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In a Senate Finance Committee hearing examining the impact of the implementation of a cap-and-trade system, U.S. Senator Olympia J. Snowe (R-Maine) today reaffirmed her commitment to advancing effective climate change policy to address the economic and environmental challenges of the 21st Century.
"There is no question the design of a cap-and-trade system must be tailor-made for the context of America’s current economic state and incorporate the views of the business community," said Senator Snowe, co-chair of the International Climate Change Taskforce. "If we successfully implement a cap-and-trade system that will reduce long-term risk and provide market certainty, the economy undoubtedly will respond with ingenuity, entrepreneurship, and job expansion, while simultaneously addressing climate change, one of the greatest challenges of this century."
A longtime advocate for advancing policies to combat global warming, Senator Snowe stressed the need to learn from the experiences of other countries. "Implementing a national cap-and-trade system is a significant initiative and it is critical that we learn from the European experience as we begin to undertake this monumental challenge," she said.
During the hearing, Senator Snowe highlighted her state’s participation in the Regional Greenhouse Gas Initiative (RGGI), the nation’s first market-based effort to reduce greenhouse gas emissions. Under the program, 10 northeastern states, including Maine, will cap and then reduce carbon emissions from power plants by 10 percent between now and 2018. Senator Snowe said this system further demonstrates that a federal cap-and-trade system can not only be consistent with economic growth, but also will enhance our long-term prosperity.
"Maine, with the rest of the Regional Greenhouse Gas Initiative states, has once again demonstrated exceptional leadership by being in the vanguard of energy and environmental issues," Senator Snowe said. "There is no question that we must learn from their own cap-and-trade initiative, especially related to their significant investments in energy efficiency and I am pleased that the Administration indicated that they will work with me to incorporate the RGGI experience into our federal policies."
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