From independent
US businesses have spent tens of millions of dollars trying to kill a proposed law that would introduce European-style "cap-and-trade" rules on carbon emissions – even before the bill hit the floor of the Senate for discussion yesterday.
Lawmakers began a week-long debate of measures to tackle climate change amid predictions of dire consequences if carbon emissions were capped. Television viewers have been treated to visions of a dystopian future where Americans are forced to cook their breakfast over candles, or where thousands of jobs have been lost because of what one opponent called "economic disarmament" by the US.
Some coal industry executives have been involved in discussions with environmental groups and lawmakers aimed at achieving a consensus, but the details of how a cap-and-trade scheme might work have left them far apart. After the implementation of a cap, big polluters will be able to trade emissions permits with companies that have cut their emissions, a scheme that will effectively put a market price on carbon emissions and spur businesses to introduce cleaner technologies. At issue is whether, and what proportion of, emissions permits would be handed free to current polluters like the coal industry, or whether they should all be auctioned. At best, allocation of the permits will cause some unseemly bargaining; at worst, disagreements could paralyze the whole scheme.
The Chamber of Commerce commercials feature suburban families unable to heat their homes, wearing scarves indoors, cooking over candles, and running – rather than driving – to work. It asks: "Is this really how Americans want to live?"
Senator Barbara Boxer, a Democrat and chief sponsor of the legislation, said the auction of some emissions allowances will bring in new revenue that the federal government could use to subsidies consumers' energy bills. Environmental groups say the economic issues should not override the need to tackle climate change. (Yikes)
