The chairman and CEO of one of the largest utilities in the U.S. has stated that cap-and-trade is the best approach for addressing global warming while sustaining an economic recovery. In a keynote address at the PennFuture Southeast Global Warming Conference in Penn Valley, Pa., John Rowe said reducing carbon emissions will cost money, but the alternatives to cap-and-trade will cost more.
‘The best way to address the climate problem and protect our nation's fragile economic recovery is through cap-and-trade, which is the least-expensive solution,’ Rowe said. ‘Prices will go up – just not as much as with cruder tools. Plus, the legislation has provisions that will help reduce the impact to consumers.’
In the wake of Exelon's decision to withdraw from the U.S. Chamber of Commerce due to a disagreement on the urgency of addressing global warming, Rowe urged the nation's business community to come together in support of climate legislation.
‘Companies and business groups must recognize the need for strong action – or they will be left behind,’ said Rowe. ‘We have faith in the ability of American businesses to come together to develop innovative and cost-effective solutions to the climate challenge.’
Rowe's speech was part of an event sponsored by PennFuture, a Pennsylvania-based environmental advocacy organization.
SOURCE: Exelon Corp.