Some interesting comments coming from President-elect Obama in his address to the bipartisan Governors' Global Climate Summit, scheduled to begin later this morning. It would appear that, despite the global financial crisis, cap-and-trade is still front and center. From the prepared remarks,
In particular, I want to commend Governor Sebelius, Governor Doyle, Governor Crist, Governor Blagojevich and your host, Governor Schwarzenegger –all of you have shown true leadership in the fight to combat global warming. And we’ve also seen a number of businesses doing their part by investing in clean energy technologies.A Webcast of the two-day summit is available here.
But too often, Washington has failed to show the same kind of leadership. That will change when I take office. My presidency will mark a new chapter in America’s leadership on climate change that will strengthen our security and create millions of new jobs in the process.
That will start with a federal cap and trade system. We will establish strong annual targets that set us on a course to reduce emissions to their 1990 levels by 2020 and reduce them an additional 80% by 2050.
Further, we will invest $15 billion each year to catalyze private sector efforts to build a clean energy future. We will invest in solar power, wind power, and next generation biofuels. We will tap nuclear power, while making sure it’s safe. And we will develop clean coal technologies.