CEO’s ASK BUSH TO BACK CLIMATE PROTECTION

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CEO’s ASK BUSH TO BACK CLIMATE PROTECTION

 user 2007-01-23 at 10:06:00 am Views: 55
  • #17164

    CEOs Ask Bush to Back Climate Protection
    WASHINGTON
    (Jan. 07) – The chief executives of 10 major corporations, on the eve
    of the State of the Union address, urged President Bush on Monday to
    support mandatory reductions in climate-changing pollution and
    establish reductions targets.”We can and must take prompt action to
    establish a coordinated, economy-wide market-driven approach to climate
    protection,” the executives from a broad range of industries said in a
    letter to the president.Bush, who in the past has rejected mandatory
    controls on carbon dioxide and other “greenhouse” gases, was expected
    to address climate change in his State of the Union speech Tuesday
    night, but has repeatedly argued that voluntary efforts are the best
    approach.Major industry groups such as the Chamber of Commerce and
    National Association of Manufacturers continue to oppose so-called “cap
    and trade” proposals to cut climate changing pollution, mainly carbon
    dioxide from burning fossil fuels.But the 10 executives, representing
    major utilities, aluminum and chemical companies and financial
    institutions, said mandatory reductions are needed and that “the
    cornerstone of this approach” should be a cap-and-trade system.The
    officials, expected to elaborate on their plan at a news conference
    later Monday, include the chief executives Alcoa  Inc., PB America
    Inc., DuPont Co., Caterpillar  Inc., General Electric  Co., and Duke
    Energy  Corp.In the letter they urged Congress to enact legislation “to
    significantly reduce greenhouse gas emissions.”Asked about this issue
    at his daily news briefing Monday, White House press secretary Tony
    Snow told reporters that “there’s been some talk about, sort of,
    binding of economy-wide carbon caps in the speech, but they are not
    part of the president’s proposal.”The first days of the new
    Democratically controlled Congress has seen a rush of legislation
    introduced to address climate change, all of which have some variation
    of a cap-and-trade approach to dealing with climate change.Among those
    pushing cap-and-trade climate bills are two leading presidential
    aspirants, Sens. Obama, D-Ill. and John McCain, R-Ariz.Essentially such
    a mechanisms would have mandatory limits of greenhouse gas emissions,
    but would allow companies to trade emission credits to reduce the cost.
    Companies that can’t meet the cap could purchase credits from those
    that exceed them or in some case from a government auction.Also signing
    the letter to Bush were the executives of Lehman Brothers, PG&E 
    Corp., PNM Resources, FPL Group  and four leading environmental
    organizations.