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~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Brought to you by the Environmental and Energy Study Institute
The Senate Environment and Public Works subcommittee met November 1 for markup of “America’s Climate Security Act,” S.2191, a bill introduced by Senators John Warner (R-VA) and Joe Lieberman (I-CT) to reduce greenhouse gas (GHG) emissions through a cap-and-trade program. A manager’s amendment was approved, which added restrictions for GHG emissions from natural gas supplied to residential and commercial buildings, as well as a provision for a mandatory EPA review at least every 5 years to ensure emission levels are meeting recommendations from the National Academy of Sciences. Senators Bernie Sanders (I-VT) and John Barrasso (D-WY) each filed several amendments to the bill, with only two being approved by the subcommittee. Those adopted in the bill included an amendment proposed by Senator Sanders to define advanced technology vehicles eligible for auction revenue as vehicles capable of 35 miles per gallon fuel economy. Additionally, an amendment proposed by Senator Barrasso to define “lower rank” coal to be that which produces not more than 9,000 BTU per pound and allow it access to auction revenue, was also adopted. The subcommittee voted 4-3 to pass the bill and send it to the full committee. Senator Barbara Boxer (D-CA), Chairman of the Senate Committee on Environment and Public Works, said, "With passage of the Lieberman-Warner bill through the Senate Environment and Public Works Subcommittee we are finally on our way toward preventing the ravages of unfettered global warming—We must act now on behalf of the American people and on behalf of our beautiful God-given planet. It is our responsibility." Click on the following links for more information:
Senate Hearing Looks at Financial Risks of Climate Disclosure On October 31, the Senate held a hearing to look at the financial risks and opportunities posed by climate risk disclosure. Chairman of the Securities, Insurance, and Investment subcommittee Jack Reed (D-RI) began the hearing by noting that while many businesses regard climate change as posing both a commercial risk and an important business opportunity, climate risk disclosure is very rare. “Markets work best when they have accurate information,” Sen. Reed stated. “Informational transparency is therefore vitally important if financial markets are to price climate risks and opportunities efficiently.” Among the witnesses was Russell Read, the Chief Investment Officer of California Public Employees’ Retirement System, which manages more than $250 billion in investments for California’s state employees. He and other witnesses emphasized the need for the Securities and Exchange Commission to use its authority to require climate risk disclosures. “We cannot assess companies’ financial viability unless we know their potential exposure to climate change-related risks and potential benefits,” Mr. Read said. Click on the following links for more information:
California wildfires released nearly 8 million metric tons of carbon dioxide (CO2) into the atmosphere in a week, the equivalent of about 25 percent of the average monthly emissions from all fossil fuel burning throughout California. A study conducted by Christine Wiedinmyer of the National Center for Atmospheric Research and Jason Neff of the University of Colorado and published in the online journal Carbon Balance and Management estimates that fires in the contiguous United States and Alaska release about 290 million metric tons of carbon dioxide a year, equivalent to 4 to 6 percent of U.S. emissions from the burning of fossil fuels like coal and oil. The estimates carry a 50 percent margin of error, which means US wildfires emission are equivalent to between 2 and 8 percent of emissions from fossil fuel burning. Click on the following links for more information:
NY Mayor Bloomberg Calls for Tax on Carbon Emissions One hundred of the nation’s mayors convened November 1-2 in Seattle to participate in the 2007 Mayors Climate Protection Summit. This summit was the largest-ever gathering of American mayors on climate issues, an event sponsored by the United States Conference of Mayors and hosted by Seattle Mayor Greg Nickels. At the conference New York Mayor Michael Bloomberg proposed a national carbon tax as a way to limit greenhouse gases and reduce global warming. Bloomberg said revenue from a carbon tax could be used to reduce the payroll tax and invest in green research, and that taxing carbon at the source would be better than a carbon-trading system, which he said would be inefficient and open to abuse. Click on the following links for more information: Religious Groups Weigh In On Climate Change Legislation On October 31, top faith leaders from the US Catholic Conference of Bishops, the National Association of Evangelicals, the National Council of Churches, and the Union of Reform Judaism emphasized the need for US funding of adaptation efforts in the world's poorest countries, which emit relatively little carbon dioxide but may be hardest hit by global warming because of their locale and lack of infrastructure and money. The group said it will seek to have 40 percent of the emissions-related revenues from climate change legislation directed to help such people. The current Lieberman-Warner Senate climate change bill (S. 2191) calls for a 5 percent allocation for such purposes. "While not all of us agree on much," said the Rev. Michael Livingston, president of the National Council of Churches, "we do agree on the need to protect God's creation. It has become clear that global warming will have devastating impact on those in poverty around the world." Click on the following links for more information: CBO Provides Testimony on Approaches to Reducing CO2 Emissions On November 1, the House Committee on Budget heard testimony on climate change in a hearing entitled "Counting the Change: Accounting for the Fiscal Impacts of Controlling Carbon Emissions." Dr. Peter Orszag, Director of the Congressional Budget Office (CBO), said that global climate change is one of the nation’s most significant long-term policy challenges and that "The risk of potentially catastrophic damage from climate change can justify taking action to reduce that risk in much the same way that the hazards we all face as individuals motivate us to buy insurance." Orszag said, "Although both a tax on emissions and a cap-and-trade system use the power of markets to achieve their desired results, a tax is generally the more efficient approach." Much of Orzag's testimony focused on "cap-and-trade" policy, including distribution of emissions allowances and associated revenues, the effect of a "safety valve," and the budgetary treatment of a federal cap-and-trade system for CO2 emissions. Testimony was also heard from the Center on Budget and Policy Priorities, the Natural Resources Defense Council and CRA International. Click on the following links for more information:
On October 31, the Pennsylvania House approved the Pennsylvania Greenhouse Gas Reduction Act (H.B. 110) that would require an inventory of heat trapping emissions and development of a statewide tracking and reduction plan. The bill had bipartisan support, passing on a vote of 182-15. The Act will require Pennsylvania to conduct an inventory of the sources and amounts of global warming pollution, set up a registry that will allow businesses and industries to track their emissions and get credit when they reduce their pollution, create a stakeholder group to advise the Department of Environmental Protection (DEP) about the implementation of the Act and charge DEP with developing a state plan to reduce emissions of heat-trapping gasses. “Legislators from both sides of the aisle clearly get it about global warming,” said John Hanger, Citizens for Pennsylvania’s Future (PennFuture) President and CEO. “They understand that global warming poses a threat to our economy and our future if we don’t take action, and they also understand that solving the problem will help grow the green economy and create new jobs.” The Senate version of the legislation (S.B. 266) has been approved by the Environmental Resources and Energy Committee. Click on the following links for more information:
On October 22, the InterAcademy Council, whose 15 members include the national science academies of the United States, Britain, France, Germany, Brazil, China and India, published a report finding that energy poses one of the greatest threats facing humanity this century and highlighting the peril of oil wars and climate change driven by dependence on fossil fuels. The report, "Lighting the Way: Toward a Sustainable Energy Future," urges nations to shift swiftly away from coal and other fuels that are the main source of greenhouse gases and to provide new energy options for the two billion people who still mostly cook in the dark on wood or dung fires. "Overwhelming scientific evidence shows that current energy trends are unsustainable," the report said. "The substantial expansion of coal capacity that is now under way around the world may pose the single greatest challenge to future efforts aimed at stabilizing carbon dioxide (CO2) levels in the atmosphere." The report lays out the science, technology and policy roadmap for developing energy resources to drive economic growth in both industrialized and developing countries while also securing climate protection and global development goals, and concludes that the general public must be provided with sound information about the choices ahead and the actions required for achieving a sustainable energy future. Click on the following links for more information: UN Agency Urges Tackling Climate Change On October 25, the UN Environment Program (UNEP) said the international community must respond more quickly to climate change, species extinction, dwindling supplies of fresh water and other threats to the Earth. Prepared by 390 experts over five years, the UN says the study is its most comprehensive ever on the environment. It comes 20 years after a commission headed by former Norwegian Prime Minister Gro Harlem Brundtland published "Our Common Future," a landmark report calling for sustainable development. “The human population is now so large that the amount of resources needed to sustain it exceeds what is available at current consumption patterns,” Achim Steiner, the executive director of the Environment Program, said. "The bill we hand on to our children may prove impossible to pay." On climate change, the study says the need to combat increasing temperatures and sea levels is a "global priority" requiring "large" reductions in greenhouse gases by mid-century. Click on the following links for more information:
California's Air Resources Board (ARB) adopted six new rules on October 25 aimed at reducing greenhouse gases and helping the state meet its goal of cutting emissions 25 percent by 2020. As reported by the San Francisco Chronicle, among the measures is a requirement that big rigs improve fuel efficiency by reducing aerodynamic drag. Ships docked at the state's sea ports will also be required to shut off their auxiliary diesel engines and plug into shoreside electrical outlets. Computer manufacturers will be made to reduce the use of perfluorcarbons. Propellants in consumer aerosol products will be regulated, as well as sulfur hexafluoride, which is used to make aluminum. Oil-change technicians will be required to check tire pressure as part of the service. Click on the following links for more information: Recent EESI Briefings October 31, 2007 Opportunities for Bioenergy Production in Every State November 1, 2007 Can States Meet the Proposed 15% National Renewable Portfolio Standard? EVENTS November 11-14, 2007 Energy Efficiency Global Forum and Exposition The Energy Efficiency Global Forum and Exposition will provide information on how energy efficiency can have a positive impact on every end-use sector, including transportation, the built environment, electricity generation, and more. This conference is being held in Washington, D.C. to demonstrate to policymakers that energy efficiency is the cheapest, quickest, and cleanest resource for meeting the world’s ever-increasing demand for energy. For more information see: http://eeglobalforum.org/ Quick Links * SUBSCRIBE to our newsletters and other products * ARCHIVE: Past issues of the newsletter are posted on our website under "publications" * SUPPORT EESI: This newsletter and EESI's other valuable work in energy, climate change, agriculture, transportation and smart growth are made possible through financial support from people like you. Please donate now. Fredric Beck This EESI publication is a free, weekly electronic newsletter intended to inform interested parties, particularly the policymaker community, of the latest climate change-related news. Permission for reproduction of this newsletter is granted provided that EESI is properly acknowledged as the source. The Environmental and Energy Study Institute is a non-profit organization established in 1984 by a bipartisan, bicameral group of members of Congress to provide timely information on energy and environmental policy issues to policymakers and stakeholders and develop innovative policy solutions that set us on a cleaner, more secure and sustainable energy path. |
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