Senators Kerry, Graham, Lieberman to propose abandoning cap-and-trade

[Ardent15]

Three key senators are engaged in a radical behind-the-scenes overhaul of climate legislation, preparing to jettison the broad "cap-and-trade" approach that has defined the legislative debate for close to a decade.

The sharp change of direction demonstrates the extent to which the cap-and-trade strategy -- allowing facilities to buy and sell pollution credits in order to meet a national limit on greenhouse gas emissions -- has become political poison. In a private meeting with several environmental leaders on Wednesday, according to participants, Sen. Lindsey O. Graham (R-S.C.), declared, "Cap-and-trade is dead."

Graham and Sens. John F. Kerry (D-Mass.) and Joseph I. Lieberman (I-Conn.) have worked for months to develop an alternative to cap-and-trade, which the House approved eight months ago. They plan to introduce legislation next month that would apply different carbon controls to individual sectors of the economy instead of setting a national target.

According to several sources familiar with the process, the lawmakers are looking at cutting the nation's greenhouse gas output by targeting, in separate ways, three major sources of emissions: electric utilities, transportation and industry.

<http://www.washingtonpost.com/wp-dyn/content/article/2010/02/26/AR2010022606084.html?hpid=topnews>

[madrchsod]

1. at least some people have seen through the scam...

[Raine]

2. Yup, something much better is needed nt

[laughingliberal]

3. Yes. One has to question a plan that Goldman Sachs has been lobbying for. nt

[Hippo_Tron]

5. It's only a scam if there are too many carbon credits on the market to reduce emissions

The same can be said if a carbon tax is way too low to persuade businesses to reduce their emissions or if regulations don't really reduce emissions very much.

[The Wielding Truth]

4. "What people need to understand about this bill...

... is this really is a jobs bill, an economic transformation for America, an energy independence bill and a health/pollution-reduction bill that has enormous benefits for the country," Kerry said.

[bluestateguy]

6. Good. Cap and trade is a shitty idea

a boondoggle for Wall Street and a huge bubble waiting to burst.

[Name removed]

7. Deleted message

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[unabelladonna]

8. finally,

put an end to this madness. cap and trade would have been the next wall street scam.