By: Trang Do
WASHINGTON -- It seems everyone on Capitol Hill has a solution to curbing global warming these days.
More than 125 bills, resolutions and amendments related to global
warming and greenhouse gas emissions have been introduced in Congress
so far this year, compared to just 106 in the previous two-year session
of Congress, reports the Pew Center on Global Climate Change.
The newest of those bills, introduced Tuesday, is the brainchild of
Sens. Lindsey Graham, R-S.C., Mary Landrieu, D-La., Blanche Lincoln,
D-Ark., John Warner, R-Va., and Duke University's Nicholas Institute
for Environmental Policy Solutions.
The institute's director, Timothy Profeta, spoke at a Senate committee
on behalf of the bill, which focuses on controlling the economic impact
that future anti-pollution laws may have on businesses and consumers.
"If we are going to succeed with reducing U.S. greenhouse gas
emissions, we have to understand the major economic responsibility and
opportunity we have here," Profeta said. "This proposal aids the
economy while securing the environmental goal."
The bill is designed to work in tandem with the "cap and trade" system
-- a major component of many of the global warming bills under review
by Congress.‰?
The "cap" is a limit on the amount of greenhouse gases that can be
emitted nationwide in a given year. If a company were to emit fewer
pollutants than its allowance for the year, it could sell its leftover
credits to other companies that have exceeded their share, creating the
"trade" aspect of the system.
The bipartisan Senate bill offered Tuesday would go a step farther,
permitting companies to borrow from future years -- using their own
pool of credits. The idea is to provide protection in the event energy
prices exploded due to low-supply and high-demand.
Duke's Profeta said such a system would encourage technological
innovation in the potentially lucrative emissions reduction industry,
as companies would be able to profit from lowering the amount of carbon
dioxide they release each year.
Sen. James Inhofe, R-Okla., has been a vocal critic of the proposed
"cap and trade." Inhofe said the system would cause "volatility" in
energy prices that trickle down to the consumer.
Quoting a Chinese environmental official, Inhofe said, "You cannot tell
people who are struggling to earn enough to eat that they need to
reduce their emissions."
Sen. Barbara Boxer, D-Calif., chairwoman of the Environment and Public
Works Committee, said that all global warming bills will be considered
by the panel after Labor Day, when Congress returns from its summer
recess.
