetable on the state's waiver request.
"The head of the Environmental Protection Agency said June 15 he would provide California in coming days a timeline for the agency to decide the fate of the state's clean vehicle regulations...EPA has yet to act on California's greenhouse gas rules, which have been before the agency since December 2005, with Johnson telling state officials last year that he would decide the issue only after the U.S. Supreme Court ruled in a now-decided greenhouse gas case."
BNA Daily Report for Executives, June 18, 2007. http://pubs.bna.com/ip/bna/der.nsf/eh/a0b4r3r1h4
College campuses work to reduce their own greenhouse gas emissions.
"If climate change is going to be one of the defining issues of the 21st century, schools must teach it. Western Connecticut State University in Danbury has taken that step this week, signing the American College & University Presidents Climate Commitment. In Connecticut, four other schools -- Eastern Connecticut State University, Manchester Community College, the University of Connecticut and Yale University -- are on board."
NewsTimesLive, June 16, 2007.
http://www.newstimeslive.com/news/story.php?id=1056841&source=tabbox
Utility companies will feel the pinch in an effort to go green.
"For decades, California has been among the best at getting its citizens to use less energy, and the state's largest utilities have been more than happy to take credit for the success of programs that do such things as pay rebates when customers buy power-sipping appliances. But to meet ambitious targets to slash the state's output of greenhouse gases, California and its utilities must now push energy efficiency like never before."
LA Times, June 15, 2007.
http://www.latimes.com/business/la-fi-conserve15jun15,1,5877850,print.story
Group of Northeastern states continue on path to begin landmark greenhouse gas trading program by 2009.
"State agencies working to implement the Northeast’s Regional Greenhouse Gas Initiative (RGGI) are moving forward with the creation of a non-profit administrative organization to help coordinate creation of the landmark greenhouse gas trading program, according to state sources. While Northeast states had already agreed on principles to set up the organization in 2005, one state source says officials are now moving to formally incorporate the new non-profit sometime this summer. The source likens the development of the group to the creation of the Northeast States for Coordinated Air Use Management—a longstanding organization that has brought together state air agencies working together on air pollution issues. “It is the same basic idea,” the source says. States are embarking on a process to hire an executive director for the group, other state sources say.
www.carboncontrolnews.com
Higher prices and increased concern over global warming creating the perfect environment for fuel economy. "Tougher regulations are the centerpiece of energy legislation that the Senate began debating Monday. The bill, which is expected to draw bipartisan support, is the Democratic majority's first major legislative effort to address global warming and U.S. dependence on foreign oil.
"Achieving the increases in this bill is doable with present technology," said Sen. Dianne Feinstein (D-Calif.), one of the bill's chief sponsors. "And I believe it has a realistic chance to pass the United States Senate and hopefully be enacted into law."
http://www.latimes.com/news/nationworld/washingtondc/la-na-energy12jun12,1,5880230.story
The World Bank reported that 20 of the world's 30 most polluted cities are in China. While China has made promises to promote green energy, it has yet to be seen whether they can actually sustain both the economic development and remedy their environmental problems at the same time.
"As China's economy roars ahead, leaving Technicolor rivers and polluted skies in its wake, the world's most populous nation has struggled to craft environmental policies that will appease growing numbers of critics at home and abroad. Traditionally, many of the issues outlined in Friday's ominous United Nations report on climate change have been framed here, as elsewhere, as a trade-off between clean air and jobs. Yet it's also becoming increasingly evident that the division is not so clear-cut. Some studies estimate that pollution exacts a 7% to 10% cost on China's economy."
http://www.latimes.com/news/nationworld/world/la-fg-green8apr08,1,1672111.story
Chairman Dingell's remarks remind us that this isn't one energy source over another; everyone will have to work together in order to spread the wealth and environmental benefits.
"House Energy and Commerce Committee Chairman John Dingell (D-Mich.) said May 14 that he wants to begin drafting climate change legislation that will be signed into law before the end of the current congressional session. 'We are working to fashion an economywide cap-and-trade policy,' Dingell said in a speech to the Detroit Economic Club. Such a plan 'may be the most realistic way to reduce greenhouse gas emissions,' he said, noting that a carbon tax would face obstacles."
BNA Daily Report for Executives, May 15, 2007.
Not only will initiatives like Edison's save low-income homeowners millions of dollars in energy-related expenses each year, but it will also help educate those homeowners and future generations about the importance of energy conservation.
"Low-income families would get a chance to reduce their electric bills and help combat global warming if Southern California Edison Co. wins approval from state regulators to give away 6 million low-energy lightbulbs. The Rosemead-based electric company said Thursday that it was seeking permission from the California Public Utilities Commission to start a $22-million program to distribute six-packs of power-stingy compact fluorescent bulbs to 1 million homes across the Southland."
http://www.latimes.com/business/la-fi-edison13apr13,1,7997661.story?ctrack=3&cset=true
Firms are being pushed into recognizing the significance of climate change.
"In response to pressure from socially-conscious mutual-fund firm Calvert Funds, two insurance companies, Prudential Financial and Hartford Financial Services Group, have agreed to disclose to shareholders the potential financial risks they face from climate change and strategies for mitigating those risks...Calvert and other investors in the insurance industry argue it’s imperative for that sector in particular to brace itself for global warming."
http://blogs.wsj.com/energy/2007/04/10/insurers-agree-to-climate-change-disclosures/
The fight over the lucrative business of carbon trading is heating up between the Chicago Climate Exchange and NY Mercantile Exchange; watch to see if NYMEX can capitalize on its existing relationships.
"The New York Mercantile Exchange plans to offer contracts for trading carbon dioxide, the main greenhouse gas blamed for global warming, along with other heat-trapping emissions. The entry by Nymex Holdings Inc.'s exchange into the sector may herald the start of fierce competition among energy exchanges to serve a multibillion-dollar trading market for carbon-emission allowances."
The newly created climate registry is a first step in actually tracking and verifying greenhouse gas emissions; watch for more states to join.
"Thirty-one states, a Native American tribe, and two Canadian provinces have agreed to participate in the first-ever multi-state greenhouse gas emissions tracking system, the Climate Registry, the nonprofit organization created to run the program announced May 8. The newly formed Climate Registry will support voluntary, market-based, and regulatory greenhouse gas emissions programs that regional organizations and several states are developing. Modeled after California's Climate Action Registry, the registry will offer members a tool to measure, track, verify, and publicly report greenhouse gas emissions transparently and consistently across industry sectors and state borders, the organization said."
BNA Daily Report for Executives, May 9, 2007.
Like all politicians, Australian Prime Minister Howard is trying to find the balance between sound environmental policies and the potentially devastating job loss in the world's largest exporter of coal.
"Australia's conservative government is preparing a major advertising campaign on climate change as it tries to win back voter support ahead of looming elections, Prime Minister John Howard confirmed on Tuesday. Climate change is emerging as a key election issue after a seven-year drought across much of the country. Polls show up to 80 percent of voters are concerned about it."
http://www.washingtonpost.com/wp-dyn/content/article/2007/05/29/AR2007052900258.html
Some of the largest investment and banking powerhouses are jumping into the "green" game; more will shortly dive into the emerging market worth billions.
"JPMorgan, seeking to capitalize on the boom in environmentally friendly technologies, has established an alternative energy investment banking unit and hired a former executive from General Electric to run it...The moves comes as investment banks scramble to generate business from the growing number of companies that produce bio-fuels, wind power turbines, environmentally friendly waste management tools and other "green" products."
http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=FT&Date=20070523&ID=6948763
Hopefully the U.S. House of Representative's Appropriations Committee hasn't added yet another layer of bureaucracy to the Environmental Protection Agency.
"House appropriators are calling for EPA to administer millions of dollars in new funding for climate change adaptation programs, in a bill that would also create a scientific panel that would identify needed research on how to adjust to the effects of global warming...the bill would create a new temporary commission on adaptation and mitigation, which would last for two years and be chaired by the president of the National Academy of Sciences."
Carbon Control News, May 23, 2007. www.carboncontrolnews.com
Global climate change continues to impact business strategies, as:
"Citi today announced that it will direct $50 billion over the next 10 years to address global climate change through investments, financings and related activities to support the commercialization and growth of alternative energy and clean technology among the clients and markets it serves, as well as within its own businesses and operations. The $50 billion target is a realistic estimate based on market-based activities and transactions with clients as well as energy saving, “green” projects within Citi’s own operations."
A new White House strategy would expedite elimination of chlorofluorocarbons (CFCs) and hydrochlorofluorocarbons (HCFCs). On May 6th, the White House announced they are:
"...seeking an acceleration of deadlines in a long-standing international treaty on eliminating the use of ozone-depleting chemicals as a way to also reduce greenhouse gas emissions. The new White House strategy for speeding up the goals of the Montreal Protocol to address global warming is outlined in a new joint statement by the United States and Japan, a key ally in the Bush administration’s Asia-Pacific Partnership on Clean Development and Climate, which is seen by some industry officials as an alternative to the Kyoto Protocol. The statement was issued April 27 following a White House meeting between President Bush and Japanese Prime Minister Shinzo Abe."
Membership in USCAP continues to expand across all business sectors, showing increasing corporate support for a mandatory U.S. program to reduce carbon dioxide emissions that incluse a carbon trading program.
"The United States Climate Action Partnership (USCAP) announced today that it has doubled its membership to include new members American International Group (AIG), Alcan, Boston Scientific, ConocoPhillips, Deere & Company, The Dow Chemical Company, General Motors Corp., Johnson & Johnson, Marsh, PepsiCo, Shell and Siemens, along with The Nature Conservancy and the National Wildlife Federation.
The coalition, which continues to broaden and deepen its membership, brings together key sectors of the economy—from energy, transportation, agriculture and technology to telecommunications, infrastructure and financial services—with environmental and conservation leaders."
A report outlines an investment pathway to reducing global warming.
"The final report, from the Intergovernmental Panel on Climate Change, said prompt slowing of emissions could set the stage later in the century for stabilization of the concentration of carbon dioxide, which, at 380 parts per million now, has risen more than a third since the start of the industrial revolution and could easily double from the preindustrial level within decades.
The report, which awaits only formal adoption this afternoon, concluded that significant progress toward that goal could be made in the next 25 years with known technologies and policy shifts, but would still need to be followed by a century-long transition to new energy sources that come with no climate impacts."
The Bush Administration wants to create an federal panel to quantify benefits from terrestrial storage of carbon dioxide emissions.
"The Bush administration’s recently released Farm Bill proposes several measures for creating a future carbon dioxide (CO2) trading system, including a pollution credit reporting registry and a new federal panel to set uniform standards for measuring CO2 and other pollution that is naturally absorbed by crops and forest lands. The proposal is significant because it shows the Bush administration’s willingness to consider a cap-and-trade system for CO2 for agriculture, even though officials oppose a cap-and-trade system for industrial CO2 emissions."
A bipartisan bill would accelerate use of techniques to reduce greenhouse gas emissions.
"The Public Buildings Cost Reduction Act of 2007 (S. 992) was jointly sponsored by Sens. Barbara Boxer, the committee chairman, and James Inhofe, the committee's ranking Republican. S. 992 authorizes the General Services Administration to accelerate the use of energy-efficient heating and cooling systems and lights in the roughly 8,000 federal buildings it owns or leases across the country. In addition, it authorizes the Environmental Protection Agency to establish a $20 million grant program for fiscal years 2007 through 2012. This program would provide up to $1 million in matching grants to help counties and municipalities increase energy efficiency in their buildings with new techniques and green infrastructure."
Published by BNA, Inc. Daily Report for Business Executives - March 30, 2007 www.bna.com
Industry sees future in helping auto industry reduce greenhouse gas emissions.
"The industry’s climate change stance is laid out in a March 23 statement by the Aluminum Association, released after the group submitted what are likely to be similar comments to House Energy & Commerce Committee Chairman John Dingell (D-MI). The chairman had requested input from the aluminum industry and other major lobbying groups in Washington about what should be included in possible federal climate change legislation."
Published by BNA, Inc. Daily Report for Business Executives - March 30, 2007www.bna.com
Agreement would be another example of states taking climate change into their own hands.
"Sources say NEG/ECP may consider at its annual meeting June 25-26 adopting a resolution to pursue an economy-wide GHG-reduction program modeled after California’s AB 32, enacted in August 2006, which calls for regulations and market-based mechanisms to reduce GHG emissions in the state to 1990 levels by 2020. An official with the New England Governor’s Conference, which serves as the secretariat for the bi-national organization, declined to confirm or deny that the group will be considering such a move. “I’m not saying that’s not something that could occur, but we haven’t been told that – the governors and the premiers would decide the agenda,” the source says."
Published by BNA, Inc. Daily Report for Business Executives - March 30, 2007 www.bna.com
Since over 50 percent of the power in this country result from coal burning, carbon capture and sequestration is a critical component ot any new U.S. energy policy.
"New U.S. Department of Energy research released March 27 indicates very large capacity across the United States and Canada for storing carbon dioxide and other greenhouse gases produced at power plants and other stationary sources. The new Carbon Sequestration Atlas of the United States and Canada links more than 3.8 billion tons of annual carbon dioxide emissions from power plants and other stationary sources to more than 3,500 billion tons of potential underground storage capacity for captured gas. The data were presented by U.S. government officials during a three-day meeting of participants in a voluntary international climate change initiative aimed at boosting carbon capture and sequestration."
The U.S. Senate Foreign Relations Committee passed a bill that reverses a 1997 vote urging oppositon to the "Kyoto Protocol."
"The Senate Foreign Relations Committee approved by voice vote March 28 a "sense of the Senate" resolution urging President Bush to restart U.S. participation in international climate change negotiations aimed at curbing global greenhouse gas emissions. The panel reported the resolution (S. Res. 30) without debate as part of a larger package of nominations and other legislation, although two Republicans on the committee--Sens. Chuck Hagel (Neb.) and David Vitter (La.)--later requested that their votes on the climate resolution be recorded as "no" votes. The sense of the Senate resolution, introduced Jan. 16 by committee chairman Joseph Biden (D-Del.) and Richard Lugar (R-Ind.), would not be binding on the Bush administration, and the two senators have pushed similar resolutions through the committee in years past only to see them die without a floor vote."
http://biden.senate.gov/newsroom/details.cfm?id=271493&&
A diverse group of industry stakeholders gather to discuss cap-and-trade system, since it is one of only a few options for an economy-wide solution to global warmind.
"Regional and national carbon dioxide emissions trading programs must be compatible and, ultimately, linked in order to provide the global market power needed to curb the heat-trapping gases associated with climate change, according to economists and policy experts speaking at a University of California, Berkeley, conference. The pluses and minuses of cap-and-trade programs for greenhouse gas emissions took center stage at the Feb. 22-23 event that attracted more than 350 international law, business, and policy practitioners to Berkeley's Boalt Hall School of Law."
BNA, Inc. Daily Report for Executives, March 2, 2007 - http://www.bna.com/
As U.S., lawmakers seek option to stop global warming, industry trade groups are willing to compromise to essentially guarantee being left behind.
"Seeking to shape legislation before Congress, three major energy trade associations have shifted their stances and decided to back mandatory federal curbs on carbon dioxide and other man-made emissions that could accelerate climate change. The shift by the groups, which include the Edison Electric Institute and the American Gas Association, underscores their belief that Congress is in a mood to pass some form of mandatory emissions controls, perhaps before the next election in 2008. "We want to be at the table" during the debate, said Paul Wilkinson, a vice president of the American Gas Association, which represents 200 utilities that distribute natural gas throughout the U.S."
A leading lawmaker from the U.S. House of Representatives warns the U.S. auto industry to prepare to help fight against the threat of climate change.
"[U.S. House Committee Chairman John] Dingell is calling the automotive heavyweights to Washington as he is working to fashion a compromise to President Bush's call to increase fuel economy by 4 percent annually, which would reduce vehicle emissions that have been linked to global warming. Dingell's goal is a bill to cut greenhouse gas emissions that automakers can support. The hearing will mark the first time in recent years that automakers' top executives have been called to Congress as a group to testify about climate change and their opposition to dramatic increases in fuel economy rules."
http://www.detroitnews.com/apps/pbcs.dll/article?AID=/20070228/AUTO01/702280373/1148
According to one leading scientist, sequestering CO2 emissions should be a requirement for new plants.
"NASA climate scientist James Hansen Feb. 26 said Congress needs to block construction of any new U.S. coal plants that do not capture and store their carbon dioxide emissions because allowing the plants to go forward will put the world on an irreversible path to higher temperatures and rising sea levels. 'First of all, there should be a moratorium on building any more coal-fired power plants until we have the technology to capture and sequester [carbon dioxide],' Hansen said. Such technologies, he said, are roughly five to 10 years away from being widely available to industry."
BNA Daily Report for Executives, Feb. 27, 2007 - www.bna.com
Investers are eyeing opportunities as climate change continues to be the hot topic.
"Wall Street's savviest analysts are devising ways to cash in on crazy weather, just as they did in response to the profound changes brought on by the dawn of the digital age, globalization and the graying of America. Discussions about what interest rates mean for stocks are giving way to chatter about what a 1-degree rise each year in temperature would do to profits at businesses ranging from carmakers to solar companies. Global warming has emerged as a major market-moving force that represents a generational shift likely to influence how people invest for decades. The world's biggest financial services firms are investing massive amounts of time and brainpower trying to pinpoint what stocks and sectors will benefit -- and be hurt -- by changes in Earth's weather patterns."
http://www.usatoday.com/money/markets/us/2007-02-27-global-warming-usat_x.htm
The Supreme Court's decision today marked what could likely be the opening of the lawsuit floodgates.
"The Supreme Court ordered the federal government on Monday to take a fresh look at regulating carbon dioxide emissions from cars, a rebuke to Bush administration policy on global warming. In a 5-4 decision, the court said the Clean Air Act gives the Environmental Protection Agency the authority to regulate emissions of carbon dioxide and other greenhouse gases from cars."
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