This is historical material, "frozen in time." The web site is no longer updated and links to external web sites and some internal pages will not work.

THE WHITE HOUSE

Office of the Vice President

For Immediate Release March 5, 1998

                   STATEMENT OF VICE PRESIDENT GORE
                     ON PROPOSED EMISSIONS TRADE

The emissions trading agreement announced today by Niagara Mohawk and Suncor Energy is proof that our market-based strategy to combat climate change is already working.

In Kyoto, the United States won agreement on an international system of emissions trading to harness the forces of the global marketplace to fight global warming. We knew that, given the opportunity, businesses would find creative, cost-effective ways to reduce greenhouse gas emissions.

These two pioneering companies -- one American, the other Canadian -- are showing that ingenuity and entrepreneurial spirit can meet the challenge of climate change. Through this private sector transaction, Suncor can cut emissions for far less cost, and Niagara Mohawk can achieve significant earnings, that it plans to invest in further clean energy projects.

The rules for trading are not yet final, but the market itself is already emerging. Barely three months after Kyoto, two major corporations are seeing and seizing an opportunity to protect our planet while building their bottom lines and growing the economy. I applaud their efforts.