On Monday, a diverse and politically powerful coalition of industry and environmental groups released a report and called for the adoption of mandatory caps on greenhouse gas (GHG) emissions and policies that "strongly discourage further construction of stationary sources that cannot easily capture CO2 emissions for geologic sequestration" (i.e. essentially ending construction of conventional coal-fired plants.) The group includes the Natural Resources Defense Council, Environmental Defense, Duke Energy, Public Service of New Mexico, General Electric, BP, Dupont, Wal-Mart, Bank of America, PG&E, Caterpillar, the Pew Center on Global Climate Change and World Resources Institute. The coalition, called the "U.S. Climate Action Partnership" announced its support for a reduction in GHG by 60 percent to 80 percent by 2050, 10 to 30 percent over the next 15 years and up to 10 percent in the next 50 years. Currently, there are approximately 150 coal plants in development in the U.S.
This evening, the President is expected to highlight his "global warming" policy in the State of the Union Address. He is expected to call for greater investments in carbon-control technology and the use of biofuels in transportation and electricity generation and to renew a request for the authority to mandate stricter Corporate Average Fuel Economy (CAFE) standards for passenger automobiles.
However, the Bush Administration has repeatedly reiterated its opposition to mandatory controls on emissions of carbon dioxide and other gases that scientists blame for trapping heat in the atmosphere and raising global temperatures.
The U.S. Climate Action Partnership plan endorses a "cap-and-trade" system similar to that in legislation (S. 280) sponsored by Sens. Joseph I. Lieberman (I-CT) and John McCain, (R-AZ). Under that model, companies unable to meet their emissions targets could purchase "allowances" from companies that beat their goals.