The Catch-22 of Waxman-Markey: Is Offsetting Inevitable?

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Thursday May 28, 2009 · 8:47 AM PDT

2009/05/28 · 08:47

The Waxman-Markey American Clean Energy & Security Act (ACES) contains a provision that could allow U.S. global warming pollution to exceed the supposed emissions "cap" by 10 percent -- and "make up" for these additional emissions by purchasing several billion more tons of carbon offsets.

Originally posted at the Breakthrough Institute

Every climate bill, in the U.S. and abroad, contains provisions limiting how high carbon prices established by the policy can rise. The Waxman-Markey American Clean Energy and Security Act (ACES) is no different. As the Breakthrough Institute previously reported, ACES would allow polluters to purchase up to 2 billion tons per year of relatively cheap carbon "offsets," which could allow emissions in supposedly "capped" U.S. sectors to rise by up to 9% between 2005 and 2030. The EPA predicts that, largely due to the extensive use of offsets, carbon prices will remain less than $20 per ton of CO2 for the next decade.

Teryn Norris

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Saturday May 16, 2009 · 10:14 AM PDT

2009/05/16 · 10:14

By Teryn Norris & Jesse Jenkins
Cross-posted from the Breakthrough Institute

The landmark Waxman-Markey 2009 American Clean Energy and Security Act was introduced in the House yesterday (May 15, download PDF here), and the Breakthrough Institute has performed a preliminary analysis of how it would invest over 1 trillion dollars in cap and trade revenue between 2012-2025. Our key findings for this period include (all numbers are approximate -- download spreadsheet here):

(Click to magnify)

Continue reading for more details on the Waxman-Markey climate bill...

Teryn Norris

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Thursday April 30, 2009 · 8:44 AM PDT

2009/04/30 · 08:44

By Mark Muro and Teryn Norris
Cross-posted from Yale Environment 360

Energy Secretary Steven Chu recently called for "Nobel-level" breakthroughs and a "second industrial revolution" in energy technology to overcome the world's interlinked energy and climate challenges.

Chu's implication: We currently lack the technologies we need to fully avert catastrophic global warming. His admonition: America must dramatically accelerate the development of clean energy technology.

Chu has it right.

The task is clear: To renew the U.S. economy, respond to global climate change, foster the nation's energy security, and help provide the energy necessary to sustainably power global development, America must transform its outdated energy policy. Innovation and its commercialization must move to the center of energy system reform. The nation must move urgently to develop and harness a portfolio of clean energy sources that are affordable enough to deploy on a mass scale throughout the U.S. and the world. In short, we must make clean energy cheap.

Teryn Norris

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Tuesday April 07, 2009 · 12:30 PM PDT

2009/04/07 · 12:30

By Teryn Norris & Jesse Jenkins
The Huffington Post, 04/07/09

If Democrats want to win on climate policy, they must think fast and move quickly to regain control of the debate. Last week was the opening round of the national climate fight, and the Democratic Congress was nearly knocked out.

It began on Tuesday with the introduction of a major climate bill by Democratic Congressmen Waxman and Markey. The proposal made a fateful choice: it threw out President Obama's "Apollo" plan for investing $150 billion in clean energy and focused instead on meeting the demands of leading environmental organizations, emphasizing cap and trade regulation and a laundry list of electricity and efficiency standards.

Teryn Norris

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Thursday December 11, 2008 · 3:31 PM PST

2008/12/11 · 15:31

The New York Times ran a landmark article today, "Money and Lobbyists Hurt European Efforts to Curb Gases," about the failure of cap and trade in Europe. It's required reading for anyone concerned about climate change policy in the United States and abroad. It opens with this:

The European Union started with a high-minded ecological goal: encouraging companies to cut their greenhouse gases by making them pay for each ton of carbon dioxide they emitted into the atmosphere.

But that plan unleashed a lobbying free-for-all that led politicians to dole out favors to various industries, undermining the environmental goals. Four years later, it is becoming clear that system has so far produced little noticeable benefit to the climate -- but generated a multibillion-dollar windfall for some of the Continent's biggest polluters.

As President-elect Barack Obama considers how to curb the gases that contribute to global warming, Europe's struggle with the problem illustrates the momentous task ahead for the United States.

Teryn Norris

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Tuesday December 02, 2008 · 5:44 AM PST

2008/12/02 · 05:44

The San Francisco Chronicle ran an op-ed by me today calling on Obama to triple the size of his clean energy investment plan and deficit spend on long-term clean energy investments:

Deficit spend to remake the U.S. economy

Teryn Norris

San Francisco Chronicle, Tuesday, December 2, 2008

A group of more than 300 economists led by three Nobel laureates submitted a letter last month urging Congress to deficit spend at least $300 billion to $400 billion per year to jump start the economy and avoid the possibility of a depression. Nobel Laureate Paul Krugman is calling for $600 billion per year, and similar numbers are being discussed in Congress.

But rebuilding a strong economy will require more than short-term stimulus. One important but oft-neglected lesson from this crisis is that smart, long-term investments -- as opposed to short-term speculation and consumption -- are essential for creating new and lasting prosperity.

Teryn Norris

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Monday November 10, 2008 · 6:21 PM PST

2008/11/10 · 18:21

Crossposted from the Breakthrough Institute

The good news: an elite consensus is crystallizing around the need for massive economic stimulus funded by deficit spending. Hundreds of economists are calling for stimulus on the scale of 2-3 percent of GDP -- or $300-500 billion per year, equivalent to the expected decline in U.S. consumption as a result of the housing market collapse -- to confront the recession head-on.

The bad news: this growing consensus may only support short-term stimulus investments - such as aid to state and local governments, extended unemployment benefits, and rebate checks - without any long-term economic strategy. Infrastructure spending is gaining support, but mostly for proposals that have already been planned and scheduled. Given the increasingly dim prospects for long-term U.S. competitiveness, it's critical that we think smart and act quickly to secure our economic future.

Teryn Norris

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Thursday November 06, 2008 · 10:49 AM PST

2008/11/06 · 10:49

Few moments in history feel this monumental. It's the feeling of renewed hope and immense possibility.

Barack Obama has once again tapped America's power of invention. It's the same power that led us to invent the first modern democracy. To invent the systems and technologies that continue to drive human progress. To constantly reinvent ourselves in the face of insurmountable hardship and division.

Invention is our greatest power -- the very heart of the American spirit. It's what can renew our promise once again and make this century the next American century.

Since its founding, the Breakthrough Institute has been a pioneering force behind the creation of a new progressive politics capable of capturing and unleashing this power to confront the world's greatest challenges.

In 2003, Breakthrough made history when Michael and Ted co-founded the Apollo Alliance, leading the first calls for a New Apollo Project in clean energy. At that time, the Democratic leadership saw it as a pipe dream, and John Kerry's 2004 campaign promised zero investments for clean energy.

Teryn Norris

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Thursday October 02, 2008 · 12:19 AM PDT

2008/10/02 · 00:19

Who will write the history of the U.S. Financial Crisis? Contrary to those on the left declaring "the death of market fundamentalism," so far it's the right wing. Here is a roundup of some of the most popular articles on the root of the crisis:

Teryn Norris

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Thursday September 18, 2008 · 8:02 AM PDT

2008/09/18 · 08:02

We can no longer trust greens to save the planet. Their track record and anti-pragmatic approach demonstrates one thing above all else: environmentalism is still dead. It's time to lead or leave, and until greens are ready to grow up, we shouldn't take their marching orders. The moment is simply too urgent.

=========

Since 2004, greens have risen slowly but surely from "The Death of Environmentalism" pronounced by Michael Shellenberger and Ted Nordhaus. "An Inconvenient Truth," a new Democratic Congress, the green marketing frenzy - it seemed that greens had risen from the grave throwing punches, and it was only a matter of time before the final "tipping point" on global warming action was reached.

But this summer, environmentalism's coffin was buried once again. The failure of Lieberman-Warner in June was just the beginning -- two years ago, it would have been inconceivable for Democrats to cave in on offshore drilling, or for greens to oppose an energy bill crafted by Democrats. Environmentalists were completely destroyed by "drill, baby, drill." Indeed, a new era of escalating energy prices and economic crisis has provoked a paradigm shift in the national political climate.

Poll

35 votes Show Results

Is environmentalism still dead?

35 votes Vote Now!

Is environmentalism still dead?

Dead as a doornail

7 votes

Still breathing

11 votes

Alive and well

14 votes

No, let's kill it

3 votes

A Landslide Election Theme: "Enough."

Teryn Norris

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Sunday September 14, 2008 · 5:48 PM PDT

2008/09/14 · 17:48

How often do you sit back and think — is this truly happening? Can the GOP steal an election, spend eight years tearing this nation apart, and go on to run another smear campaign to elect yet another set of absurd candidates?

Outrageous. Unbelievable. As Matt Damon put it last week, this is like a really bad Disney movie.

But no, this isn’t a movie — this is reality, and the future of our world is at stake. Imagine, in the likely chance that McCain dies in office, Vice President Sarah Palin steps in to become the leader of the free world. Just imagine.

New urgency calls for new measures. The GOP is winning, and another onslaught of lies and attacks is yet to come. We have to hit back fast and hard, and while Obama’s new tone will help, what we need is a new theme — a theme we glimpsed at the most electrifying moment of Obama’s speech in Denver:

ENOUGH.

Teryn Norris

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Wednesday September 10, 2008 · 12:48 AM PDT

2008/09/10 · 00:48

"Green" is a powerful approach with particular constituencies -- namely, the greens -- whose weight must be brought to bear. But it's not an approach that can capture the public imagination and garner the level of necessary support. It's time to commit to building this movement around symbols that allow us to finally let go of our green baggage.

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How Democrats Can Win the Climate Debate

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Obama's Energy Plan is Too Small

America Needs a New Growth Strategy

Reinvent America

Root of the Crisis -- Who Will Write Economic History?

Environmentalism is Still Dead

A Landslide Election Theme: "Enough."

The Folly of Green