Washington needs to join climate effort

Joe Nation,Alex Rau

Monday, September 10, 2007

The summer heat in Washington, D.C., often drives congressional observers (and policy wonks) to cooler climates. (After all, who wouldn't rather be boating in Maine or camping in the Rockies?) That heat sometimes obscures the development of important policy. Two amendments introduced during this summer's federal energy debate represent some of the most significant steps yet for the development of legislation to reduce greenhouse-gas emissions in the United States. Yet there's been little discussion of them outside of Washington.

Alternative proposals by Sens. Dianne Feinstein, D-Calif., and Amy Klobuchar, D-Minn., call on the U.S. Environmental Protection Agency to establish a mandatory national registry of carbon emissions, although neither one has been enacted. Their objective, nevertheless, represents a critical step that the federal government should take to speed comprehensive climate legislation and promote early investments to reduce emissions.

For companies, regulators and ordinary citizens alike, there is as much clarity in carbon emissions policy as in a bowl of tomato soup. That must change.

Clarity in how carbon emissions will be measured and documented is essential. Complete, detailed and reliable data of emissions form the backbone of all types of greenhouse-gas regulations, whether carbon taxes, cap-and-trade or hybrid systems. They help corporate managers and investors determine risk exposure to carbon regulations, as well as identify and price strategies to reduce emissions. They also allow regulators to design effective policies and measure their progress.

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