Bipartisan breakthrough on climate change
Just about a week ago a bipartisan breakthrough happened on climate change legislation. Senators Lindsey Graham (R-SC) and John Kerry (D-MA) came up with a bipartisan blueprint that could be a model for what could emerge out of Congress this year. There certainly were compromises made by both sides and the end result is a set of reforms that, if taken as a whole, could achieve broad bipartisan support.
The quest for bipartisan consensus on this issue has been highlighted by many groups including the Partnership for a Secure America which recently released a statement that emphasized that, “We must transcend the political issues that divide us – by party and by region – to devise a unified American strategy that can endure and succeed.” It was signed by 32 prominent Democrats and Republicans.
Many Democrats may be dismayed at the thought of compromise considering that they hold the presidency and majorities in both the House and Senate. However, with such a major change to the US economy, they’d be smart to ensure that what passes is not just a Democratic bill. In my mind the compromises proposed by Kerry and Graham are ones I can live with. It also mirrored some of the compromises suggested by Senator Lieberman (CT) in an event held by PSA.
Most importantly, this blueprint has as a core element a commitment to a limit on carbon emissions that would be regulated by a market-based system. Whether you call it cap-and-trade or something else, this is the key component of this proposal. The fact that it has received bipartisan support from these two Senators not normally considered “moderates” is certainly a big step in the right direction. For years, cap-and-trade has been seen as an effective way to reduce carbon emissions through a market mechanism. Although there are probably more efficient ways of getting a similar outcome (e.g. carbon tax), the political reality is that cap-and-trade merges two of the hallmark tenets of both parties – environmental protection (Democrat) with a free market mechanism (Republican).
Concessions from those on the left come in the form of support for expanded nuclear energy production and clean coal technology and increased domestic oil exploration. Expansion of nuclear power continues to be concerning due to the fact that we haven’t come up with a viable way to deal with nuclear waste. However, when compared with the potential damage caused by global warming, I consider this the lesser of two evils. Clean coal technology isn’t yet viable, but if increased funding for this technology can lead to effective carbon sequestration, then all the better. Increased domestic oil exploration may be a short term stop gap solution to higher fuel prices but, unfortunately, postpones our eventual transition to non carbon sources of energy. Despite my concerns about all of these concessions, they are reasonable if they can build a broader consensus towards implementing an effective cap-and-trade system.
The blueprint also recognizes that some businesses will be negatively affected by cap-and-trade legislation. We can’t use that as justification for doing nothing. But, rather, we must recognize that and implement measures to help industry make the modifications necessary to be part of this energy revolution. There will be short term costs but long term gains. Assistance can be provided to defray those short term costs. But such assistance should not negate the market signals that higher energy or emission prices send to business and consumers.
As more and more people are recognizing, our dependence on foreign oil and climate change are foreign policy issues that have potentially devastating results if we don’t address them immediately. Our soldiers see the consequences every day. Many of their stories are highlighted in a recently launched campaign, Operation Free, that is touring the country offering the perspective of military personnel who see climate change as a critical national security issue. Two veterans – Kerry and Graham – are now leading the way with a bipartisan compromise on this issue. It’s time for others in Congress – Democrats and Republicans – to get on board.
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