The paper analyzes the two major components of the Bush Administration's climate policy, namely an emission intensity target and a technology strategy. The question is whether those components will generate net emission reductions that will contribute to the stabilization of the greenhouse gas concentration at a safe level in the long run. It comes out that the Bush Administration climate policy does not guarantee any meaningful contribution to climate protection. The lenient emission intensity target set by the Administration will most likely allow near term emissions to grow. In the long run, the Bush Administration places a big bet on future climate-friendly technological breakthroughs to cost-effectively compensate for the current and near term net emission increases. But the outcomes of those technological developments are uncertain in terms of emission reduction potential, cost, and timing. The way towards enhanced climate protection will most likely not come from the policies of the current Administration, but rather from the growing concern about the climate issue in Congress and at the state, corporate and civil society levels. These combined forces may raise the playing field at the federal level in the near future. (C) 2004 Elsevier Ltd. All rights reserved.