Block’s Indicator of Sustainable Growth

It is very encouraging at a time of international recession that President Elect Barack Obama will quickly after his inauguration as President on January 20 2009 seek agreement of the Democratic controlled Congress for quick action to ratify the Kyoto Convention.

 

A US federal cap and trade system to reduce CO2 emissions can be anticipated soon after, which will be a much needed boost to the waning international support for carbon abatement at a time of continuing financial crisis. Although not widely reported on November 18 2008, Obama in a video speech to a bipartisan group of US governors on climate change promised quick action after his Administration assumes office. He said in part:

 

“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. This 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 per cent by 2050.

 

“Further, we will invest $15 billion each year to catalyse 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.

 

“This investment will not only help us reduce our dependence on foreign oil, making the United States more secure. And it will not only help us bring about a clean energy future, saving our planet. It will also help us transform our industries and steer our country out of this economic crisis by generating five million new green jobs that pay well and can’t be outsourced.

 

“But the truth is, the United States cannot meet this challenge alone. Solving this problem will require all of us working together. I understand that your meeting is being attended by government officials from over a dozen countries, including UK, Canada and Mexico, Brazil and Chile, Poland and Australia, India and Indonesia. And I look forward to working with all nations to meet this challenge in the coming years.”

 

“Stopping climate change won’t be easy. It won’t happen overnight. But I promise you this. When I am president, any governor who’s willing to protect clean energy will have a partner in the White House. Any company that’s willing to join the cause of combating climate change will have an ally in the United States of America. Thank you.”

 

The head of the UN Climate Change Secretariat Yvo de Boer at a climate change conference in Africa responded: “I think that will have a very positive influence on the negotiations. He (President Elect Obama) indicated that he intends to show national and international leadership. I think that statement will be seen as a huge signal of encouragement to the international community.”

 

De Boer said US emissions of greenhouse gases stood at 14 per cent above their 1990 levels, but it was possible to get volumes down to that target within the deadline. “I think it’s feasible. It’s a challenge, but it’s doable.”

 

International financial crisis and recession we may all have, but it’s too late to turn the clock back on carbon abatement and vigorous encouragement to renewable energy. Now is the time to act.