Treasury Secretary Nominee Says Failure To Ratify Kyoto Undermines U.S. Competitiveness

Treasury Secretary Nominee Says Failure To Ratify Kyoto Undermines U.S. Competitiveness
Think Progress

President Bush’s new nominee for Treasury Secretary, Goldman Sachs Chairman Henry M. Paulson Jr., not only endorses the Kyoto Protocol to limit greenhouse emissions, but argues that the United States’ failure to enact Kyoto undermines the competitiveness of U.S. companies. Here’s a statement from the Nature Conservancy, where Paulson serves as chairman of the board:

The Kyoto Protocol is a key first step to help slow the onslaught of global warming and benefit conservation efforts…Until the United States passes its own limits on global warming emissions, innovative companies based here will lose out on opportunities to sell reduced emission credits to companies complying with the Kyoto Protocol overseas. Additionally, without enacting our own emission limits, U.S. companies will lose ground to their competitors in Europe, Canada, Japan, and other countries participating in the Protocol who are developing clean technologies.

Goldman Sachs, under Paulson’s leadership, argued that the danger from global warming is imminent and requires “urgent” action by government to reduce emissions:

[C]limate change is one of the most significant environmental challenges of the 21st century and is linked to other important issues such as economic growth and development… Goldman Sachs is very concerned by the threat to our natural environment, to humans and to the economy presented by climate change and believes that it requires the urgent attention of and action by governments, business, consumers and civil society to curb greenhouse gas emissions.

As a result, Paulson’s nomination is strongly opposed by a coalition right-wing groups seeking to cast doubt on climate science, such as the National Center for Public Policy Research, describing Paulson as “diametrically opposed to the positions of [the Bush] Administration.”