Obama calls for cap-and-trade program (carbon credits)

Marketwatch ^ | October 8, 2007 | William L. Watts

[Shermy]

WASHINGTON (MarketWatch) -- Democratic presidential contender Barack Obama on Monday said that if elected he would establish an economy-wide cap-and-trade program that would sharply cut greenhouse-gas emissions by 2050. In a speech prepared for delivery in Portsmouth, N.H., the Illinois senator said the cap-and-trade plan would be the centerpiece of a wide-ranging set of measures designed to cut emissions of gases tied to global warming and weaning the United States off of dependence on oil.

Under a cap-and-trade plan, companies that produce carbon dioxide and other greenhouse gases receive or buy credits that give them the right to emit a certain amount. Companies that emit less carbon than their credits allow can profit by selling any excess credits on the open market, while those that exceed their emission allowance have to make up the difference or face heavy fines.

Obama's plan would require all credits to be purchased at auction, rather than allocated by industry -- a move his campaign said would ensure that all polluters pay for every ton of emissions released.

..."The market will set the price, but unlike the other cap-and-trade proposals that have been offered in this race, no business will be allowed to emit any greenhouses gases for free," Obama said. "Businesses don't own the sky, the public does, and if we want them to stop polluting it, we have to put a price on all pollution."

...

Obama's plan would also spend $150 billion over 10 years on the development of climate-friendly supplies and technologies and sets a goal of reducing overall oil consumption by 35%, or 10 million barrels, by 2030. It also calls on the United States to lead a new international partnership to combat global warming.

[devolve]

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The BS Offset Credits can come in handy

Drop one on a thread like a grenade and run

[potlatch]

[Drop one on a thread like a grenade and run]

HEH!!

[xcamel]