September 23, 2008
New Western U.S., Canadian Initiative to Curb Global Warming Will Create Robust Carbon Market
To: NATIONAL EDITORS
Regional Market Will Facilitate California's Implementation of Global Warming Solutions Act
SACRAMENTO, Calif., Sept. 23 /PRNewswire-USNewswire/ -- Seven western states and four Canadian provinces in the Western Climate Initiative (WCI) issued their final recommendations today for the creation of a cap-and trade system to reduce global warming.
"This landmark action by a diverse coalition of Democratic and Republican governors as well as Canadian premiers is a powerful signal to the world that now is the time for dramatic action to stem global warming," said Derek Walker, Director of the California Climate Initiative at Environmental Defense Fund (EDF). "This bold leadership will strengthen California's economy and make the region a hub of clean technology and green job growth."
The WCI includes Arizona,California,Montana,New Mexico,Oregon,Washingtonand Utahand the Canadian provinces of British Columbia,Manitoba,QuebecandOntario. The WCI represents 73% of Canada's economy and 20% of the U.S. economy with a total population of 84.6 million people. The climate change actions it proposes will constitute North America's largest carbon market.
"Cap-and-trade provides incentives for early action and inspires innovation and investment in the technologies of the future," added Walker, pointing to the successful U.S. cap-and-trade program in the 1990s to solve the acid rain problem, which ultimately cost much less and succeeded more rapidly than anticipated.
Walker added that the WCI agreement is the first of its kind to cap emissions from transportation, a tremendous source of pollution in California and throughout the region.
"Today's WCI announcement represents an important tipping point," concluded Walker. "This move is a triumph of action over inaction. It is a signal to the U.S. and Canadian governments -- and to the world -- that a mandatory cap on greenhouse gas pollution is the most economically viable and environmentally effective tool we have to curb global warming."
About Environmental Defense Fund
A leading national nonprofit organization, Environmental Defense Fund represents more than 500,000 members. Since 1967, Environmental Defense Fund has linked science, economics, law and innovative private-sector partnerships to create breakthrough solutions to the most serious environmental problems. For more information, visit www.edf.org.
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SOURCE Environmental Defense Fund
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