CEOs Urge Bush to Limit Greenhouse Gas Emissions
On the eve of the State of the Union address, the chief executives of 10 major corporations are urging President Bush to embrace mandatory ceilings on U.S. greenhouse gas emissions in order to stem climate change.
The CEOs support a system that would cap greenhouse gas emissions, give allocations to companies based on past emissions and allow firms to trade allocations to meet gradually declining emission targets. The system, similar to one being used in Europe, would have far-reaching implications for utility rates, power plant construction, energy efficiency and American automobiles.
The executives' plan would slow the growth in greenhouse gases over the next five years, then reverse that growth and cut annual emissions by 70 percent to 90 percent of today's levels in 15 years.
Jeffrey Immelt, chairman of General Electric, pointing to initiatives in California and a group of Northeastern states, said "this is happening already." In addition to Immelt and Sterba, the group included the chief executives of Lehman Brothers Holdings, PG&E, Alcoa, Caterpillar, BP America, Duke Energy, DuPont and FPL Group.
The CEOs support a system that would cap greenhouse gas emissions, give allocations to companies based on past emissions and allow firms to trade allocations to meet gradually declining emission targets. The system, similar to one being used in Europe, would have far-reaching implications for utility rates, power plant construction, energy efficiency and American automobiles.
The executives' plan would slow the growth in greenhouse gases over the next five years, then reverse that growth and cut annual emissions by 70 percent to 90 percent of today's levels in 15 years.
Jeffrey Immelt, chairman of General Electric, pointing to initiatives in California and a group of Northeastern states, said "this is happening already." In addition to Immelt and Sterba, the group included the chief executives of Lehman Brothers Holdings, PG&E, Alcoa, Caterpillar, BP America, Duke Energy, DuPont and FPL Group.
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