Washington, DC (January 17, 2007)- Six major energy companies announced their endorsement of legislation sponsored by Senators Dianne Feinstein (D-CA) and Tom Carper (D-DE) to establish a national program to reduce greenhouse gas emissions from the electricity sector. The companies supporting the bill are Calpine, Entergy, Exelon, Florida Power & Light, PG&E Corp. and Public Service Enterprise Group. They are members of the Clean Energy Group, which has advocated for a carbon cap in the past.
The Electric Utility Cap-and-Trade Act would establish a national “cap-and-trade” system that would first cap, and then ratchet down electricity sector greenhouse gas emissions by 25 percent below projected levels by 2020.
“A scientific consensus has been forged: global warming is real. It’s happening. It can’t be stopped. But if we act now, and if we act with purpose, the most serious consequences can be averted,” Senator Feinstein said. “And this is the first time major industry groups have endorsed a cap-and-trade bill which establishes emissions reductions as deep and aggressive as this bill.”
“But this is just one piece of the puzzle. It is one of five bills that I will be introducing over the coming weeks and months to address the root causes of global warming. The other bills will include:
A “cap-and-trade” bill for the industrial sector; A bill that increases fuel economy standards by 10 miles per gallon over the next 10 years; A bill to promote bio-diesel and E-85, and other low carbon fuels; and An energy efficiency bill modeled after California’s programs. The bottom line is this: the time to act is now. If we fail to act, and temperatures spike by 5 degrees or more, the world around us will change forever. There’s no going back,” Senator Feinstein said.
Environment and Energy Daily
U.S. Senator Dianne Feinstein