THE WHITE HOUSE
Office of the Vice President
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.