A regional solution to climate change

At the core of the debate are programs and regulations that would regulate greenhouse gas emissions. Scientists have concluded that certain gases, including carbon dioxide and other heat-trapping gases, contribute to climate change, which will have an impact on our quality of life for generations to come. While that premise may still be debatable, there appears to be growing consensus among policy makers and business leaders that effective measures should be developed to reduce greenhouse gas emissions. Ten states recently announced their intentions to sue the Administration to force the Environmental Protection Agency to regulate greenhouse gases. An amendment offered by Senators Joe Lieberman of Connecticut and John McCain of Arizona to legislation currently pending in Congress sought to establish a mandatory carbon dioxide reduction program along with an emission trading system.

Although the proposal was defeated, most observers agree federal action is only a matter of time. Meanwhile, Massachusetts and other Northeastern states have initiated efforts to develop state policies to address the issue.

The Conference of New England Governors and Eastern Canadian Premiers has identified ambitious greenhouse gas emission reduction goals for the region that necessitate action. Some New England states, including Massachusetts, have already developed climate change policies, while others are evaluating their options. Some states in this region have started to collaborate on climate change policies with neighboring states. Companies in New England are making business decisions today that will have an impact on current and future efforts to reduce emissions of greenhouse gases.

Although important, effective actions to reduce greenhouse gas emissions cannot be limited to state specific initiatives. Instead we must act as a region. Collectively, we can leverage our ingenuity to take meaningful steps towards cost-effective reductions in greenhouse gas emissions.

We must also recognize the challenges and opportunities that our actions present for regional businesses, organizations and governments. The New England states must thoughtfully consider all climate change policies and actions and recognize that in order to be effective over the long-term, greenhouse gas emission reductions must encompass as large a geographic area as possible. Legislation and regulation, while vitally important, should not be the only response. The market must be encouraged to respond.

With these considerations in mind -- climate change policy should recognize certain key factors:

Scientific evidence points towards the conclusion that greenhouse gas emissions should be avoided, reduced, or sequestered.

Greenhouse gases, unlike other pollutants, have a global impact, and as a result avoiding or reducing greenhouse gases anywhere on Earth benefits our region just as if they occurred here.

Tapping into market forces, a robust greenhouse gas emission trading program that includes all technologies and activities that avoid, reduce, or sequester greenhouse gases is essential to a cost-effective climate change solution.

The criteria to evaluate the marketability of greenhouse gas emission reduction activities should require (at a minimum) a demonstration that the emission reductions are real, permanent, surplus, enforceable, and verifiable.

Regional greenhouse gas emission and emission reduction trading policies and programs are preferable to state programs and should be compatible with national and international trading systems as we look toward supporting future market linkages.

Reliable, diverse energy supplies and environmental quality are vital to New England's economic growth and quality of life. The actions we take now as a region will have an impact on the future of global climate change policy -- both nationally and internationally.

James T. Brett is president and CEO of the New England Council.