EDF Applauds Bipartisan Breakthrough in Climate Policy

The Environmental Defense Fund (EDF) today praised the introduction, by a bipartisan group of Senators, of the Credit for Voluntary Reductions Act of 1999. EDF urged Congress to enact legislation this year that would provide credit to companies and communities that reduce emissions of the greenhouse gases that cause climate change.

Co-sponsors of the bill include Senators John Chafee (R-RI), Chairman of the Environment and Public Works Committee; Joe Lieberman (D-CT), Chairman of the Democratic Leadership Council; Connie Mack (R-FL), Chairman, Senate Republican Conference; Joe Biden (D-DE); Max Baucus (D-MT); Susan Collins (R-ME); Jim Jeffords (R-VT); Daniel Patrick Moynihan (D-NY); Harry Reid (D-NV); John Warner (R-VA); and Ron Wyden (D-OR).

“While political change is slow, the buildup of greenhouse gases in the atmosphere isn’t,” said Fred Krupp, EDF’s executive director. “These Senators have provided the much-needed bipartisan breakthrough which can jump-start emissions reductions. We commend the co-sponsors for their efforts, and fully expect that the bill will be clarified and improved to guarantee maximum participation and maximum reductions.”

The proposed legislation would award credit to companies and communities that take voluntary steps to reduce their overall domestic greenhouse gas emissions below specified levels prior to the introduction of any mandatory domestic greenhouse gas regulatory requirements. These credits could be saved for use in meeting future domestic emissions reduction requirements, or purchased by others that might need them to help manage their own reduction obligations. The legislation would also provide strong incentives for innovative American companies and could boost the $300 billion global environmental technologies market.

EDF developed the credit for early action approach and began advocating it over two years ago. “Just as economic debt accumulates interest, the accumulation of greenhouse pollution, with its long-lasting capacity to heat the Earth, could produce a staggering environmental debt in coming decades,” said EDF senior attorney Joe Goffman. “The longer we postpone action to cut greenhouse gases, the higher the costs will be of solving this problem in the future.”