Latest In

Breaking News

Protecting Coal, but at What Cost?

The push is on to dilute the climate change bills moving through Congress, and it’s not coming only from conservatives. Mother Jones’ Kate Sheppard reports

Jul 31, 2020
53.8K Shares
4.4M Views
The push is on to dilute the climate change bills moving through Congress, and it’s not coming only from conservatives. Mother Jones’ Kate Sheppard reports todaythat 14 Senate Democrats are urging their leadership to amend the proposal to grant more free polluting permits to the coal-burning utilities that emit the most greenhouse gases. In a letterto Senate Democratic leaders, the lawmakers argue that the current formula, which allots permits based half on emissions and half on sales, is unfair to the higher-emitting utilities (i.e., those that burn coal).
Under the proposed 50/50 formula, utilities that are more coal dependent will need to purchase even more allowances than they would have if all allowances were allocated based on emissions.
Well, yeah. And under the current proposed 50/50 formula, the coal burners would also have to purchase more allowances than if Congress did nothing at all. But the whole point of the bill is to discourage the use of high-emission energies like coal by making them less affordable than cleaner alternatives. Sheppard explains further why the lawmakers’ argument makes little sense in the context of the global warming debate:
Of course, this would work against the entire logic of the proposed scheme, which is to offer utilities financial incentives to switch to lower-carbon fuel sources. [...]
Right now, the climate bill needs all the votes it can get from Democrats. So enviros worry that concessions to this bloc could ultimately result in a deal in which coal plants suffer no real penalties for the carbon they pump into the atmosphere. “Dirty coal polluters know their days are numbered and are lobbying for the largest piece of the pie they can get,” said Jason Kowalski, policy coordinator at 1Sky. “It goes against the spirit of this legislation to reward the polluters that caused this problem in the first place.”
Signing on to the letter were Democratic Sens. Carl Levin (Mich.), Debbie Stabenow (Mich.), Russ Feingold (Wis.), Herb Kohl (Wis.), Tom Harkin (Iowa), Al Franken (Minn.), Amy Klobuchar (Minn.), Byron Dorgan (N.D.), Kent Conrad (N.D.), Roland Burris (Ill.), Sherrod Brown (Ohio), Michael Bennet (Colo.), Mark Udall (Colo.) and Robert Byrd (W.Va.).
Camilo Wood

Camilo Wood

Reviewer
Camilo Wood has over two decades of experience as a writer and journalist, specializing in finance and economics. With a degree in Economics and a background in financial research and analysis, Camilo brings a wealth of knowledge and expertise to his writing. Throughout his career, Camilo has contributed to numerous publications, covering a wide range of topics such as global economic trends, investment strategies, and market analysis. His articles are recognized for their insightful analysis and clear explanations, making complex financial concepts accessible to readers. Camilo's experience includes working in roles related to financial reporting, analysis, and commentary, allowing him to provide readers with accurate and trustworthy information. His dedication to journalistic integrity and commitment to delivering high-quality content make him a trusted voice in the fields of finance and journalism.
Latest Articles
Popular Articles