[Congressional Record (Bound Edition), Volume 145 (1999), Part 3]
[Senate]
[Pages 3878-3879]
[From the U.S. Government Publishing Office, www.gpo.gov]




          CLIMATE CHANGE BILL AWARDING CREDIT FOR EARLY ACTION

 Mr. JEFFORDS. Mr. President, climate change poses potential 
real threats to Vermont, the Nation, and the World. While we cannot yet 
predict the exact timing, magnitude, or nature of these threats, we 
must not let our uncertainty lead to inaction.
  Preventing climate change is a daunting challenge. It will not be

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solved by a single bill or a single action. As we do not know the 
extent of the threat, we also do not know the extent of the solution. 
But we cannot let our lack of knowledge lead to lack of action. We must 
start today. Our first steps will be hesitant and imperfect, but they 
will be a beginning.
  Today I am joining Senator Chafee, Senator Mack, Senator Lieberman, 
and a host of others in cosponsoring the Credit for Early Action Act in 
the U.S. Senate.
  Credit for Early Action gives incentives to American businesses to 
voluntarily reduce their emissions of greenhouse gases. Properly 
constructed, Credit for Early Action will increase energy efficiency, 
promote renewable energy, provide cleaner air, and help reduce the 
threat of possible global climatic disruptions. It will help industry 
plan for the future and save money on energy. It rewards companies for 
doing the right thing--conserving energy and promoting renewable 
energy. Without Credit for Early Action, industries which do the right 
thing run the risk of being penalized for having done so. We introduce 
this bill as a signal to industry, you will not be penalized for 
increasing energy efficiency and investing in renewable energy, you 
will be rewarded.
  In writing this bill, Senators Chafee, Mack, and Lieberman have done 
an excellent job with a difficult subject. I am cosponsoring the Credit 
for Early Action legislation as an endorsement for taking a first step 
in the right direction. I will be working with my colleagues throughout 
this Congress to strengthen this legislation to ensure that it strongly 
addresses the challenges that lie ahead. The bill must be changed to 
guarantee that our emissions will decrease to acceptable levels, and 
guarantee that credits will be given out equitably. These modifications 
can be summarized in a single sentence: credits awarded must be 
proportional to benefits gained. This goal can be achieved through two 
additions: a rate-based performance standard and a cap on total 
emissions credits.
  The rate-based performance standard is the most important item. A 
rate-based standard gives credits to those companies which are the most 
efficient in their class--not those that are the biggest and dirtiest 
to begin with. Companies are rewarded for producing the most product 
for the least amount of emissions. Small and growing companies would 
have the same opportunities to earn credits as large companies. This 
system would create a just and equitable means of awarding emissions 
credits to companies which voluntarily increase their energy efficiency 
and renewable energy use.
  The second item is an adjustable annual cap on total emissions 
credits. An adjustable annual cap allows Congress to weigh the number 
of credits given out against the actual reduction in total emissions. 
Since the ultimate goal is to reduce U.S. emissions, this provision 
would allow a means to ensure that we do not give all of our credits 
away without ensuring that our emissions levels are actually 
decreasing.
  With these two additions, Credit for Early Action will bring great 
rewards to our country, our economy, and our environment. It will save 
money, give industry the certainty to plan for the future, and promote 
energy efficiency and renewable energy, all while reducing our risk 
from climate change. This legislation sends the right message: 
companies will be rewarded for doing the right thing--increasing energy 
efficiency and renewable energy use.

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