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International Council for Capital Formation
By Dr. Margo Thorning, Managing Director
April 5, 2006
Before the U.S. Senate Committee on Commerce, Science
and Transportation
Subcommittee on Global Climate Change and Impacts
(Full
Testimony - PDF)
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Energy use and economic growth go hand in hand, so helping the
developing world improve access to cleaner, more abundant energy
should be our focus. Near-term GHG emission reductions in the developed
countries should not take priority over maintaining the strong economic
growth necessary to keeping the U.S. one of the key engines for
global economic growth.
Establishing a mandatory cap and trade system in the US would impede,
not promote, U.S. progress in reducing emissions intensity.
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Dr.Thorning speaks at U.S. Senate hearing. Other experts at the
hearing were Dr. David Montgomery (left) and David Doniger. |
U.S. climate change policies should continue to strive to reduce energy
intensity as the capital stock is replaced over the business cycle and
to develop new, cost-effective technologies for alternative energy production
and conservation and encourage the spread of economic freedom in the developing
world. This approach is likely to be much more productive than having
the U.S. adopt an ETS and thereby sacrifice economic well-being and job
growth with little or no long-term impact on global GHG emissions.
Several provisions of the 2005 Energy Bill should have a positive impact
on climate change. The new Asia-Pacific Partnership for Clean Development
and Climate can also play a key role in transferring new technology to developing
countries and help provide the practical assistance that is needed for a
global approach to emission reduction.
Click
here to read the full testimony (PDF).
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