America’s Climate Security Act of 2007

May 28, 2008

For years the Senate Committee on Environment and Public Works was the burial ground for legislation addressing among other things coal powered electricity generation. The U.S. has about a quarter of the world’s known supply of coal and coal is the primary source of electricity in this country. (Hydroelectric power is not as prominent elsewhere as in this region.) It is commonly said that reducing the emissions of coal used to generate electricity is vital to controlling greenhouse gas emissions here. Most seem to believe that this is the cornerstone to any effective policy. In December the committee, with a Democratic majority, passed America’s Climate Security Act of 2007 and it the bill will be debated in the Seante next week.

The Republicans are split on this bill. Larry Craig and other Republicans did all he could to prevent the bill from getting out of committee. The bill though is sponsored by Joe Lieberman and John Warner. (Warner is on the committee.)

The bill would impose emission limits on electric utility, transportation and manufacturing industries and includes financial incentives for reducing emissions, as well as assistance for zero and low carbon technologies. The bill creates carbon trading, the sort of thing that is talked about by Senator McCain in speeches. Senator McCain though has not endorsed the bill. When he was in the Northwest he talked vaguely about legislation that sounded kind of like this bill. Remember that a few years ago McCain had co-sponsored a bill with Lieberman on this topic. As 2008 approached though he seemed to fade from association with this legislation. Lieberman continued the fight and on the current bill Warner’s name appears in place of McCain.

The principal opponents of the bill seem to be the National Association of Manufacturers and the American Council for Capital Formation. Their opposition is adamant but their argument is tired and unimaginative, same old refrain that has proven to be false in the past. They say that jobs will be lost and that the price of electricity will soar. This is exactly what they said in opposition to legislation to curb acid rain but prices actually fell following the legislation without imposing hardship on the work force. They do not to offer a good explanation of why they were wrong then and right now.

A number of environmental groups oppose the bill because it is not as comprehensive as it could be and its standards are not terribly limiting. In fact part of the selling of this bill to industry was that if this isn’t passed something far more stringent might be imposed. Carbon trading is not universally embraced as an effective means of controlling the emissions and many groups balk at the support the bill will give the nuclear industry.In short it is a compromise designed to get through Congress. Senator Bernie Sanders tried mightily to amend the bill to give it more scope and spine but failed. The bill’s adovates say that the bill is a meaningful beginning to a pressing problem. It’s detractors say that it frames the issues for years to come in a manner favorable to industry.

Check out the Senate debate.

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