Carbon Curbs: It's Business vs. Business

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That's why supporters of the climate bill have largely stopped trying to scare people with dire predictions about global warming. Instead, they're planning to hammer home the message that legislation would bring green jobs and a cleaner environment while enhancing national security by reducing dependence on foreign energy sources.

When the Senate begins to take up the climate issue, though, supporters will have one scare message for lawmakers. If Congress doesn't act, the EPA will step in with potentially more onerous emissions curbs. Adding another legal threat, on Sept. 21 a federal court ruled that companies can be sued over their emissions. Congress isn't yet fully aware of these alternatives, says Keith Belton, director of government affairs at Dow Chemical (DOW). "I'm surprised by how many people think the choice is between legislation or nothing."

The battle ahead will be messy. The bill's opponents are stoking the same Big Government fears that have made health-care reform so divisive. Meanwhile, some environmental activists oppose the current House bill for being too weak, while groups such as farmers and natural gas producers are lobbying for more payouts than they got from the House. As a result, a Senate bill "will be very different," predicts AEP's Morris.

Much also depends on how hard the White House pushes. There, the signals are growing stronger. "We understand the gravity of the climate threat," President Barack Obama told the U.N. Summit on Climate Change on Sept. 22. "We are determined to act."

Return to the Copenhagen Climate Change Summit Special Report Table of Contents

Carey is a senior correspondent for BusinessWeek in Washington.

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