Carbon Trades Critical to Climate Legislation, Duke Expert to Tell House Committee on April 24
Contact: Jon Anda, 203/979-8909, jon.anda@duke.edu
April 23, 2009
DURHAM, N.C. – Establishing a transparent and well-overseen carbon market will be critical to the success of the American Clean Energy and Security Act of 2009, a Duke University expert on environmental markets will tell members of the U.S. House Energy and Commerce Committee in a hearing Friday, April 24.
“The draft bill’s language sets the right tone to create a carbon market that is fair, efficient and responsive to lessons learned in the financial crisis – but the devil is in the details,” says Jon Anda, visiting fellow at Duke’s Nicholas Institute for Environmental Policy Solutions.
“Issues such as the potentially small initial ‘float’ of allowances and the listed trading of derivatives must be carefully considered and executed,” Anda says.
The hearing will be held in 2123 Rayburn House Office Building, starting at 10 a.m.
Anda will present his testimony during the day’s third panel, which likely will take place after lunch.
For the past two-and-a-half years, Anda has focused on creating a framework for a U.S. carbon market. Prior to joining the Nicholas Institute as visiting fellow in 2008, he was president of the Environmental Markets Network at the Environmental Defense Fund. Before that, from 1986 to 2006, he was with Morgan Stanley where he served in a variety of roles, including vice chairman, global head of capital markets, head of corporate finance, and head of both the Institutional Equity and Investment Banking divisions for the Asia region.
The American Clean Energy and Security Act, proposed by Rep. Henry Waxman (D-Calif.) and Rep. Ed Markey (D-Mass.), calls for emissions of carbon dioxide and other greenhouse gases to be cut by more than 80 percent by 2050, and 20 percent by 2020. The bill would pave the way for the creation of a U.S. carbon market, in which companies could buy or sell permits, or allowances, to pollute above federally set limits.
On Wednesday, April 22, three members of the Nicholas Institute Board of Advisors also provided testimony to the House Energy and Commerce Committee. Frances Beinecke, president of Natural Resources Defense Council, James E. Rogers, chairman, president and CEO of Duke Energy, and Charles O. Holliday Jr., chairman and CEO of DUPont, presented industry and environmental community perspectives on the proposed climate change bill.
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Note to media: For help reaching Anda, contact Eric Roston, 202/797-6500 or eric.roston@duke.edu; or Tim Lucas, 919/613-8084, tdlucas@duke.edu
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