Earth Equity News

U.S. Climate Action Partnership Announces Its Cap and Trade Plan. By Steven Mufson, WashPost, January 15, 2009. "An influential group of large U.S. corporations and environmental organizations have forged a detailed blueprint for limiting greenhouse gases in the hope of shaping and pushing forward climate change legislation this year. The U.S. Climate Action Partnership says its ability to reach consensus is a crucial step forward since its 32 members include corporate giants such as General Electric, Conoco Phillips, Duke Energy, DuPont, and General Motors as well as the Environmental Defense Fund, [Natural Resources Defense Council] and World Resources Institute. Their plan for a cap-and-trade system calls for a 42 percent cut in emissions by 2030 from 2005 levels, limits on emissions from petroleum products and natural gas, rich incentives for the first few coal plants to capture and sequester carbon dioxide emissions, and a carbon market board to examine offsets and contain costs... The Climate Action Partnership's proposal would allow companies to offset a limited amount of their own emissions by reducing emissions in developing countries. However, elements of the plan designed to win corporate support will likely face criticism from some supporters of cap-and-trade. Whereas many economists and environmentalists support auctioning all emission allowances, Climate Action Partnership says its blueprint gives a significant number allowances away free to companies currently releasing carbon dioxide. The free allowances would be phased out."