By Teryn Norris
Originally published by AlterNet
July 8, 2009
The recent passage of the American Clean Energy & Security Act (ACES) through the U.S. House of Representatives drew different reactions from climate and environmental advocates. But one key perspective shared by most advocates is that, despite its weaknesses, the bill is a good first step. ACES builds a solid foundation for future progress on U.S. climate mitigation, the argument goes, and climate advocates will be well-positioned to strengthen the legislation in years ahead.
But what are the prospects for strengthening ACES in future years? This question is subject to many uncertainties, depending on the vagaries of the political climate. But a closer examination reveals that ACES could create a “super-lobby” of interest groups that will significantly diminish the possibility of achieving future reforms.
The newest climate lobby — and potentially one of the most powerful in years to come — is the financial industry. If ACES is signed into law, the global carbon market could become the largest commodity market in the world. According to Bart Chilton, Commissioner of the U.S. Commodities Futures Trading Commission (CFTC), “The potential size and scope of a structured carbon emissions market in the US is unequivocally vast. It is certainly possible that the emissions markets could overtake all other commodity markets.”
A growing number of analysts are expressing concerns about the emergence of a new financial climate lobby and the potential for gaming in a new U.S. carbon market. A recent report by Friends of Earth (FOE), “Subprime Carbon,” argued that cap and trade proposals like ACES could create a system with similar financial and political interests to the housing market bubble. Just as financial practices during the housing bubble caused deteriorating standards in mortgages, cap and trade could create “subprime” carbon offsets — offsets that do not represent actual emission reductions and carbon derivatives based on future carbon reductions with high risk of not being fulfilled.
Continue reading ‘New Climate Bill Could Create “Super Lobby” Against U.S. Emissions Reductions’
There will be another
Written by OSU student Kaitlyn Maywhoor:
“Intel remains committed to the principle that Oregon continues to lead on the critical issues of carbon reduction and climate change.
Confieso que, aunque yo era uno de los preocupados ciudadanos de Toronto que querían que el RBC (Banco Real de Canadá) invirtiera en energía renovable y dejara de invertir en la expansión de la industria petrolera en Alberta, no era consciente de cuánto habían jugado con su imagen medioambiental.
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