Climate concerns heat up Congress 

Jul 24, 2007 : 8:07 pm ET

Durham Herald-Sun
By Trang Do

WASHINGTON -- It seems everyone on Capitol Hill has a solution to curbing global warming these days.

More than 125 bills, resolutions and amendments related to global warming and greenhouse gas emissions have been introduced in Congress so far this year, compared to just 106 in the previous two-year session of Congress, reports the Pew Center on Global Climate Change.

The newest of those bills, introduced Tuesday, is the brainchild of Sens. Lindsey Graham, R-S.C., Mary Landrieu, D-La., Blanche Lincoln, D-Ark., John Warner, R-Va., and Duke University's Nicholas Institute for Environmental Policy Solutions.

The institute's director, Timothy Profeta, spoke at a Senate committee on behalf of the bill, which focuses on controlling the economic impact that future anti-pollution laws may have on businesses and consumers.

"If we are going to succeed with reducing U.S. greenhouse gas emissions, we have to understand the major economic responsibility and opportunity we have here," Profeta said. "This proposal aids the economy while securing the environmental goal."

The bill is designed to work in tandem with the "cap and trade" system -- a major component of many of the global warming bills under review by Congress.¬â? 

The "cap" is a limit on the amount of greenhouse gases that can be emitted nationwide in a given year. If a company were to emit fewer pollutants than its allowance for the year, it could sell its leftover credits to other companies that have exceeded their share, creating the "trade" aspect of the system.

The bipartisan Senate bill offered Tuesday would go a step farther, permitting companies to borrow from future years -- using their own pool of credits. The idea is to provide protection in the event energy prices exploded due to low-supply and high-demand.

Duke's Profeta said such a system would encourage technological innovation in the potentially lucrative emissions reduction industry, as companies would be able to profit from lowering the amount of carbon dioxide they release each year.

Sen. James Inhofe, R-Okla., has been a vocal critic of the proposed "cap and trade." Inhofe said the system would cause "volatility" in energy prices that trickle down to the consumer.

Quoting a Chinese environmental official, Inhofe said, "You cannot tell people who are struggling to earn enough to eat that they need to reduce their emissions."

Sen. Barbara Boxer, D-Calif., chairwoman of the Environment and Public Works Committee, said that all global warming bills will be considered by the panel after Labor Day, when Congress returns from its summer recess.