Bipartisan Plan to Cap and Cut Global Warming Pollution Supported by Virginia Climate Initiative

-- Warner-Lieberman legislation to be announced tomorrow --

FOR IMMEDIATE RELEASE
October 17, 2007

Contact: Liz Bryant
804-225-5829
Liz@AllianceGroupLtd.com

For interviews, contact:
Rob Jones
Director, VCI
(cell) 804-307-3754

On Thursday, October 18th, Senators John Warner and Joe Lieberman are expected to introduce comprehensive, bipartisan climate change legislation that would cap and cut U.S. greenhouse gas emissions while protecting the economy and American consumers.

“We are proud that our senator, John Warner, is taking the lead with Senator Joe Lieberman on this vital initiative,” said Rob Jones, Director of the Virginia Climate Initiative. “They’re proving that there are those in Washington who don’t just talk about impacting the environment, they’re actually doing something about it.”

According to the bill sponsors, the Climate Security Act would by 2020 reduce greenhouse gas emissions by nearly 20 percent below 2005 levels. The centerpiece of the bill is a mandatory cap on emissions from the electric power, transportation, and manufacturing sectors, coupled with emissions trading provisions that will help companies meet the cap at the lowest cost. The bill also contains commercial and residential energy efficiency standards that will contribute to its long-term goal of reducing U.S. emissions by as much as 63 percent in 2050.

“Companies are being sent a clear message that now is the time to being investing in new, low-carbon technologies, if they aren’t already,” said Jones. “This legislation will help industry with an approach to managing costs that minimizes economic impacts without compromising climate protection.”

Other cost management proposals would jettison emissions caps if the price of reducing emissions reached an arbitrary ceiling. Instead, Warner and Lieberman would allow companies to bank emissions allowances as well as borrow emissions allowances from future years.

“The Virginia Climate Initiative has always supported cap and trade,” said Jones, “We’re glad to see Senator Warner’s continued leadership on this important issue. It’s good for the environment, it’s good for the business community, it’s good for us all.”

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The Virginia Climate Initiative is a coalition of Virginia citizens, businesses and organizations working to develop and promote market-based solutions to climate change. Specifically, a policy that establishes a national carbon cap and trade program would reduce the dangerous effects of carbon emissions while at the same time provide real opportunities for Virginia businesses, farmers and landowners. For more information, visit www.vaclimate.com.