The issue that we are dealing with is not political. It has nothing to do with the squabbling we see in Washington every day. It has everything to do with physics. The leading scientists in the world who study climate change now tell us that their earlier projections were wrong. The crisis facing our planet is much worse than they had thought only a few years ago. 12 out of the last 15 years ranked as the warmest on record in the United States. Now, scientists say that our planet could be eight degrees Fahrenheit warmer or more by the end of this century if we take no decisive action to transform our energy system and cut greenhouse gas emissions.
What would that mean to planet earth? Sea levels would rise by three to six feet, which would flood cities like New Orleans, Boston and Miami and coastal communities all over the world. It would mean that every year we would see more and more extreme weather disturbances, like Hurricanes Irene and Sandy, costing taxpayers tens of billions of dollars every year and resulting in devastating blows to our economy and productive capabilities.
Legislation that I introduced (pdf) with the support of leading environmental organizations in the country can actually address the crisis and do what has to be done to protect the planet. Senator Barbara Boxer of California, chairman of the Senate Committee on Environment and Public Works, co-sponsored the bill that would reverse greenhouse gas emissions in a significant way. It also would help create millions of jobs as we transform our energy system away from fossil fuel and into energy efficiency and such sustainably energies as wind, solar, geothermal and biomass.
A major focus of this legislation is a price on carbon and methane emissions. This fee on the largest fossil-fuel polluters affects fewer than 3,000 entities nationwide but covers 85% of the greenhouse gas emissions in the US, according to the Congressional Research Service.
To transform our energy system, the legislation would make the boldest ever investment in energy efficiency and sustainable energy. That includes weatherizing one million homes a year, as President Obama has advocated. It also means tripling the budget for advanced research and investing hundreds of billions through incentives and a public-private Sustainable Technologies Fund focusing on energy efficiency and clean transportation technology, as well as solar, wind, geothermal and biomass alternatives.
In our bill, we also provide funds to train workers for jobs in the sustainable energy economy and to help communities become resilient in the face of extreme weather. We accomplish all of this while paying down the debt by roughly $300 billion over 10 years.
With President Obama's commitment in the state of the union address to reverse global warming, we have the opportunity now to make progress. The president must use his executive authority to cut down on power plant pollution and reject the dangerous Keystone XL project. But he must not give up on a comprehensive legislative solution, and neither should we.
We will never fully deal with this crisis until Congress passes strong legislation. Senator Boxer and I are going to fight as hard as we can to do that, and we will work to rally support from American families all across this country that care deeply about their children and grandchildren's future, and want to protect them from this planetary crisis.