PRESIDENT BARACK OBAMA: (Applause.) Thank you very much. Good morning.
I want to thank the secretary-general for organizing this summit, and all the leaders who are participating. That so many of us are here today is a recognition that the threat from climate change is serious, it is urgent and it is growing. Our generation's response to this challenge will be judged by history; for if we fail to meet it boldly, swiftly and together, we risk consigning future generations to an irreversible catastrophe.
No nation, however large or small, wealthy or poor, can escape the impact of climate change. Rising sea levels threaten every coastline. More powerful storms and floods threaten every continent. More frequent droughts and crop failures breed hunger and conflict in places where hunger and conflict already thrive. On shrinking islands, families are already being forced to flee their homes as climate refugees.
The security and stability of each nation and all peoples, our prosperity, our health and our safety are in jeopardy. And the time we have to reverse this tide is running out. And yet we can reverse it. John F. Kennedy once observed that our problems are man-made, therefore they may be solved by men. It is true that for too many years, mankind has been slow to respond or even recognize the magnitude of the climate threat.
It is true of my own country as well. We recognize that. But this is a new day. It is a new era. And I'm proud to say that the United States has done more to promote clean energy and reduce carbon pollution in the last eight months than at any other time in our history.
We are making our government's largest-ever investment in renewable energy, an investment aimed at doubling the generating capacity from wind and other renewable resources in three years.
Across America, entrepreneurs are constructing wind turbines and solar panels and batteries for hybrid cars, with the help of loan guarantees and tax credits, projects that are creating new jobs and new industries.
We're investing billions to cut energy waste in our homes, our buildings and appliances, helping American families save money on energy bills in the process.
We proposed the very first national policy aimed at both increasing fuel economy and reducing greenhouse gas pollution for all new cars and trucks, a standard that will also save consumers money and our nation oil. We're moving forward with our nation's first offshore wind-energy projects.
We're investing billions to capture carbon pollution, so that we can clean up our coal plants. And just this week, we announced that for the first time ever, we'll begin tracking how much greenhouse gas pollution is being emitted throughout the country.
Later this week, I will work with my colleagues, at the G-20, to phase out fossil-fuel subsidies, so that we can better address our climate challenge. And already we know that the recent drop in overall U.S. emissions is due in part to steps that promote greater efficiency and greater use of renewable energy.
Most importantly, the House of Representatives passed an energy and climate bill in June that would finally make clean energy the profitable kind of energy for American businesses and dramatically reduce greenhouse gas emissions. One committee has already acted on this bill in the Senate, and I look forward to engaging with others as we move forward.