Oregon Gov. Ted Kulongoski called for a cap on carbon dioxide emissions and creation of a trading system designed to reduce the state's output. He said the proposals would stimulate business in the state:
"You know we've turned a corner when Wall Street banks are telling you that investments in renewable energy and other technologies to combat global warming are among the largest economic opportunities now and in the coming decades," he said.
Electricity production reportedly accounts for 42 percent of the state's greenhouse gas emissions. Kulongoski would have a task force propose details of a cap-and-trade system while he advances bills to promote biofuels and require a quarter of Oregon's energy to come from renewable sources by 2025.