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Ceres/BICEP Joint Statement: Many Strengths in Waxman-Markey Compromise, but Work is not Done

May - 18, 2009 – Business for Innovative Climate and Energy Policy (BICEP) and Ceres, a coalition of investors and other public interest organizations working to address sustainability challenges like climate change, today released a statement supporting the newly announced compromise version of the Waxman-Markey climate and energy bill.
BOSTON May 18, 2009

Business for Innovative Climate and Energy Policy (BICEP) and Ceres, a coalition of investors and other public interest organizations working to address sustainability challenges like climate change, today released the following:

The newly-announced compromise version of the Waxman-Markey climate and energy bill represents a significant step forward. We are very grateful for the extremely hard work of Chairman Waxman, Chairman Markey and all House and Administration members who have brought us to this point so quickly.

Both Ceres and BICEP – representing some of America’s biggest businesses and institutional investors - remain committed to assuring that key components of the bill make it to final passage. Moving forward, we’ll both continue backing efforts to move some segments of this worthy compromise closer to the bill’s original provisions.

The underpinning of this landmark bill is that all the parts work best when working together. In that spirit we note that strengthening the energy efficiency and renewable energy standards will make achieving the bill’s essential pollution-reduction targets less costly. That in turn will greatly ease impacts on consumers. And increased efficiency – using less -- remains the cheapest, fastest and cleanest source of “new” energy.

A commitment to efficiency and renewables more in line with the original Waxman-Markey discussion draft will also spur more job creation, and with it a quicker path out of recession and toward long-term economic security. We are in a globalized race where other nations are already well out of the starting blocks in building their own clean energy economies. America should not fall behind the curve.

The United States is at its best when we innovate. We hope the carbon-trading program in any final legislation will provide sufficient revenues, from the auction of pollution allowances, to insure substantial investments in energy efficiency. Efficiency is the most important cost-containment measure and a critical piece of this interlocking puzzle. And with that investment we’ll have not just more efficiency but more jobs and more new clean fuel sources.

About BICEP
BICEP companies include Gap Inc., eBay Inc., Symantec Corp., Levi Strauss & Co., Nike, Sun Microsystems, Starbucks and The Timberland Co. BICEP is coordinated by Ceres, a leading coalition of investors, environmental and public interest organizations working with companies to address sustainability challenges such as climate change.

About Ceres
Ceres, which helped organize BICEP, is  a leading coalition of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges such as global climate change.

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