Tuesday, January 15, 2008
Lawmaker promises cap-and-trade bill
Powerful Democratic lawmaker, John Dingell, promises at the Detroit Auto Show that he will introduce a bill to launch a cap-and-trade approach to cutting greenhouse gas emissions in the United States, according to Reuters. This is one of several efforts underway and it's unclear whether anything will pass in an election year, but that's not really the point. Dingell has made his reputation as a reliable battler ready to take on the environmentalists. His change of heart is the surest signal that United States is close to adopting a European-style emissions trading system. Wall Street wants this, the green lobby wants it, several states in the Northeast are already committed to it. Even big business wants it. The United States effectively demonstrated how a cap-and-trade might work with the success of a similar system to control sulphur emissions that contribute to acid rain. Dingell may not want it, but he wants to be in control of the debate and like the administration, he knows the country will join the global effort to cut greenhouse gas emissions. This is about having a hand in the way it's done.