Washington (Platts)--31May2007

US President Bush on Thursday called on major developed and developing
nations to commit to a "long-term global goal for reducing greenhouse gases"
and "mid-term" national GHG targets.

     The president outlined his proposals in a speech in Washington to the US
Global Leadership Campaign in advance of a G8 meeting in Germany. Bush's
proposal, which would involve China, India, Brazil and about a dozen other
countries, would succeed the Kyoto Protocol. The protocol expires with the end
of its compliance period in 2012.

     Bush wants agreement on both strategies by the time he leaves office 18
months from now, White House Council on Environmental Quality Chairman James
Connaughton told reporters at a briefing before Bush's speech.

     Energy and climate change was just one part of the speech, which Bush
framed as a call for "developed countries to help poor nations lift themselves
out of poverty and despair."

     He also called for the elimination of tariffs that prevent imports and
exports of low-carbon technologies, which should be available "at a low cost
or no cost at all" to countries that need them as their economies grow.

     Bush touted clean coal technology and renewable energy in the power and
transportation sectors while emphasizing the need for "clean, safe nuclear
power," which does not emit GHGs. He did not mention mandatory emissions caps.

     The president also said the 18 months of talks should include the
development of a "strong and transparent process for measuring each country's
results" in cutting GHGs.

     Connaughton told reporters that reaching agreement on all parts of the
Bush plan was a "Herculean" objective.