This is the second in a series; the first is here.
We've covered two reasons Environmental Defense is pushing for passage of climate legislation in 2008 -- the politics will be very much the same in 2009, and we don't want to gamble away a good bill on the chance of a perfect one someday.
Today I'll look at a third reason: The price of waiting, even a year or two, is simply too high. Carbon dioxide concentrations are higher today than they've been in 650,000 years, and our emissions rate is increasing. It's crucial that we start aggressively cutting emissions as soon as possible.
Here's the math.
Source: the national allowance account for the years 2012-2020 from the S.2191 as reported out of the EPW Committee. The emissions growth from 2005 to 2013 is assumed to be 1.1 percent (an average of the 2004 and 2005 rate reported by the EPA [PDF]).
Scenario one: The Climate Security Act is passed into law this year, and takes effect in 2012. To comply with the emissions cap, covered sources would have to cut annual emissions by roughly 2 percent per year. By 2020, they would be emitting at 15 percent below the starting point in 2012.
Scenario two: We delay enacting legislation by two years, holding everything else constant. We pass a cap-and-trade bill in 2010, and it takes effect in 2014. To meet the same cumulative emissions cuts, emissions would have to fall by 4.3 percent per year -- over twice as quickly -- and we'd have to do it year after year until 2020, just to get to the same place. By 2020, emissions from covered sources would have to be cut 23 percent below the starting point in 2014.