Remarks by Fred Krupp at Major Economies Meeting on Energy Security and Climate Change

Over the last year I have researched the technologies to reduce global warming pollution from both new and existing coal plants, technologies to allow us to burn coal without burning our planet.

Coal is far from our only option ?renewable energy and energy efficiency are a huge part of the answer. But the world burns a lot of coal, so it makes sense that this panel is focused on how coal fits into the larger challenge.

As part of my research, I’ve met with European and American coal burning power companies and with an Israeli engineer working with the French company Alstom which is pioneering the chilled ammonia process.

I’ve discussed the development of new technologies with venture capitalists and the CEO’s of companies developing the IGCC process. And I’ve met with researchers from the head of the Electric Power Research Institute to university scientists studying the available technologies.

What I’ve learned is that we have technologies to capture and store CO₂ but they won’t be deployed without a “driver.” Companies will not cut their global warming pollution from new or existing plants until there is a legal limit requiring them to do so.

The truth is that our greatest need is not the wherewithal to develop and deploy technology for low carbon power generation.

Our greatest need at this moment isthe willto enact a system that will focus our collective energy, intellect, and investment on the problem.

Innovative solutions for burning coal cleaner will not move off the desks of engineers and industry planners and into practice without the driver of mandated caps.

So before we concentrate too narrowly on the methods;

We should focus on enacting the policiesthat will make those methods possible.

We can all agree that time is running short. With each passing day, the risk of serious consequences becomes greater. And cost of delaying the inevitable solution grows higher.

As California Governor Arnold Schwarzenegger said to the UN General Assembly earlier this week, “It is time to stop looking back in blame or suspicion. The consequences of global climate change are so pressing … it doesn’t matter who was responsible for the past. What matters is who is answerable for the future.”

And more than anyone, that means the nations represented in this room today, including The United States.

It is only realistic to recognize that a big challenge like global warming requires action and leadership from the United States. And everyone in this room knows what few have been willing to say aloud: No caps, no real progress. The world cannot sufficiently address the climate challenge until the US embraces binding short- and long-range declining caps ? determined by what the scientists say is necessary.

This conference, with great nations gathered to discuss this issue, presents a moment for such leadership.

And the nations here, by your actions, must make this gathering a bridge to ? not a detour from ? the road to Bali.

All of us ? including President Bush and the leaders in our Congress ? agree on much that is fundamental to solving this problem: That climate change is happening, we have caused it, and we must stop it. That cutting our output of greenhouse gases will not only help us avert the worst impacts of climate change — but will reduce air pollution. Cut our collective dependence on oil from unstable parts of the world. And choke off funding to many who wish harm to civilized nations.

These are goals we all share ? but that we have been frustrated in achieving.

Unfortunately, voluntary action, sector approaches and country plans to reduce greenhouse gases and achieve these results, as called for by the Framework Convention of 1992, allowed global warming pollution to grow dramatically.

This gathering must not simply repeat what we did 15 years ago. That did not, and will not, solve the problem.

Instead, I would turn to a different ? and successful ? model embraced just about the same 15 years ago.

The solution, in broad terms, adopted by the nations of the European Union and the People’s Republic of China, among others, was invented here in America. “Cap and trade” was proven a success under the first President Bush in the 1990 Clean Air Act.

And is consistent with our current president’s commitment to private sector leadership.

I respectfully urge the President to seize the moment presented by this gathering to chart a new course ? and to take bold steps necessary to pre-empt this grave danger to humanity. Our Congress is already debating such a course.

We are here to this afternoon to discuss the production of power. I have no doubt that given the right mandate and incentives, our businessman, scientists, engineers and entrepreneurs will produce cleaner power.

More important, I would argue, is for governments to use political power to drive this change.

Thank you.