Energy Musings

All the energy action is on Capitol Hill this month.

As Representatives Waxman and Markey sheppard through their climate legislation, many people of good will are debating what is the best way to reduce greenhouse gas emissions while growing the green energy economy. The debate has crystalized to three significant points of view. There is the "cap and trade" crowd, the "carbon tax" crowd, and the "cap and dividend" crowd. All three have merit.

Personally, I love the cap and dividend concept being pushed by climate champion, Rep. Chris Van Hollen of Maryland. It makes so much sense politically and from a policy stand point as well. The idea is that the government would put a cap on emissions and polluters would have to buy permits for carbon emissions. That's just like the "cap" on the "cap and trade" bill. Where they differ is that Mr. Van Hollen's measure would take the money that's collected and distribute it to every single American as a payment. Just like Alaska share's oil revenue with its citizens, the U.S. government would be sharing carbon revenue with its citizens. Every citizen would thus have a stake in constraining carbon emissions, creating the widespread support that is desperately needed. The beauty of this approach is also in its simplicity. There would be no special interest exceptions, or extra benefits to any particular group or industry. Just like Social Security, every citizen would get a check regardless of income.

But right now, the big push is for the "cap and trade" bill. In fact, the bill could be on the House floor before Memorial Day. While the bill is not perfect, it would finally put this country on a path to reduce greenhouse gas emissions, something unthinkable during the long winter of the Bush administration. It would also establish a national Renewable Portfolio Standard (RPS), requiring electricity providers in this country to get 15% renewable energy and reduce energy consumption 5% within a short time. This would have the effect of dramatically increasing the amount of clean, renewable energy available in many parts of the country.

Over the next few weeks and months, there will be a lot of debate within the green community about the pros and cons of the current climate bill. There will be a lot of hand wringing about concessions that are needed to get votes in Congress. But let's not lose sight of the fact that we are talking about finally cutting greenhouse gas emissions in the United States. This is the Super Bowl of the climate movement that we've been waiting for, for so many years. We're finally here with our chance to literally save the planet. The magnitude of this moment is immense. There are climate activists who have labored in this field for years and years, with little to no results. They were ignored, belittled, and shunted aside. Now, finally the United States Congress and the President are on our side. What a moment in time!