OntheWilderSide

Here’s a good summary of some of the major flaws of Waxman – Markey.   — Scott
Friday, June 25

Dear CCC Supporters,

The House is scheduled to vote tomorrow (Friday) on the Waxman-Markey climate bill: “American Clean Energy and Security Act of 2009.” The numerous provisions in ACESA’s 1,000‑plus pages do not add up to the steps needed to avert catastrophic climate disruption. Moreover, the bill’s emissions trading provisions create vested interests that would block future reforms.

ACESA’s Major Flaws:

1) Weak cap. ACESA’s cap on greenhouse gas emissions represents reductions of only 1‑4% below 1990 levels by 2020, far less than climate scientists deem necessary.

2) Offsets further weaken the cap. ACESA overwhelms its own cap by allowing two billion tons of  dubious “offsets” annually, with up to two‑thirds from international sources which could allow U.S. emissions to keep increasing until 2040. ACESA’s offsets provisions have been further weakened by the latest compromise: transferring EPA oversight to the Department of Agriculture and excluding indirect impacts of biofuels production.  

3) Fails to put a meaningful price on carbon. The weak cap combined with offsetts, would result in a price on carbon far too low to produce the changes in energy use ncessary to avert climate catastrophe. Free allowances to utilities and energy intensive industries further mute the price signal needed to shift to a low-carbon economy.

4) Trading Combined with “subprime” offsetts will lead to speculative bubbles. ACESA’s trading provisions would create a volitile $2 trillion carbon market  with unregulated derivatives that could crash financial markets again. Linking trading systems internationally would lead to even larger opportunities for speculation, gaming and fraud.

5) Weak Renewable Energy Standard. ACESA’s Renewable Energy Standard (RES) is watered down to just 15% by 2020, barely greater than “business‑as‑usual.” Furthermore,  ACESA defines “renewable energy” to include dirty sources such as waste incineration.

6) Handouts for the coal and oil Industries. Through free allowances and a hidden utility tax, the coal industry would receive approximately $150 billion over the bill’s lifetime for “deployment” of carbon capture and sequestration (CCS) technology that presently doesn’t exist and may never materialize. If feasible, CCS would require far more mining, transportation and burning of coal to produce electricity. ACESA would also give approximately $24 billion to oil refiners under the pretext that the world’s most profitable industry needs still more financial assistance.

7) Pre‑emption of EPA Authority. ACESA would pre‑empt EPA’s authority to regulate sources of greenhouse gas emissions under the Clean Air Act, while also overriding stronger laws at the state and regional levels. By disabling this regulatory backstop, ACESA ensures that its failure as climate policy will be catastrophic.

Overhaul or Scrap ACESA

The climate crisis is urgent, but that is all the more reason not to pass seriously flawed legislation. We urge Congress to scrap ACESA for a stronger and less complex bill with serious RES standards and a revenue-neutral carbon tax, managed price or cap‑and‑dividend approach.

We urge you to contact your congressperson’s office immediately to voice your opinion on this critical issue. You can also take action now before tomorrow’s vote by either visiting the Progressive Democrats of America website to “Tell Congress to Overhall or Scrap ACESA” and/or visit the Friends of the Earth website to “Tell Congress to do Much Better.” You can find more information at our Price Carbon Campaign website.  You may also call (413) 243-5665 or email us directly.

Thanks,

Tom Stokes, Coordinator
Climate Crisis Coalition

Ezra Small, Campaign Organizer
Climate Crisis Coalition

Filed under: Action Alert!, activism, Ecology, energy, Environment, Global Warming