Posted on 11/22/2004 4:09:35 PM PST by NormsRevenge
SACRAMENTO (AP) - With $838 million invested in nine global automakers, the California Public Employees Retirement System should press harder for curbs on vehicles' greenhouse gas emissions that contribute to global warming, state Controller Steve Westly said Monday.
Westly said automakers seem more interested in fighting California's new rules to limit tailpipe exhaust than complying, and invited firms to explain why at a CalPERS investment committee meeting Dec. 13. Westly sits on the CalPERS board.
"We're concerned that car companies would rather litigate than innovate to meet California's high standards," said Westly, whose call was backed by two environmental groups.
Gloria Bergquist, a spokeswoman for Alliance of Automobile Manufacturers, said automakers are considering numerous options against California's rules, including lawsuits.
"We have said in the past we view this as a fuel economy standard, and only the federal government has the right to set fuel economy standards," she said.
California air regulators in September adopted the world's strictest rules to cut carbon dioxide emissions from the state's 26 million vehicles.
Under the regulations the auto industry must trim exhaust levels from California cars and light trucks by 25 percent before 2016. While other states and Canada are considering similar rules, automakers argue that California's changes will cut greenhouse gases globally by only a tenth of 1 percent while adding $3,000 to the cost of an average vehicle.
Backers of the rules, including Assemblywoman Fran Pavley, D-Agoura Hills, said carmakers are exaggerating costs of complying. Pavley, who carried legislation implementing the proposed changes, said many solutions already exist including variable valve timing and more efficient air conditioners.
Under Pavley's 2002 legislation, state lawmakers must review the California Air Resources board's new rules next year and can modify them. Automakers, who sell more than 17 million vehicles a year nationally and about 2 million yearly in California, have until 2009 to make the changes.
Westly said a growing interest globally in cleaner cars could harm companies that resist changes.
"We do not want to see a sudden devaluation in these stocks," he said.
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On the Net:
State Controller Steve Westly: http://www.controller.ca.gov
California Public Employees Retirement System: http://www.calpers.ca.gov
Alliance of Automobile Manufacturers: http://www.autoalliance.org
Only in California -- the stupid, regulation-crazy liberals just cannot keep their useless hands out of our lives. Here they go again. If liberals were worth a pile of excrement, they would focus on serious matters impacting this state --- not this nonsense.
Liberals -- the bane of California.
Last month CA voters "fixed" the embrionic stem cell problem, now they're gonna "fix" global warming. That traffic noise you hear is the mass exodus of SUV's moving on out to surrounding and friendlier states. Don't worry the illegals will keep the population up.
CalPers is the model for government buying stock in companies to "invest" social security revenues. This has been proposed from time to time, usually as a way to block attempts to make individual social security retirement accounts. It is a bad idea and should be denounced.
Letting you have an IRA type account in which you or your fund manager buys the stock is a different story. That is a good social security reform and is what is being seriously discussed at present.
Yep, take your $838 million and invest it in organic coffee beans and farms where the sheep are sheared to the poignant strains of "Let It Be."
I'm sure that 10 years from now all the retirees driving donkey carts and living in cardboard boxes will thank you.
Automakers will fight California untill the state devises a way for them to make even more money on CO2 controls. Then they will be all for it, just like smog check.
BTT!!!!!!!
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