Exciting news in the world of climate policy.. a proposal that’s not only progressive and practical, it’s possible!
You’ve likely heard a bit lately about carbon caps and carbon trading. These programs set overall authorized caps on emissions and allow the buying and selling of emissions credits. While Europe has been at this for a while, there’s talk of establishing a US equivalent to place value on CO2 and other carbon pollutants. Senators Mary Landrieu (D-La.), Lindsey Graham (R-S.C.), Blanche Lincoln (D-Ark.) and John Warner (R-Va.) have put together a bill in consultation with the Nicholas Institute for Environmental Policy Solutions on cost-containment for the carbon market and the proposal rolled out on Tuesday. Why be excited? It addresses cost concerns while maintaining the integrity of the emissions cap and allows the US market to link up with international cap-and-trade programs. It also establishes a Carbon Market Efficiency Board with oversight which would operate similarly to the Federal Reserve.
“This is an historical and pivotal moment in American history and I think if we do the right thing, we can not only save this planet, we can be a model for China and for India, we can create jobs as we help transform their economies, we can create jobs in our own nation, we can do it, if we have the political will.”
Senator Bernie Sanders (I-Vt.) July 24, 2007
To get a real feel for what the bill will imply, watch the full hearing HERE. I highly recommend viewing the entire webcast – it’s interesting, informative and gives me reason to believe, like Bob Dylan, For the times they are a-changin’.