Hundreds of Billions in Carbon Credits and Subsidies to Polluters

Lieberman-Warner Global Warming Bill to the Floor (FOE)
On Wednesday, the Lieberman-Warner global warming bill advanced out of the Senate Environment and Public Works Committee and will likely head to the Senate floor in the new year.  Beginning in 2012, this bill would set a cap on the amount of global warming pollution that companies could emit each year, concluding in a 70 percent reduction in greenhouse gas emissions in the year 2050 -- significantly less that the reduction that scientists say is needed. 

The bill's economic implications are even more troubling.  Instead of auctioning off all pollution permitsâ€"which entitle the holder to emit a set amount of greenhouse gases the bill would give away many to the fossil fuel industry and other polluters for free.  The bill includes many direct subsidies to polluters, with total handouts to polluter adding up to as much as $900 billion.  Special interest giveaways are not the way to fight global warming. 

Fact sheet on the giveaways from FOE