E&E News has an advance copy of Senate EPW Committee Chair Barbara Boxer’s summary of the newly revamped Lieberman-Warner Climate Security Act, and it is much, much worse than I had thought it would be.
Titles II-IV (“Capping Greenhouse Gas Emissions; Reducing Emissions through Offsets and International Allowances; Establishing a Greenhouse-Gas Emissions Trading Market) describe how a “cap and trade” program will take $5.6 trillion from American energy consumers through 2050.
Titles V-XI (Federal Program to Prevent Economic Hardship; Partnerships with States, Localities and Indian Tribes; recognizing Early Action by Companies; Efficiency and Renewable Energy; Low Carbon Electricity and Advanced Research; Future of Coal; Future of Transportation) apportion the $5.6 trillion to every conceivable special interest.
I had thought at least she would leave out those twin evils of modern society, oil and coal, but they are in fact well positioned at the trough ($34 billion and $16 billion, respectively, in adjustment payoffs). And it never occurred to me that the truckers would get 4 billion, or that natural gas processors would get $20 billion. This later giveaway is especially egregious because natural gas is a huge winner under any cap and trade, as coal—its main competitor for electricity generation—is priced out of the market.
In reworking the Congress’s leading climate bill, Senator Boxer’s staff took the spineless Farm Bill approach: print enough money to placate every objection. Woe to us all for having such crummy leaders.