Monday, 2 June 2008

US Senate Debates Carbon Trading

The US Senate is due to start debating climate change legislation today. The idea is to cap the carbon emissions from industry resulting in an annual 2% drop in emissions per year between 2012 and 2050 (based on 2005 levels). The Bush administration is strongly opposed, but all the presidential candidates support mandatory cuts in emissions. (In one press report a White House spokesman is reported as saying that ' ...gasoline prices could soar by as much as 53 cents a gallon by 2030', which is just about the price rise we've seen in the UK over the last month).

It's not likely to reach the statute books this year, but is a real possibility for 2009 as and when it's adopted by the Democrats in Congress. If it does become legislation it will give a huge boost to the emissions trading market.

© The Green IT Review

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