THE WHITE HOUSE AT WORK

PRESIDENT CLINTON ANNOUNCES THE ADMINISTRATION'S POLICIES TO DEAL WITH THE PROBLEM OF GLOBAL CLIMATE CHANGE

President Clinton today announced the United States' position on climate change. Recognizing the solid foundations of climate science, President Clinton is committed to strong and sensible action to reduce greenhouse gas emissions.

The President's climate change plan is based on five key principles: The policies should be guided by science; rely on market-based, common-sense tools; that we should seek win-win solutions; that global participation is essential to addressing the gl obal problem of climate change; and that we must have regular common-sense reviews of the economics and science of climate change.

Key elements of President Clinton's Climate Change Proposal include:

Realistic and Binding Targets to Reduce Greenhouse Emissions. A critical component of the President's comprehensive framework is a realistic, achievable, and binding target of reducing greenhouse emissions to 1990 levels by 2008-2012 and reductions below 1990 levels in the 5-year period that follows.

$5 Billion Program of Tax Cuts and Research and Development for New Technologies. To spur energy efficiency and the development of new technologies, the President proposes a major new packet of tax cuts and R&D spending amounting to $5 billion ove r five years.

Industry-by-Industry Consultation and Early Credit. The Administration challenges key industries to prepare plans over the next nine months on how they can best reduce emissions. To provide incentives for near-term actions to cut emissions, the P resident is committed to ensuring appropriate rewards for firms that act early.

Developing Countries Must Participate. Climate change is a global problem, and requires a global solution. That's why the United States has spear-headed joint implementation projects, and the President has committed that the United States will no t adopt binding obligations without the participation of developing countries.

Broad-Based Domestic and International Emissions Trading System Begins After A Decade of Experience Has Accumulated. The President is committed to a market-based emissions trading system, both domestically and internationally, that will harness th e power of the market to reduce emissions to 1990 levels by 2008-2012. The trading system would begin after a decade's worth of experience with tax incentives, R&D, early credit, electricity restructuring, Federal efforts, and other measures.