I would like to offer an alternative perspective to some of the views expressed by Lt. Gov. Diane Denish in her March 28 Las Cruces Sun-News column entitled "Focus on Job Creation, Not New Regulation." The lieutenant governor and I were both born in Hobbs and our parents spent time together. We share an understanding of the importance of the oil and gas industry to the region and the state. But I am disappointed that she does not agree with me that the time has come for a regional cap and trade program to reduce greenhouse gas pollution in a cost effective manner.
Jobs are growing rapidly in New Mexico's clean energy sector and we must continue policies to nurture this growing industry. I am proud of the lead role New Mexico has played in developing state and regional policies to address climate change and create new green jobs. We produce much more electricity from renewable energy sources now and have many more clean energy manufacturing and installation jobs than when Gov. Richardson took office seven years ago. Unfortunately our work is not done.
That is why the state Environment Department is moving forward with a rule-making this year to implement a program that will allow us to participate in a regional greenhouse gas cap-and-trade program. Cap-and-trade has a proven track record when it comes to cost-effective pollution reduction. By giving participants a financial incentive to control emissions and the flexibility to determine how and when emissions will be reduced, the capped level of emissions is achieved at minimum cost while stimulating the economy by promoting economic opportunities for clean energy technologies.
We realize New Mexico can not accomplish this on its own. The department plans to move forward with a rulemaking this year that will allow our state to participate in a regional greenhouse gas cap-and-trade program with our partners in the Western Climate Initiative. The combined annual greenhouse emissions of member states and provinces is a little more than one billion tons of carbon dioxide. With approximately the same level of emissions as Germany, the WCI is the seventh largest source of greenhouse gas emissions on the planet. As a member of the WCI, New Mexico can make a difference in reducing the planet's greenhouse gas emissions.
The costs of failing to address the impacts of climate change are staggeringly high. A recent study by the Climate Leadership Initiative showed that the cost to New Mexico citizens of higher global temperatures, reduced snow pack, forest fires, droughts, energy costs and negative health effects will average $3,430 a year per family by 2020. If other states and ultimately federal governments follow New Mexico's lead, the adverse economic impacts resulting from the impacts of climate change will be reduced.
Like the lieutenant governor, my preference would be for a strong and effective national program to reduce greenhouse gas emissions. Unfortunately, Congress has not acted yet. With the stakes so high and the opportunities so great, we simply can not afford to wait for action from the federal government. It is important for states like New Mexico to move forward and spur federal progress by setting the example to follow.
