Wednesday, August 24, 2005

Northeast states to push Kyoto lite.

Enviro: This is not a well thought out plan.

Officials in nine Northeastern U.S. states have reached a preliminary agreement to cap and then cut greenhouse gas emissions from power plants by 10 percent by 2020, a Delaware official said on Wednesday. If the agreement is made final, it would be the first of its kind in the United States. The Bush administration has refused to sign the Kyoto Protocol, a greenhouse gas reduction plan that has been adopted by more than 150 other countries. Connecticut, Delaware, Maine, Massachusetts, New Hampshire, New Jersey, New York, Rhode Island and Vermont came together in 2003 to form a coalition, known as the Regional Greenhouse Gas Initiative, in order to explore a market-driven cap-and-trade system for carbon dioxide emissions in the absence of mandatory emissions reductions at the national level. ....A regional emissions control program would likely cause higher energy prices for power company customers in the Northeast, but Cherry said the states had not yet decided on a method to combat rising costs. In cap-and-trade markets, businesses must either trim emissions under set limits or buy credits from companies that have complied with those limits. "We're still not quite sure how the apportionment of the cap is going to occur and how each of the states would then allocate the cap among their affected facilities," Cherry said.
If they were serious about this, it would just be set limits or create incentives(tax breaks/credits) for companies to upgrade their systems to meet goals. This ridiculous buy credit system is nothing more than wealth redistribution. New Zealand is going to have to pay hundreds of millions, maybe even billions to Russia for a similar scheme which in the end will not make New Zealand anymore closer to meeting Kyoto limits. Russia is going to be happy though. That's not even factoring the higher power bills for consumers under this plan which they admit they don't really have a handle on. The same as New Zealand btw.

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