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Programming note: Should you be concerned about global warming? Find out on "Anderson Cooper 360°."

President Bush to reallocate 40 billion dollars from the Iraq War to fund global warming initiatives

Bush supports research on global warming

President Bush outlines his initiatives to address global warming.



George W. Bush
Global Warming
Oil and Gas

Washington (CNN) -- Earlier today President Bush proposed a new bill that would increase funding for organizations investigating global warming.

President Bush declared that he will sign a bill approving the reallocation of more than $40 billion in federal funds from the Iraq war toward new research investigating the effects of global warming.

During an interview this week Bush stated, “Global climate change is an issue I take very seriously,” When asked if the United States would consider adopting the Kyoto protocol, Bush declined to answer but stated that “Steps will be taken to prevent the negative effects of global climate change.”

The Kyoto Protocol, an amendment to the United Nations Framework Convention, was closed for signature on March 15, 1999. Countries that ratified this protocol promise to reduce their emissions of carbon dioxide and other greenhouse gases 5.2% by 2010.

Critics of the Kyoto Protocol claim that the treaty requirements would harm the U.S. economy, leading to economic losses of $500 billion and costing 8.3 million jobs.

Some scientists are skeptical of the evidence associated with global warming and say there are no real indicators that Earth’s surface temperature is rising due to human activity. Russia’s Academy of Sciences called the Russian government's decision to approve the Kyoto Protocol "purely political," and said that it had "no scientific justification."

Some opponents say the treaty doesn’t go far enough to reduce greenhouse gases, and many of those critics also question the effectiveness of practices such as planting forests to produce emissions trading credits that many nations are relying on to meet their targets. They argue that planting forests may increase carbon dioxide for the first 10 years owing to new forest growth patterns and the release of carbon dioxide from soil.

This latest move comes after the president asked the EPA to temporarily ease clean air regulations earlier this week.

Copyright 2006 CNN. All rights reserved.This material may not be published, broadcast, rewritten, or redistributed. Associated Press contributed to this report.

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