The U.S. Chamber of Commerce, once a powerful obstacle to the passage of climate change legislation, has issued a new approach to climate change which includes support for market-based solutions.

“We believe that there is much common ground on which all sides of this discussion could come together to address climate change with policies that are practical, flexible, predictable, and durable. We believe in a policy approach that acknowledges the costs of action and inaction and the competitiveness of the U.S. economy,” the group’s climate statement reads. The Chamber believes any policy should “support a market-based approach to accelerate GHG emissions reductions across the U.S. Economy” and also that such policy should be bipartisan and built for durability.

According to Marty Durbin, the president of the Chamber’s Global Energy Institute“While the Chamber is not endorsing any specific proposals at this time, this update to our climate position is not intended to exclude any of those options, but rather to strengthen overall support for market-based solutions.”