At the White House on Wednesday President Bush made a speech on climate change. Here are excerpts:

"I have put our nation on a path to slow, stop, and eventually reverse the growth of our greenhouse gas emissions. In 2002, I announced our first step: to reduce America's greenhouse gas intensity by 18 percent through 2012. I'm pleased to say that we remain on track to meet this goal even as our economy has grown... When I took office seven years ago... a number of nations around the world were preparing to implement the flawed approach of Kyoto Protocol. In 1997, the United States Senate took a look at the Kyoto approach and passed a resolution opposing this approach by a 95 to nothing vote. The Kyoto Protocol would have required the United States to drastically reduce greenhouse gas emissions. The impact of this agreement, however, would have been to limit our economic growth... while allowing major developing nations to increase their emissions... We're working toward a climate agreement that includes the meaningful participation of every major economy -- and gives none a free ride... Today, I'm announcing a new national goal: to stop the growth of U.S. greenhouse gas emissions by 2025.

... To reach our 2025 goal, we'll need to more rapidly slow the growth of power sector greenhouse gas emissions so they peak within 10 to 15 years, and decline thereafter. By doing so, we'll reduce emission levels in the power sector well below where they were projected to be when we first announced our climate strategy in 2002. There are a number of ways to achieve these reductions, but all responsible approaches depend on accelerating the development and deployment of new technologies... The wrong way is to raise taxes... The right way is to set realistic goals for reducing emissions consistent with advances in technology, while increasing our energy security and ensuring our economy can continue to prosper and grow.

...The strategy I have laid out today shows faith in the ingenuity and enterprise of the American people -- and that's a resource that will never run out. I'm confident that with sensible and balanced policies from Washington, American innovators and entrepreneurs will pioneer a new generation of technology that improves our environment, strengthens our economy, and continues to amaze the world.

Here's the full speech.

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