July 27, 2010
Investors Lead Way on Climate Change As Senate Fails to Act
by Robert Kropp
The US Senate abandons effort to pass meaningful legislation in a year when climate change-related
shareowner resolutions attract widespread support.
Last week, Senator Harry Reid of Nevada, the Senate majority leader, announced that the Senate had
abandoned plans to address legislation designed to reduce greenhouse gas (GHG) emissions, but would
instead attempt to pass a bill of much more limited scope.
Reports indicate that
the proposed bill would do little more than raise the liability cap for oil companies in the event
of oil spills, and provide incentives for homeowners to improve the energy efficiency of their
Even the inclusion of a renewable energy standard, which would require that a
percentage of the nation's electrical power come form renewable sources—an aspect of proposed
legislation that seemed likely to lead to significant job growth—appears to be doomed to join a
cap-and-trade scheme as an abandoned legislative effort.