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| October 25, 2007
Alcoa Testifies in Support of Climate Security Act
NEW YORK--(BUSINESS WIRE)--Alcoa (NYSE:AA) expressed its support of the America’s
Climate Security Act during testimony before a U.S. Senate Subcommittee
on Private Sector and Consumer Solutions for Global Warming and Wildlife
Protection in Washington, D.C.
Kevin Anton, Alcoa Vice President and President of Materials Management,
speaking before the subcommittee said, “The
United States needs a singular mandatory, but flexible, climate change
program that reduces emissions from large stationary sources,
transportation, and energy use in commercial and residential buildings,
and puts us in a realistic position to ask that all the major emitting
nations of the world contribute their fair share as well.”
Senators Joseph Lieberman (I-CT) and John Warner (R-VA) introduced a
bill last week they say would achieve substantial long-term cuts in
greenhouse gas emissions. The America’s
Climate Security Act would reduce total GHG emissions as much as 19%
below the 2005 level by 2020 and as much as 63% below the 2005 level by
2050.
Anton said that Alcoa believes an economy-wide cap-and-trade program
needs to be at the core of a comprehensive U.S. climate program and
America’s Climate Security Act meets Alcoa’s
most important criteria in establishing such a program.
“Unlike traditional command-and-control
regulations, under a cap-and-trade program, government sets the
environmental goal and industry decides how best to achieve it -- which
is the right division of labor. And unlike a tax, a cap-and-trade
program lets the market, not the government, set the price,”
Anton said.
Anton noted that the proposed legislation goes beyond carbon dioxide as
a source of greenhouse gas emissions, it establishes an ambitious
schedule of reductions, and the measure complements the private sector
investment and innovation that will occur as a natural result of the
cap-and-trade program with federal support for the development and
deployment of key climate-friendly technologies.
“This combination of market ‘push’
from the federal technology programs, and market ‘pull’
from the cap-and-trade program will be the best formula for getting
technologies into use,” he said. “The
combination of features I have named will make this program cost
effective and friendly to the innovation of new technologies we are
going to need to tackle this problem. I believe we will all be surprised
by the sources and rate of innovation this program will unleash.”
Commitment to Sustainability
As a company, Alcoa’s core Values include a
commitment to sustainability. Alcoa had established a target of reducing
greenhouse gas emissions by 25% below 1990 levels by 2010. This goal was
achieved in 2003, seven years ahead of schedule, and those reductions
have been maintained despite continuous growth. In Brazil, Alcoa has
joined the Climate Action Defense Compact, an agreement to work towards
limiting and stopping global warming caused by greenhouse gases. In
Australia, Alcoa is partnering with other companies to sequester CO2 in
bauxite residue.
In addition, Alcoa was recognized among the top role models in
sustainable business practice in the annual Global 100 Most Sustainable
Corporations in the World ranking, it has been a component of the Dow
Jones Sustainability Index for six years, it was recognized as “Best
in Class” in its approach to climate change
disclosure by the Carbon Disclosure Project, a coalition of more than
315 global investors with more than $41 trillion in assets, and Alcoa is
the only metals company included on a new international listing of the
world’s top 50 low-carbon pioneers published
by CNBC European Business, a monthly business publication
affiliated with CNBC Europe.
About Alcoa
Alcoa is the world's leading producer and manager of primary aluminum,
fabricated aluminum and alumina facilities, and is active in all major
aspects of the industry. Alcoa serves the aerospace, automotive,
packaging, building and construction, commercial transportation and
industrial markets, bringing design, engineering, production and other
capabilities of Alcoa's businesses to customers. In addition to aluminum
products and components including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 116,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the
world at the World Economic Forum in Davos, Switzerland. More
information can be found at www.alcoa.com
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