The bill that I wish to testify on behalf of is perhaps one of the most visionary pieces of legislation I have ever come across. In essence, S. 547 allows U.S. corporations to receive credit for voluntarily reducing greenhouse gas emissions or increasing the sequestration of carbon. The ingenuity of this bill is due to the fact that these credits shall be applied to future laws and regulations. It is a way for a good corporate citizen to gain recognition and a potential fiscal reward for reducing carbon emissions. This is something that many companies have been preparing for in their capital planning. Should this bill become law, it may well move up the timetable for such capital spending.
Beyond the credit for voluntary reductions is the truly unique issue of carbon sequestration. I would like to speak to how I believe this portion of the bill would positively affect my little state of Rhode Island.
All land which is undeveloped and vegetated annually sequesters varying amounts of atmospheric carbon. I will leave the issue of metric tons of carbon sequestered per acre (or hectare) to the academics that will surely testify at some point in time on this issue. Suffice to say, an acre of young, well managed forest in a temperate climate like Rhode Island's can annually sequester multiple tons of atmospheric carbon. That's correct, multiple tons of carbon are sequestered by an acre of forested land. Therefore, it is safe to presume that the permanent preservation of as little as 100 acres of open space can sustain a carbon reservoir and avoid creating a carbon source.
I would like to present you with a real world example of how land can quickly change from reservoir to source. The first picture shown within this text is an aerial photograph of a section of Warwick, Rhode Island. This photo clearly depicts a densely populated residential community, a golf course, and a large tract of undeveloped farmland. This represents perhaps the last tract of farmland within a radius of one mile or more. As of this moment, the owner of the property is in the process of subdividing his farmland to establish a residential subdivision. If you skip over and review the next photograph, I have taken the liberty to demonstrate what the property might look like after the summer of the year 2000. In one short year's time, this property will go from carbon reservoir to carbon source.
Figure #1 depicts the results of a Brown University study evaluating Rhode Island's greenhouse gas emissions from 1990-1996. Residential development was responsible for approximately 18 percent of the total increase in greenhouse gas emissions during that time period. In 1999, the enormous demand for housing in Rhode Island has driven up the value of raw land. To further complicate issues, the schools in Rhode Island are funded primarily on the local revenues received from property taxes. The result, landowners are faced with exceptionally high taxes on their open space parcels, while developers are constantly dangling large sums of money before them to acquire the properties for residential housing. It is a no win situation for the environment.
Believe it or not, 55 percent of Rhode Island is currently forested. That's right, over one half of this state consists of trees. But that percentage is dwindling rapidly. Therein lies the opportunity of S. 547.
I believe that corporate America can play a pivotal role in the preservation of open space in Rhode Island and the entire United States. The ability to acquire a greenhouse gas credit for the demonstrated sequestration of atmospheric carbon could well be the incentive necessary to motivate the boardrooms across America to take an active role in the management and preservation of the country's forests. Not only could a company receive a regulatory credit for the dedication of permanent open space, but also the marketing potential of the effort could offer a higher profile when targeting today's environmentally conscious consumer.
I realize that the environmental community will express deep concern that corporate giants may abuse such a process. Corporations and their lobbyists will bemoan the fact that there may be a tacit acknowledgement of the Kyoto Protocol in this bill.
I however applaud the sponsors of this bill and stand firm in a belief that change, true change in society, does not come from the actions of a government regulatory, CEO or a multinational corporation, or even a well meaning environmental organization. A politician with vision effects true change. We become politicians for many reasons. But first among them is the desire to improve our state, our country or even the world. This bill will change the world.
Respectfully submitted,
Scott P. Rabideau, District 60, State Representative