Cap and trade was all the rage back in 2009, with the market-driven system of curbing emissions seen as a dominant force in addressing global warming problems. Now the concept has seemingly fallen out of favor.
For years, many on the left have criticized cap and trade as just a way for corporations to fake offsets and do little to curb the root causes of environmental degradation. Yet government officials seem to be listening only to right-wing, tea-party protesters, who have effectively labeled cap and trade as “cap and tax” as they rail against any kind of climate change plan—shunning even an admission of climate change’s existence.
Now, a bipartisan bill—led by Sens. Lindsay Graham, John Kerry and Joe Lieberman—is likely to be introduced in April with no mention of the cap and trade scheme. —JCL
The New York Times:
Less than a year ago, cap and trade was the policy of choice for tackling climate change.
Environmental groups and their foes in industry joined hands to embrace the approach, a market-driven system that sets a ceiling on global warming pollution while allowing companies to trade permits to meet it. President Obama praised it by name in his first budget, and the authors of the House climate and energy bill passed last June largely built their measure around it.
Today, the concept is in wide disrepute, with opponents effectively branding it “cap and tax,” and Tea Party followers using it as a symbol of much of what they say is wrong with Washington.
Mr. Obama dropped all mention of cap and trade from his current budget. And the sponsors of a Senate climate bill likely to be introduced in April, now that Congress is moving past health care, dare not speak its name.