Geoscience Policy Monthly Review
august 2014

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environment

White House releases report on costs of delaying climate change action

July 29, 2014

The White House Council of Economic Advisers (CEA) released a report examining possible economic consequences of delaying policies addressing climate change. The report, titled “The Cost of Delaying Action to Stem Climate Change”, stresses the need for immediate policy action and looks at the net costs of postponing any action.

The CEA points out that the previous decade was the warmest on record, both in the United States and globally and also notes an average sea level rise of 1.25 inches per decade. In addition, the report suggests the impact of climate change on weather events may lead to more frequent and intense heat waves as well as larger rainfall events.

According to the report, climate change action would serve as an “insurance policy” against catastrophic consequences, such as coastal erosion and extreme weather events. Without these steps, the CEA estimates average temperatures will continue to rise and the global cost of climate change will reach $150 billion per year and continue rising as reversing temperature increases becomes more difficult.

The United Nations will host a climate summit in September 2014 to discuss opportunities to accelerate climate action and build political will for policy change.

Sources: The White House, United Nations

Montana senator introduces legislation to fund CCS projects

August 1, 2014

Senator John Walsh (D-MT) introduced legislation on August 1 that would fund the establishment of power plants with carbon capture and storage (CCS) units. The bill calls for funding of CCS units across the country and follows recent regulations issued by the Environmental Protection Agency (EPA) that mandate a reduction in carbon emissions.

Under Sen. Walsh’s Ten in Ten Act (S. 2776), the Secretary of Energy would administer the Carbon Capture and Sequestration Deployment Acceleration Fund and would oversee the establishment of no fewer than ten CCS units in ten years. The act focuses specifically on funding CCS units for new and upgraded coal-fired power plants.

Sen. Walsh has spoken previously of his commitment to investing in clean-coal technology and has highlighted CCS as an effective way to reduce carbon emissions. Other senators from coal-producing states have introduced legislation to encourage the development of CCS technologies, including Senator Jay Rockefeller (D-WV). Sen. Rockefeller introduced the Carbon Capture and Sequestration Deployment Act of 2014 (S. 2287), which would provide loan guarantees for the construction of CCS units, as well as for retrofitting existing coal-fired power plants.

The Ten in Ten Act was referred to the Senate Committee on Energy and Natural Resources.

Sources: E&E News, Environmental Protection Agency, Senator John Walsh