Posts Tagged ‘Waxman-Markey’
Why does the world give the US special climate dispensation?
It would be laughable anywhere else. But, so everyone says, the Waxman-Markey bill…is the best we can expect – from America.
The cuts it proposes are much lower than those being pursued in the UK or in most other developed nations. Like the UK’s climate change act the US bill calls for an 80% cut by 2050, but in this case the baseline is 2005, not 1990. Between 1990 and 2005, US carbon dioxide emissions from fossil fuels rose from 5.8 to 7bn tonnes.
The cut proposed by 2020 is just 17%, which means that most of the reduction will take place towards the end of the period. What this means is much greater cumulative emissions, which is the only measure that counts. Worse still, it is riddled with so many loopholes and concessions that the bill’s measures might not offset the emissions from the paper it’s printed on. You can judge the effectiveness of a US bill by its length: the shorter it is, the more potent it will be. This one is some 1,200 pages long, which is what happens when lobbyists have been at work…
Like the EU emissions trading scheme (ETS), Waxman-Markey would oblige companies to buy only a small proportion (15%) of their carbon permits. The rest will be given away. This means that a resource belonging to everyone (the right to pollute) is captured by industrial interests without public compensation. The more pollution companies have produced, the greater their free allocation will be – the polluter gets paid. It also means, if the ETS is anything to go by, that the big polluters will be able to make windfall profits by passing on the price of the permits they haven’t bought to their consumers…
Even so, I would like to see the bill passed, as it at least provides a framework for future improvements. But why do we expect so little from the US? Why do we treat the world’s most powerful and innovative nation as if it were a failed state, rejoicing at even the faintest suggestion of common sense?
