Washington, DC—Environment America applauded new
legislation to address global warming unveiled today by Representative Ed
Markey, Chairman of the House Select Committee on Energy Independence and
Global Warming and a senior member of the House Energy and Commerce Committee. The “Investing
in Climate Action and Protection Act” (iCAP Act) is a detailed bill that would
reduce global warming emissions in line with the latest science while
protecting American consumers and building a clean energy economy.
“Global
warming is one of our greatest challenges, and this bill is up to the task. By adopting a fair and efficient approach, this
bill will achieve greater reductions in global warming pollution and at lower
cost to society than other proposals currently being considered. It is smart for the environment, smart for
consumers, and smart for our future,” said Environment America Federal Global
Warming Program Director Emily Figdor.
The iCAP
Act’s cap-auction-and-trade program would reduce global warming emissions to
2005 levels by 2012, to 20 percent below 2005 levels by 2020, and to 85 percent
below 2005 levels by 2050. Last year,
the U.N. Intergovernmental Panel on Climate Change warned that if we don’t act
quickly and boldly to reduce our emissions of global warming pollution, the
United States and the world risk devastating damage to our environment, natural
resources, and economy.
The iCAP
Act would begin by auctioning 94 percent of the pollution allowances in 2012
and transition to a 100 percent auction in 2020. The 6 percent of
allowances not initially auctioned would be distributed to U.S. industries
that are energy-intensive and exposed to international trade competition, such
as iron, steel, aluminum, cement, bulk glass, and paper.
“This
bill shows that we can tackle global warming and make our lives better at the
same time. By mobilizing American
ingenuity and resources, we can liberate America from its dependence on
fossil fuels, reduce pollution and threats to our health, create new economic
opportunities, and bring new life to cities and small towns alike. We applaud Chairman Markey for this visionary
bill,” said Figdor.
The iCAP Act would return more than half of the
proceeds of the auction to low- and middle-income households to help compensate for any increase in energy costs as a result of the
legislation. It would invest the
remaining auction proceeds in energy efficiency and other programs that will
reduce the costs of the policy and in clean renewable energy, like wind and
solar power, creating jobs and spurring the transition to a clean energy
economy.
In addition to its cap-auction-and-trade program,
the iCAP Act also would establish performance standards for power plants, which
are the largest source of U.S.
global warming emissions.
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Environment America, a federation of state environment
groups, is the new home for U.S.
PIRG’s environmental work.
