Keeping Our Eyes on the Wrong Ball. Press Release, PEER, February 23, 2009. "President Obama's proposed cap-and-trade plan for reducing greenhouse gases will not achieve the reductions quickly enough to prevent devastating climate change, according to an analysis posted today by Public Employees for Environmental Responsibility (PEER). The broad political support for cap-and-trade scheme is rooted in its biggest flaw -- that an incremental approach designed to keep prices for carbon-based energy low will be insufficient to accomplish a quick shift in energy sources... Laurie Williams and Allan Zabel, two EPA enforcement attorneys (writing as private citizens) with experience in cap-and-trade and other forms of emission trading have written an analysis entitled Keeping Our Eyes on the Wrong Ball [PDF, 16 pp]... A central point of the Wrong Ball analysis is that emissions trading is designed to keep the price of fossil-fuel energy relatively low and thus will not create sufficient incentive to invest in carbon-free energy and disinvest in coal. The only mechanism, the authors argue, that will rapidly flip the economic incentives driving our energy economy is a system-wide carbon fee."
2009-02-25
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