The Green Light At The End Of The Tunnel

I know people are consumed with thinking the progressive window is permanently closed after this bailout plan, but I don't think that's the case. First of all it's good that Democrats are strategizing to try and present an alternative and make noise on the floor, perhaps for the first time ever. I don't think their alternative was any good, but we are never going to get anywhere unless the Progressive Caucus recognizes that they actually have as much leverage as the Blue Dogs to impact the debate.

Second, 152 members today united to announce steps to save the planet from global warming.

The legislators describe four key goals:

Reduce emissions to avoid dangerous global warming;
Transition America to a clean energy economy;
Recognize and minimize any economic impacts from global warming legislation; and
Aid communities and ecosystems vulnerable to harm from global warming.
These are the necessary principles that should guide any path out of the climate crisis. What makes this letter significant is the strong, specific details endorsed by the 152 signatories. These include the following measures to respect the severity of the danger of rising greenhouse gas emissions:

– “The United States must do its part to keep global temperatures from rising more than 3.6 degrees Fahrenheit (2 degrees Celsius) above pre-industrial levels.”

– “Total U.S. emissions must be capped by a date certain, decline every year, be reduced to 15% to 20% below current levels in 2020, and fall to 80% below 1990 levels by 2050.”

– “A mechanism for periodic scientific review is necessary, and EPA, and other agencies as appropriate, must adjust the regulatory response if the latest science indicates that more reductions are needed.”

– “Cost-containment measures must not break the cap on global warming pollution.”

– “The United States must reengage in the international negotiations to establish binding emissions reductions goals under the United Nations Framework Convention on Climate Change . . . for the United States and other developed nations to achieve combined emissions reductions of at least 25% below 1990 levels by 2020, as called for by the Intergovernmental Panel on Climate Change.”

That's a big deal, especially because 152 members is a pretty strong initial caucus. You don't have to like the bailout package to recognize that it's significant and vital that we're finally going to get those renewable production tax credits locked in, saving the wind and solar industries from the very real possibility of ruin. This is the first time all year, maybe this whole Congressional session, that the Congress has put money toward a job-creation engine and the reindustrialization of America, which at the root is the only way we're ever going to break free of this fundamental economic crisis. And they used additional taxes on oil companies to pay for it. Pelosi and the Democrats have been trying to put this into law for two years. This is significant but insufficient, and yet this letter from House Dems makes me hopeful that they recognize the need for a green economy as an economic engine as well as a way to fight global climate change.

We had the first carbon-trading auction in the nation this week, raising $40 million dollars for Northeastern states. And that money will be plowed directly into renewables and energy efficiency. If this was adopted on the national level it would be a tremendous economic opportunity and it would be paid for 100% by industry. And the House letter is more far-reaching.

The signatories call for “complementary policies” like “smart growth measures, green building policies, and electricity sector efficiency policies.” They also agree that a national system should not preempt state efforts: “Federal global warming requirements must be a floor, not a ceiling, on states’ ability to protect their citizens’ health and state resources.”

The signatories also explain that polluter payments must go into building a green recovery, by calling for strong limits to free allowances, if any are made. Instead, the funds derived from auction pollution permits should go to:

— Clean energy and efficiency measures

– Low and moderate-income households

– Workforce development

– State and local adaptation and response to “more severe wildfires, intensified droughts, increased water scarcity, sea level rise, floods, hurricanes, melting permafrost, and agricultural and public health impacts”

– Assistance for developing countries

– Survival of wildlife and natural ecosystems

The bailout sucks, but it's has the potential to spur development in the green space like never before. This is a tangible answer to our economic problems. If you combine that with a responsible end to the war in Iraq, maybe you have something positive out of this.