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  • The Verdict's In: Cap and Trade Will Not Work

    Over the summer The Washington Post called Europe’s experience with cap and trade as “Exhibit A” of what not to do on climate. Yesterday, the Competitive Enterprise Institute’s Iain Murray brought evidence to the jury – that jury being Senate Environment & Public Works Committee. Murray detailed the failures of the EU cap and trade scheme. Despite the European Union establishing an Emissions Trading Scheme (ETS) in the year 2000, the United States has had similar or better emissions reductions than most countries:

    “According to the United Nations Framework Convention on Climate Change and the International Energy Agency, the United States has reduced its greenhouse gas emissions 2 by 3 percent. By comparison, the only major economy to reduce its emissions more was France, at 6 percent. The United Kingdom managed a similar performance to the US at -2.9 percent. Most other economies performed much worse.”

    Murray then refers to a study by the Taxpayers’ Alliance in London to weigh in the costs side of ETS and discusses what it would take to achieve a 20 percent reduction by 2020 – same as the Boxer-Kerry cap and trade bill in the United States:

    EU emissions did drop a negligible 1.5 percent in 2008. Being charitable, let’s assume that all of that emissions drop can be ascribed to the ETS. If so, then to achieve the 20 percent reduction target the EU has for 2020, simple extrapolation suggests that will cost the EU a staggering $2.28 trillion that year (and the accumulated costs would be even more massive). In fact, the cost could be way higher than that, because we tend to make the more affordable cuts first; deeper cuts will naturally cost more per unit.”

    In testimony in July, Heritage Senior Policy Analyst Ben Lieberman brought his own evidence to the table for why Europe’s model is not the one to follow:

    We have also seen examples of fraud and unfairness in the process. Given the similar politics here, where big businesses have lobbied for free allocations much more effectively than the little guys–consumers, homeowners, small business owners, farmers–it is quite likely that the inequities would appear here as well.

    The reason for the failure of carbon cap and trade is simple — reducing carbon dioxide from the existing installed base of energy-producing and -using equipment and vehicles is prohibitively expensive, and that isn’t likely to change any time soon. Many nations committed to emissions reductions under the Kyoto Protocol are going to miss the targets (unless the recession lingers) and any talk of tougher targets is empty rhetoric.”

    Lost jobs. Lost income. Lost economic activity. Nothing to show for it. The evidence is incontrovertible. Let’s hope the jury listens.

    Posted in Energy [slideshow_deploy]

    5 Responses to The Verdict's In: Cap and Trade Will Not Work

    1. hwm982xx WA says:

      ….This article on “Cap & Trade/Pollution Reduction” is totally irrelevant as are almost all other article on the subject of Global Warming since the one and only basic issue is: “Does CO2 Cause Global Warming?”

      …..Carbon Dioxide (CO2) does not cause Global Warming.

      …..Carbon Dioxide (CO2) does not cause any meaningful Global Warming because there is no past historical scientific factual evidence, data and/or records that link CO2 as a forcing factor or a cause of any meaningful increasing temperature rise climate warming period. Any current rising temperatures is not causation.

      …..ALL other global warming arguments are irrelevant, since humans are incapable of controlling any various exogenous and endogenous natural processes of climate change.

      …..The most logical basic cause of any climate change is the Sun. Man knows next to nothing about long term Sun cycles. The UN IPCC is not a logical scientific source, since it is a essentially a political organization dedicated to a one-world government.

    2. tymtrvlr says:

      As the "sky is falling" leftwing portrays global warming as a disaster. Is there any chance that if the planet heats up, that there won't be all this doom and gloom? I don't see it as a bad thing, the planet has been changing for eons. The mini ice ages that the marxists try to conceal as it throws all their models into weather as usual mode seem to come and go. How long has the planet had these events? They don't really know. How do they effect the human race. I would think that with all this darwinism we would evolve to a point that we are not effected. Bottom line is…. I believe it is a bunch of b.s., and being used to destroy the sovreignty of the greatest country to exist on the planet. If America as we know it is destroyed, there will be no hopey/changey ever for those countries that look to us for HELP.

    3. Leon, Durango, CO says:

      Aw! Come on! Cap and Trade will work like Stalin's perfect dream. "Oh the poor energy starved Americans! You almost feel sorry for them, comrade." Yeah, Cap and Trade works great to destroy another vast sector of the American Economy. Maybe it is a scheme to get the Chinese to buy back their ownership interest in the National Debt with Carbon Credits? Yeah, sure, fat chance. We will be invested in baloney while the Chinese buy up everything that isn't nailed down.

      Really, Cap and Trade is the work of a gang, and it is a global protection racket. The science is such junk they will never prove they didn't protect you, a perfect crime. The heat goes up then it is "Give us more money!" If the heat goes down, they say "See how well we are protecting you? Give us more money!" Isn't that great? And we pay these guys to screw us.

    4. Tenn Slim Atoka Tn says:

      ALL

      Opine on HC, Energy.

      Combine the two legislative focuses, and you have the OBNA Leftist direction. Now known to all. Question is, how many of the USA Electorate are willing to send messages, write, call, or talk locally to their Congressional reps. Simply said, does the USA Electorate really care? Or will they wait until the air is under thier feet as they step off the cliff?

      end

      Semper Fi

    5. frances r. campbell says:

      The cap and trade is only a hoax to extract more tax dollars. It will affect everything we do. One needs to question –why in 10 months and during a financial crisis almost as severe as the great depression— is it necessary to take over banking, financials, insurance industry, housing, automobile industry and now the health industry. They are all being dismantled to re-emerge in the new marxist form. It is so rapid–almost like an invasion in which the usa loses. The definition of fascism is where government takes over all means of production. Banana republic–here we come. Look at the criminals in congress and they are still investigating the guy in charge of our tax laws.. He has not been stripped of his commitees and it has been a year since his criminality has been found out.we need more tea parties and pressure on the politicians who are supposed to be serving their constituency, not the other way around. We need term limits and not career criminals making our laws and imposing taxes on us. Look how wealthy gore has become from global warming. History will record this fiasco as a great hoax only exceeded by the hoax pulled on us by the obaminator. Frc

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