Thank you, Mr. Chairman.

President Bush on February 14 announced a new approach to the challenge of global climate change. This approach is designed to harness the power of markets and technological innovation. It holds the promise of a new partnership with the developing world. And it recognizes that climate change is a complex, long-term challenge that will require a sustained effort over many generations.

The United States Government has spent $18 billion dollars on climate change research alone since 1990, more than three times the amount of any other country and more than Japan and all 15 nations of the EU combined.

This year we will spend another $4.5 billion dollars, including $1.7 billion on climate change research - that is a $700 million dollar increase in funding over last year.

The President's budget also includes a commitment to a five-year, $4.6 billion dollar package of clean energy tax incentives to encourage purchases of hybrid fuel cell vehicles, to promote residential solar energy, and to reward investments in wind, solar and biomass energy production.

U. S. efforts compare very favorably to those of the EU, Japan and Canada. Reducing greenhouse gas intensity by 18 percent over the next ten years is comparable to the average progress that nations participating in the Kyoto protocol are projected to achieve.

Our goal translates into a 4.5 percent reduction from projected emissions. Forecasts of the average reductions required by nations implementing the Kyoto protocol range from zero to 7 percent.

In sum, the United States is in the front ranks of nations committed to combatting global climate change.