Cap and Trade
Jun 23, 2009 – Jeff Johnson wrote “Angst Over Cap and Trade” in the June 15, 2009 issue of C&E News. “Climate-change legistlation that cleared the House Energy & Commerce Committee last month contatins a key provision intended to help chemical companies and other energy intensive industries that are operating in a globally competitive environment.” It will allow these industries to emit greenhouse gases without penalty for a few years. Now the industry wants more. The declining cap in the bill [HR2454] has goals of reducing carbon dioxide emissions in the US to 83% of 2005 levels by 2020 and to 17% of 2005 levels by 2050 if we haven’t destroyed the planet by then. The bill is not final and there will be more changes, amendments and horse trading before a final bill is sent to President Barack Obama to be signed into law. The bill is sponsored by Rep. Henry Waxman [D-Calif] and Rep. Edward Markey [D-Mass].