Managing Climate Risk in the U.S. Financial System
A report compiled by the Climate-Related Market Risk Subcommittee, Market Risk Advisory Committee of the U.S. Commodity Futures Trading Commission, outlining risks and recommendations for the U.S. financial system in light of climate change. Read the full report here.
HB 2020-31 Amendment
An omnibus amendment (HB 2020-31) to HB 2020, was released on March 25, 2019. Thus far it does appear that the amendment largely aligns with our core principles: to ensure that Oregon meets its carbon reduction goals and that any Cap and Trade program successfully links to the Western Climate Initiative.
Oregon Cap and Trade Briefing
On Wednesday, February 27th, we co-hosted a Cap and Trade webinar with Ceres, a sustainability nonprofit organization working with the most influential investors and companies to build leadership and drive solutions throughout the economy. The webinar provided an overview of HB 2020, including the economic case for advancing the policy and opportunities for member engagement. Speakers included Kristen Sheeran, Oregon Carbon Policy Office; Michael Wara, Climate and Energy Policy Program, Stanford University; Steve Baczko, Oregon Business For Climate; and Steve Clem, Skanska. If you missed it, you can listen here and view the presentation here.
Oregon Business for Climate Member Testimony
Many thanks to Oregon Business for Climate members Vigor Industrial, Skanska, EC Electric and Pacific Ag who recently provided testimony in support of HB 2020 on behalf of Oregon Business for Climate. Member testimony urged the legislature to double down on investments in innovation and advancing Oregon industries so that we can continue to lead, even as we operate in a more carbon-constrained future. We also asked that they maintain the bill’s strong cap, and thanked them for installing the 45% interim target by 2035. For more on our member testimony to the legislature, check out this article in the Portland Business Journal.
First Iteration of 2019 Oregon Cap and Trade Bill (HB 2020)
HB 2020 presents a unique opportunity to advance state climate policy while strengthening Oregon’s economy. It offers a market-driven framework based on that links to other jurisdictions, and enables regulated businesses the can manage their emission reduction targets in a way that offers them the most flexibility about how to meet the cap for their business. As it has in other jurisdictions, a Cap and Trade program in Oregon will encourage business innovation, investment, and job creation.
Oregon Business for Climate will continue working with lawmakers and other key stakeholders to ensure that the language of the bill is as well defined as possible, remembering that two of our core principles are to ensure we meet our carbon reduction goals and can successfully link to the Western Climate Initiative. Click here to read the full text of the bill. Click here to read our policy overview.
Joint Committee on Carbon Reduction
The Joint Committee on Carbon Reduction is co-chaired by Senator Michael Dembrow and Representative Karin Power. Senator Cliff Bentz and Representative Brock Smith are the committee vice co-chairs. Please click through to this page to view the committee meeting schedule, see recordings of past hearings, or download meeting materials. The Joint Committee on Carbon Reduction is overseeing HB 2020, a bill that would enact an economy-wide Cap and Trade policy in Oregon.
Oregon Cap and Trade Economic Assessment
Climate change is already having an impact on our economy, human health and the environment. And just as climate change presents a tremendous threat to our economy, Cap and Trade presents a tremendous economic opportunity. A new economic analysis by Berkeley Economic Advising and Research found that HB 2020 (Oregon’s proposed Cap and Trade plan) would create significant economic growth, boost household income, and create thousands of jobs. Click here to view the full economic report; click here to view the report overview presentation.
Oregon Carbon Policy Office
In 2018, the Oregon Legislature created the Carbon Policy Office to conduct research, analysis, and stakeholder engagement to inform a statewide policy framework to grow Oregon’s economy while achieving Oregon’s greenhouse gas reduction goals. Over the interim between sessions, the Carbon Policy Office provided research and analysis to Legislators on carbon pricing policy design. The product of that work can be found here.
Fourth Oregon Climate Assessment
Oregon is already experiencing statewide impacts of a changing climate. Serious, disruptive climate change has arrived in Oregon. Future effects will be worse every year. The cost of failing to act on climate far exceed acting efficiently and effectively to mitigate its impacts.Read the Fourth Oregon Climate Assessment here.
Cap and Trade Background Materials
During the 2017 session, the Senate and House environment committees held a series of joint meetings to hear from experts regarding state and regional Cap and Trade policies and programs. This led to the introduction of SB 1507 (Senate) and HB 4001 (House) Clean Energy Jobs bill (Cap, Trade, Invest). Read the materials here.
Joint Interim Committee On Carbon Reduction
An interim Joint Committee co-chaired by the Speaker of the House Tina Kotek, and Senate President Peter Courtney was created during the 2018 session. The committee is well represented across both parties and across the state. See the Committee overview and meeting announcements HERE.
World Bank 2018 State and Trends of Carbon Pricing Report
According to the World Bank’s 2018 Carbon Pricing report, 46 national and 25 subnational jurisdictions are instituting a price on carbon in 2018 which accounts for approximately 20% of the global emissions with an estimated $33 Billion on revenues in 2017.
See the Report HERE
Pricing Pollution, Investing in Solutions
From home energy savings and job creation in Maine to clean technology and manufacturing in California, putting a price on pollution is driving revenue nationwide for clean investments. Read more here.
California: An Emissions Trading Case Study
In 2006, California passed its landmark climate policy, the Global Warming Solutions Act (AB 32), which set a greenhouse gas reduction target of 1990 levels by 2020. Read the Report Here
Third Oregon Climate Assessment Report
Burning fossil fuels to run our factories, heat our homes, and drive our cars produces heat-trapping gases that unequivocally warm the planet. Effects of warming are evident on physical, biological, and human and managed systems across the globe, and here in Oregon. This report presents strengthening evidence that Oregon is already experiencing the effects of climate change. Read The Report.
IETA: Emissions Trading 101 Library
In collaboration with members and partners, we are pleased to present IETA’s new library of educational 101 Briefings. These documents are geared towards a general audience who are interested in learning the basics of emissions trading design options and case studies. Read More…