Climate Vote 2007: Why Now, Why Cap and Trade?

Today's post is by Elizabeth Thompson, legislative director.

Climate Vote 2007

 

This is part of a series on the work of the Environmental Defense Action Fund to enact an effective climate law. You can help by writing to Congress.

As we launch our campaign to demand a vote on a national global warming cap and trade bill this year, some may ask why now? And why cap and trade?

Both good questions. Here's why.

First, scientists tell us that even if we cut global warming emissions to zero tomorrow, there is enough carbon dioxide pollution accumulated in the atmosphere to increase global temperatures for decades to come. Every additional ton of carbon we emit accelerates this warming trend.

To stave off runaway, catastrophic global warming, scientists tell us that we must stabilize the concentration of carbon dioxide pollution in the earth's atmosphere at or below 450 parts per million. To reach this target, America needs to cut its CO2 pollution around 80 percent by 2050.

That's an average of 2 percent reduction per year if we start now.

However, even after Congress passes a global warming cap and the president signs it into law, it will take another couple years to develop and implement procedures to effectively administer the law.

So, it will be 2010 at the earliest before we begin achieving real emissions cuts, even if we pass a law tomorrow.

The longer we delay, the deeper we have to cut to hit our 80 percent reduction target by 2050.

Which brings us to the second question, why cap and trade? Simply put, cap and trade offers the best chance we have to cut emissions quickly and economically. It sets the hard cap but then encourages companies to develop new technologies and efficiencies to cut emissions. (Here's a more detailed description of how it works.)

The key advantage to cap and trade is that the more a company reduces its emissions, the more money it can either make or save. Across the whole economy, the most efficient ways to cut pollution will be put into practice most widely, most quickly.

Most importantly, a cap is the only system that guarantees the emissions reductions that scientists say we need. Other approaches guess at what will cause the necessary cuts, a cap mandates it.

Scientists have described the urgency. Cap and trade is the most viable and effective solution. It's up to us to keep the pressure on for real action this year.