A common sense on climate change.(Focus Report)

Despite the withdrawal of the US from participation in the Kyoto Protocol (an international treaty aimed at reducing greenhouse gas [GHG] emissions), momentum appears to be building across the US in support of reducing GHG emissions in an effort to mitigate global climate change. Private corporations are initiating voluntary GHG emission reductions, both individually and in partnership with other companies, as demonstrated by the Chicago Climate Exchange for GHG emission trading (see GECR, February 2003, p. 1). The Pew Center on Global Climate Change lists 42 case studies of state and local GHG emission reduction programs, including implementation of Kyoto-style GHG emission limits (e.g., New Jersey and Massachusetts, USA) and carbon dioxide (C[O.sub.2]) offset programs (e.g., Oregon and Minnesota, USA). Furthermore, in late April, New York Governor George Pataki sought the support of 10 northeastern states in developing a regional strategy to reduce C[O.sub.2] emissions using a market-based emission trading system (see the Albany Business Review, 25 April 2003, at http://albany.bizjournals.com/albany/stories/2003/04/21/daily62.html).

This year, the US Congress has repeatedly introduced legislation related to the reduction of GHGs, and/or mitigating climate change, frequently with bipartisan support. In fact, recent Congressional actions appear to be aimed at undermining two pillars of the Bush Administration's position on climate change: that too much uncertainty remains regarding the reality of global warming and that implementation of Kyoto-type limits on GHG emissions …