Time To Pass Clean Energy Legislation
Thank you, Mr. Speaker. Americans have not faced this level of economic stress since the Great Depression. Nearly a decade of ideologically driven deregulation sent the foundation of financial market regulation asunder and enabled the…
Thank you, Mr. Speaker.
Americans have not faced this level of economic stress since the Great Depression. Nearly a decade of ideologically driven deregulation sent the foundation of financial market regulation asunder and enabled the housing market bubble and subsequent financial crash. The same deregulators created an energy market that rewarded old polluting technologies while increasing greenhouse gas emissions and other kinds of pollution. The same Gilded Age politics that wreaked our financial system laid waste to our environment.
Today the same people who let Wall Street run amok claim that we cannot afford to make investments in energy independence or create new jobs with renewable energy generation. In fact, we just heard such remarks. They claim that economic and environmental renewal is somehow too costly to undertake at this critical juncture in our Nation's history. In reality, with a contracting economy and expanding global warming pollution, we cannot afford inaction.
The Energy and Commerce Committee is considering draft legislation that would make historic investments in clean energy and job creation while dramatically reducing global warming and pollution. According to the Nobel Prize-winning economist Paul Krugman, this legislation would help spur economic growth by creating powerful incentives to invest in renewable energy.
This legislation also presents Congress with an opportunity to make polluters pay while directing money to consumers who have suffered as a result of the economic policies of the prior administration.
Although the committee's bill is in discussion draft with some details still unresolved, let us consider the economic math for American families.
If Congress enacted this legislation, the American Clean Energy and Security Act, and made polluters pay through a 100 percent auction of carbon credits for all of their greenhouse gas emissions, we could write a check in theory to every American for $2,150 per year.
Due to inaction by the previous administration, polluters do not have to pay for the impacts of greenhouse gas pollution and its impacts on communities all across the United States. From rising sea levels to increased incidence of severe weather, the costs of global warming are increasing each year.
The minority party seems to believe that average Americans should bear that cost, not those who create the pollution in the first place.
The business community understands we cannot bear the economic costs of inaction. Companies including eBay, Nike, Starbucks, Levi Strauss, Symantec, Johnson & Johnson and others have formed a Business for Climate and Innovative Energy Policy Coalition, known as BICEP, to advocate for clean energy legislation that reduces greenhouse gas pollution. It auctions 100 percent of pollution permits, establishes a renewable electricity standard and invests in job creation. Those businesses support clean energy jobs legislation both to spur economic growth and to avoid the costs associated with global warming, which will reach at least $271 billion, it is estimated, by 2025 if we do not act.
Now is the time to pass legislation that spurs jobs creation, reduces greenhouse gas pollution and puts money back in the pockets of the people who are suffering as a result of the failed economic policies of the Republican administration that just left town.
Mr. Speaker, as we consider the American Clean Energy and Security Act, we must ensure that we will make polluters pay and use the revenue to invest in job creation here at home and give a climate rebate to all Americans.