Leading Companies Call For Bold Action on Global Warming

Contact: Steve Cochran, 202-387-3500

WASHINGTON (January 22, 2007) - A coalition of major corporations and environmental groups today announced an agreement to support bold action on global warming, including an aggressive, market-based cap on carbon emissions. The companies, including GE, DuPont and Caterpillar, joined with Environmental Defense and several other groups to brief congressional leaders on the plan this morning.

“This is a game changer for action on global warming,” said Environmental Defense President Fred Krupp, one of those who originated the corporate-environmental group discussions. “These negotiations weren’t easy – we all had strong points of view on the specifics – yet there was a real sense that we were doing something that could be historic.”

Krupp stressed the importance of involving business not only to increase pressure on Congress, but ensure that any plan for fixing climate change was also a boost for the US economy. “We chose a cap and trade approach because it guarantees the emissions cuts we need, while it unleashes cash and creativity from the private sector. This plan is a jobs winner as well as an environmental winner.”

The group proposed a cap and trade system to cut greenhouse gas emissions 60% to 80% from current levels by 2050, with interim targets at 5, 10, and 15 years.

Environmental Defense, long an advocate for aggressive action to deal with climate change, is also known for its corporate environmental partnerships. Past deals, involving agreements to improve corporate practices, have included companies like McDonalds, FedEx, and DuPont. Today’s announcement, though, was an unprecedented effort on national policy. “This is the first time big business has come forward to support major environmental legislation. These CEOs understand the danger if we let climate change go unchecked – as well the huge upside economic opportunity of taking action.”

The CEOs and environmental leaders promised a strong effort to convince Congress to quickly pass mandatory limits on carbon emissions and with a robust trading system. Polls have shown a strong majority of Americans — including a majority of Democrats, Republicans, and Independents — favor such a plan. (Ayers, McHenry, July 2006)

List of Companies: Alcoa, BP America, Caterpillar, Duke Energy, DuPont, Florida Power & Light, GE, Lehman Brothers, PG&E Corporation, PNM.