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’

Released yesterday, the Pew Charitable Trusts released a report titled “

For many of us who have been in the climate activism loop for several years, the time of our entry into serious activism was marked by a growing public awareness over the link between oil and the wars in the Iraq and Afghanistan, and of the hand Big Oil played in writing the Bush/Cheney energy policy. In the last years of the Bush Administration, the focus of many environmentalists shifted subtly from oil to coal, which contributes even more than oil to global warming. Now, at the dawn of the Obama Administration, coal maintains its well-deserved reputation as Climate Enemy #1; but tar sands development, oil shale mining, and other newly-emerged branches of the oil industry give even King Coal a run for his money.
As I rolled into Wilmington, OH this Wednesday, a small farming community in southwest Ohio and the site of the largest economic collapse I’ve ever known in this country, I daydreamed of slowly dilapidating buildings and for sale signs lining the streets. This is the story that 60 minutes and other big media have covered, but it’s not the one I went to find and it’s not the one I saw.
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