Revving the Climate Policy Engine

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All the pieces seem to be falling into place thisย week.

Even as renewable energy stocks continued to plummet along with the rest of the marketโ€”the PowerShares WilderHill Clean Energy Index, which seeks to represent the industry, has declined 37 percent this yearโ€”weโ€™re finally seeing some striking signals that at last things will be different when it comes to climate and energyย policy.

As recently as last week, my colleague Sheril Kirshenbaum wrote here that while weโ€™re on the verge of a sea change, it was still unclear precisely how the incoming Obama administration would move on globalย warming.


Since then, the picture has gotten much clearer, especially in Congress. Consider the following three majorย developments:

First: On Tuesday, President-elect Obama released a video statement for Arnold Schwarzeneggerโ€™s Global Climate Summit, taking place in Beverly Hills. Promising that his presidency would โ€œmark a new chapter in Americaโ€™s leadership on climate change that will strengthen our security and create millions of new jobs in the process,โ€ Obama went on to say that the U.S. would reengage internationally on climate change. As the New York Times noted, these remarks made global warming the โ€œsecond major policy areaโ€ that Obama has addressed since his election, with the first of course being theย economy.

Second: Today Rep. Henry Waxman, D-CA, pulled off a stunning and successful challenge for the chairmanship of the House Energy and Environment Committee, knocking out Rep. John Dingell, D-MI, long known as a staunch defender of the sinking auto industry. Waxman, in contrast, has been an incredibly determined battler for environmental protections and scientific integrity, not to mention a relentless exposer of government corruption and an incredible foe of the tobacco industry. This means the chief House committee that will deal with global warming is headed by a very progressive environmentalist and the toughest ofย fighters.

Third: Today Senator Barabara Boxer (D-CA), chairwoman of the Senate Environment and Public Works committee, announced plans to introduce two major climate bills almost immediately after the president-electโ€™s inauguration.ย The legislation would closely align with Barack Obamaโ€™s campaign promises for large cuts in greenhouse gas emissions and comes just days after his announcement that global warming denial will cease to be US policy. The first bill Boxer described as a โ€œstimulusโ€ to spend up to $ 15 billion per year on clean energy innovations. The second would set up a cap-and-trade system, run by the Environmental Protection agency, to reduce greenhouse gas emissions. Boxer also announced the title of the first hearing that she will hold in the new year: โ€œHow Fighting Global Warming is Good for the Economy and Will Createย Jobs.โ€

Based on all of this, we can make several observations. I have to start with this one: Isnโ€™t Californiaโ€“my home state, represented by Boxer, Waxman, and Schwarzeneggerโ€“just amazing when it comes to globalย warming?

But still more important: After incredible incompetence, denial of reality, and the jeopardizing our future by the Bush administration, itโ€™s clear weโ€™re finally ready to reverse course. Big things are going to happen in early 2009, and now we know it will be Waxman, Boxer, and Obama working together to make it happen. All indications are that they will be taking some very strong steps: For cap-and-trade, Obama wants to cut emissions 80 percent byย 2050.

Granted, there are still some pieces of the puzzle to fill in. We donโ€™t know yet who will head the Obama administrationโ€™s Department of Energy, Environmental Protection Agency, or White House Council on Environmental Quality.These appointees will play a critical role in determining ultimate U.S. policy in theseย areas.

We also donโ€™t know how bad the economy is going to look come January. Up until recently it seemed the Dow had found a bottom around 8,000. Now weโ€™re down to 7,500, and stillย falling.

[At this point, wouldnโ€™t it be nice if President Bush would just announce that heโ€™ll do whatever Obama wants for the remainder of his term, no questionsย asked?]

At least we know that in January weโ€™ll finally have a bold, government wide effort to stimulate the economy, address our energy crisis, and stop global warmingโ€“all before itโ€™s tooย late.

And letโ€™s hope itย isnโ€™t.

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