Nat Keohane and I have been participating in the "Carbon Tax vs. Cap-and-Trade" debate over on Bulletin of the Atomic Scientists. From Round 3, which addresses the international aspects:

A cap-and-trade system allows for the creation of a global carbon market. Such a market would provide the mechanisms and flexibility necessary to achieve the environmental goals at the lowest cost and the incentives for other countries to join. A tax does neither, while requiring much more harmonization across countries.

This post is by Gernot Wagner, Ph.D., an economist in the Climate and Air program at Environmental Defense Fund.

A call for change — no, not by Barack Obama, by Al Gore.

Gore co-authored a call for Sustainable Capitalism in today's Wall Street Journal:

At this moment, we are faced with the convergence of three interrelated crises: economic recession, energy insecurity and the overarching climate crisis. Solving any one of these challenges requires addressing all three.

The op-ed concludes that:

Today, the sustainability challenges the planet faces are extraordinary and completely unprecedented. Business and the capital markets are best positioned to address these issues.

...as long as the incentives are correct:

We...need to internalize externalities — starting with a price on carbon. The longer we delay the internalization of this obviously material cost, the greater risk the economy faces from investing in high carbon content, "sub-prime" assets. Such investments ignore the reality of the climate crisis and its consequences for business.

This post is by Gernot Wagner, Ph.D., an economist in the Climate and Air program at Environmental Defense Fund, and originally appeared on the Environmental Economics blog.

What has the federal government done over the last eight years to stop global warming? Sadly, not much, despite numerous, dire warnings. Our new interactive timeline gives an at-a-glance overview of the scientific reports, lost policy opportunities, and environmental impacts over the last eight years. Click the forward and backward arrows to move through time, and click on a color-coded event box to learn more about it.

Besides giving a succinct summary of the last eight years, the timeline is fun to click around - lots of interesting information all in one place. And it makes it very clear what we need to do when the new administration comes in. There's no time to waste.

This post is by Sheryl Canter, an online writer and editorial manager at Environmental Defense Fund.

The Regional Greenhouse Gas Initiative (RGGI) is an agreement among 10 Northeastern and Mid-Atlantic states to reduce global warming pollution from power plants by means of a cap-and-trade system. In cap-and-trade, global warming pollution is limited to an agreed-upon cap that declines over time. The governing authority issues "permits" - also called "allowances" - corresponding to the cap, with one allowance equal to a ton of CO₂ or its equivalent in greenhouse gases. Companies must have allowances for any global warming pollution they emit.

The RGGI auction of allowances is today, and was opened by New York Governor David Paterson. The Washington Post said in an editorial, "We hope that it serves as a reminder to Washington of what can be accomplished when vision and leadership are exercised." We agree! From EDF president Fred Krupp:

The launch of America's first carbon market is proof positive that the U.S. can and will take bold steps to combat climate change.

This post is by Sheryl Canter, an online writer and editorial manager at Environmental Defense Fund.

This post is by Sheryl Canter, an online writer and editorial manager at Environmental Defense Fund.

This week, seven U.S. governors and four Canadian premiers - partners in the fast-growing Western Climate Initiative (WCI) - released a draft design for what would be the largest cap-and-trade market for global warming pollution in North America. The outcome of many public workshops, the draft caps emissions for utilities and industry by 2012, and adds caps for residential, commercial and transportation sources by 2015.

WCI will present the draft at a stakeholder workshop and webinar in San Diego next week. Environmental Defense Fund experts Derek Walker, Jamie Fine and Martha Roberts will be there to speak in favor of a firm, binding emissions limit that declines over time, strict standards for offsets, and to remind participants of the economic benefits of action.

This post is by Sheryl Canter, an online writer and editorial manager at Environmental Defense Fund.

People tend to do things the way they've always done unless something forces them to change - even if the new way is better and cheaper. So Hawaii has taken action to spur people along. From an article in the L.A. Times:

California last year passed legislation offering homeowners and businesses $250 million in incentives to install 200,000 solar water systems over the next 10 years.

But Hawaii Thursday took far bolder action, becoming the first state in the nation to require all new homes built after January 1, 2010 to be equipped with solar or other energy-efficient hot water systems.

The article goes on to say that Hawaii's switch to solar hot water will save homeowners money, and prevent the emission of more than 10,000 tons of greenhouse gases per year.

This post is by Carol Andress, who manages outreach to the U.S. House of Representatives at Environmental Defense Fund.

Two new cap-and-trade bills were introduced in the House in June:

• Investing in Climate Action & Protection Act (Markey, D-MA, H.R. 6186)
• Climate MATTERS Act (Doggett/Blumenauer/Van Hollen, H.R. 6316)

They aren't the first cap-and-trade bills to be introduced in this Congress, but they bring the discussion to a new level.

Read more »

This post is by Sheryl Canter, an online writer and editorial manager at Environmental Defense Fund.

Our media director, Tony Kreindler, posted a brief post-mortem analysis on Grist that raises an interesting point. He says:

But there's another important part of progress that's less obvious, what a colleague of mine calls "clearing the underbrush" - many in Congress don't focus on the finer details of legislation until it is set for a vote.

In the past few weeks, Senate offices that never before explored the weeds of climate policy took a very deep dive.

The raw numbers bode well for action in the next Congress. But the process itself can't be overlooked, and we won't get quick action in 2009 unless senators and members of the House of Representatives continue to dig into the details and figure out what works, what doesn't, and what it all means for their constituents.

It's encouraging that the House isn't waiting: Just this week, Energy and Commerce Committee Chairman John Dingell announced a series of legislative hearings and Rep. Ed Markey introduced a bill that looks to be the most comprehensive proposal yet in the House.

Given that the sponsors of the Climate Security Act plan to bring up the bill next year, the House looks to be moving, and the presumptive nominees of both parties say they plan to act on climate change, a post-mortem may not even be in order, even one as short as this.

Environmental Defense Fund is having its annual retreat this week, so you won't see new posts in Climate 411 until Monday. Have a great week!

This post is by Sheryl Canter, an online writer and editorial manager at Environmental Defense Fund.

This morning a Senate cloture vote to focus debate on the Climate Security Act and end the filibuster failed to win the necessary 60 votes. As a result, Majority Leader Harry Reid removed the bill from consideration this year.

On the plus side, a majority of senators - 48 to 36 - voted in favor, and six more senators sent written statements of support, bringing the total to 54. While the bill could not survive the continuing delay tactics, it garnered important new momentum that sets the stage for quick action in the next Congress.

Read more »

This post is by Charlie Miller, director of communications at Environmental Defense Fund.

Today's Senate debate on the Climate Security Act included quite a few misstatements of fact. We thought we'd offer corrections of some of the most egregious.

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