{"id":2066,"date":"2010-05-21T14:44:13","date_gmt":"2010-05-21T19:44:13","guid":{"rendered":"http:\/\/blogs.edf.org\/climate411\/?p=2066"},"modified":"2010-05-24T15:42:29","modified_gmt":"2010-05-24T20:42:29","slug":"the-latest-on-the-climate-and-clean-energy-bill","status":"publish","type":"post","link":"https:\/\/blogs.edf.org\/climate411\/2010\/05\/21\/the-latest-on-the-climate-and-clean-energy-bill\/","title":{"rendered":"The Latest on the Climate and Clean Energy Bill"},"content":{"rendered":"

Grist<\/a><\/em> has a piece<\/a> by Nathaniel Keohane<\/a>, Director of Economic Policy and Analysis at the Environmental Defense Fund, on how the America Power Act will return the vast majority of the emission allowance value to consumers and the public, even though some of the allowances will be distributed for free. Nathaniel acknowledges that<\/p>\n

\u201csome progressives worry that free allocation is at odds with cutting emissions.\u00a0 After all, if you give emitters something for free, doesn’t that eliminate the “price on carbon” that creates an economic incentive to cut carbon emissions?\u00a0 The answer, actually, is ‘no.'”<\/p><\/blockquote>\n

He explains that<\/p>\n

\u201cthe value of allowances doesn’t depend on how they are allocated.\u00a0 Rather, allowances have value because they are in scarce supply \u2014 thanks to the cap on emissions.\u00a0 The tighter is the cap, the greater is the scarcity, and the higher is the value of allowances, all else equal. \u201c<\/p><\/blockquote>\n

Also on Grist, <\/em>David Roberts gives a great summary<\/a> of the new economic study<\/a> by the Peterson Institute for International Economics which details the effects of the American Power Act.<\/p>\n

Here is one key highlight:<\/p>\n

\u201cEmployment Effects<\/strong>: The Act prompts $41.1 billion in annual electricity sector investment between 2011 and 2030, $22.5 billion more than under business-as-usual. This stimulates U.S. economic growth and job creation in the first decade, increasing average annual employment by about 200,000 jobs<\/strong>.\u201d<\/p><\/blockquote>\n

Nathaniel Keohane also weighs<\/a> in on the Peterson Institute report<\/a> on the Huffington Post<\/em>. He starts off by explaining how:<\/p>\n

\u201cOpponents of climate legislation often claim that now is the wrong time to put a price on carbon, with the economy just emerging from a recession. But\u00a0a must-read study<\/a> released yesterday by the well-respected, nonpartisan\u00a0Peterson Institute for International Economics<\/a> shows that the reverse is actually true: passing climate legislation would provide the economy with a much-needed shot in the arm.”<\/p><\/blockquote>\n

Treehugger<\/em> reports on the carbon tax enacted by Montgomery Country<\/a>, Maryland.<\/p>\n

\u201cNot waiting for national legislation to set a price on carbon and kick start the journey to a low-carbon future,\u00a0Montgomery County, Maryland<\/a> has enacted one the country’s first carbon taxes. Passed by a vote of 8-to-1 the tax applies to stationary emitters of CO2 releasing more than one million tons annually into the atmosphere.\u201d<\/p><\/blockquote>\n

On E2<\/em>, Nancy Pelosi is urging Congress<\/a> to act on climate legislation.<\/p>\n

\u201cAsked if she wants the Obama administration to address climate change through regulations if Congress fails to pass a bill this year, Pelosi responded, ‘It has to be done by statute.'”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Grist has a piece by Nathaniel Keohane, Director of Economic Policy and Analysis at the Environmental Defense Fund, on how the America Power Act will return the vast majority of the emission allowance value to consumers and the public, even though some of the allowances will be distributed for free. 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