President Obama’s draft budget contains provisions for a carbon cap-and-trade system that will pump $80 Billion into revenue coffers to fund renewable energy programs and increase energy efficiency. The proposal would force heavy polluters to buy credits from companies that pollute less, creating incentive to reduce emissions and drive back global warming.
Big business is balking, and The American Spectator has come out with a scathing editorial about “the biggest U.S. tax hike ever.” I guess we’re headed for more partisan vitriol and special interest lobbying efforts. I’m hoping that this storm will pass rather quickly with another marginal victory.
This bold thinking and progressive policy is the right stance for creating energy independence and more Earth-friendly attitudes. There has to be an accounting for the environmental cost of air pollution, and this is tied very closely with the amount of fossil fuels that are burned. Climate change, energy and commerce are closely intertwined. Without an accounting for all costs, including those environmental, we’ll get nowhere toward stabilizing our impact on our planet.
The plan as it stands is to apply $15 Billion a year toward development of “clean energy” technology such as wind and solar. It would also provide for tax breaks to individuals and businesses for converting to clean energy technology.
