Climate Compass Blog
I recently responded to a question on the National Journal blog, "Does climate change cause extreme weather like the heat waves much of the country has been enduring for the past few weeks?"
Late last week, in a heartening display of bicameral and bipartisan harmony, Congress passed a bill reauthorizing the National Flood Insurance Program (NFIP) and taking steps to steer it toward solvency. Among those steps is ensuring that climate impact projections are factored into future calculations of flood risk.
In a resounding victory for sound science and policy, the US Court of Appeals decided unanimously this week to uphold both EPA’s finding that greenhouse gases endanger public health and welfare and the agency’s initial set of regulations limiting emissions from vehicles and major new and modified industrial sources.
Given the choice, we’d much prefer to see a new law establishing a comprehensive market-based program to reduce greenhouse gas emissions. But until Congress gets its act together, regulating emissions under the Clean Air Act is really the only option.
With the Senate set to vote today on fixes to the ailing National Flood Insurance Program (NFIP), a new C2ES brief explains why the program is chronically in debt to the U.S. Treasury, and how to make it solvent. We urge, among other things, that Congress allow federal underwriters to begin taking into account rising flood risk due to climate change.
The 44-year-old federally-backed NFIP covers 5.6 million American households and more than $1 trillion in assets in flood-prone areas along rivers and coasts. Flooding is not an easy risk to insure, so historically private insurers chose not to. But in assuming that role, the NFIP has at times served to encourage rather than contain risk, and has racked up $18 billion in debt in the process.
This week, C2ES filed comments on EPA’s proposed greenhouse gas (GHG) emissions standard for new power plants.
Let me start by saying I would prefer to be working on the implementation of a market-based program to reduce GHG emissions. For years, C2ES has believed that a market-based policy—whether a cap-and-trade program, an emissions tax, emissions averaging among companies, or a clean energy standard with tradable credits—would be the best way of reducing GHG emissions and spurring clean energy technology. Market-based policies create a good division of labor, with the law setting the goal, and private industry deciding how best to achieve it.