EDF Supports Senate Efforts To Encourage Reduction Of Greenhouse Gases

The Environmental Defense Fund (EDF) today indicated its support for the efforts of Sen. Chafee, Lieberman, and Mack to move forward on legislation that would provide credits to companies that take early steps to reduce their overall emissions of domestic greenhouse gases. The Credit For Voluntary Early Action Bill (S. 2617) was introduced last year and it is expected that a version will be reintroduced this session.

“Senators Chafee, Lieberman and Mack showed true leadership and a willingness to work together in introducing this bill. We believe the bill to be a good starting place from which final legislation can be enacted that will provide the environmental benefits we seek,” said EDF legislative director Steve Cochran. “We encourage other Senators to join with them as co- sponsors of the bill.”

Sen. Chafee, (R-RI), chairs the Senate Committee on Environment and Public Works. Sen. Lieberman, (D-CT), serves on Environment and Public Works, and is Deputy Minority Whip, and Sen. Mack, (R-FL), chairs the Senate Republican Conference, and is Vice Chair of the Joint Economic Committee.

The proposed legislation would award credit to companies taking voluntary steps to reduce their overall domestic greenhouse gas emissions prior to the introduction of any mandatory domestic greenhouse gas regulatory requirements. These credits either could be saved for use in meeting future domestic emissions reduction requirements, or sold to other companies that might need them to help manage their own reduction schedule. The legislation would also provide strong incentives for American companies to move quickly on developing innovative technologies that can begin to slow the rate of buildup of greenhouse gases in the atmosphere.