G-8 Failure Reflects U.S. Failure on Climate Change
Submitted by admin on July 10, 2009 – 5:48 pmNo Comment
by Dr. James Hansen (HuffingtonPost) … For all its “green” aura, Waxman-Markey locks in fossil fuel business-as-usual and garlands it with a Ponzi-like “cap-and-trade” scheme. Here are a few of the bill’s egregious flaws:
- It guts the Clean Air Act, removing EPA’s ability to regulate CO2 emissions from power plants.
- It sets meager targets — 2020 emissions are to be a paltry 13% less than this year’s level — and sabotages even these by permitting fictitious “offsets,” by which other nations are paid to preserve forests - while logging and food production will simply move elsewhere to meet market demand.
- Its cap-and-trade system, reports former U.S. Undersecretary of Commerce for Economic Affairs Robert Shapiro, “has no provisions to prevent insider trading by utilities and energy companies or a financial meltdown from speculators trading frantically in the permits and their derivatives.”
- It fails to set predictable prices for carbon, without which, Shapiro notes, “businesses and households won’t be able to calculate whether developing and using less carbon-intensive energy and technologies makes economic sense,” thus ensuring that millions of carbon-critical decisions fall short.
There is an alternative, of course, and that is a carbon fee, applied at the source (mine or port of entry) that rises continually. I prefer the “fee-and-dividend” version of this approach in which all revenues are returned to the public on an equal, per capita basis, so those with below-average carbon footprints come out ahead. READ MORE
