This article from Politico shows great reluctance from Senate Democrats to pass a cap-and-trade bill this year in the midst of economic problems.
The following Senators were all quoted in the story:
“We need to deal with the phenomena of global warming, but I think it’s very difficult in the kind of economic circumstances we have right now,” said Indiana Democratic Sen. Evan Bayh, who called passage of any economywide cap and trade “unlikely.”
“I’d just as soon see that set aside until we work through the economy,” said Sen. Ben Nelson (D-Neb.). “What we don’t want to do is have anything get in the way of working to resolve the problems with the economy.”
“Climate change in an election year has very poor prospects,” added Sen. Kent Conrad (D-N.D.). “I’ve told that to the leadership.”
These comments underscore the prevailing political sentiment in the aftermath of the Copenhagen climate talks: Americans are not going to make any economic sacrifices for climate change.
The good news is that the kinds of energy investment the United States needs to achieve a low-carbon path can be still be made in the absence of cap-and-trade. Perhaps a shift of focus would even strengthen the insufficient federal investment included in the American Clean Energy and Security Act.
More importantly, unlike cap-and-trade, such investment faces better political prospects because of its potential to grow the economy.
“I’d prefer to do energy because I think you could get a really broad consensus on a lot of energy legislation,” said Sen. Mark Pryor (D-Ark.).
Considering the $15 billion in annual U.S. investment called for by 34 Nobel Laureate scientists and the $10.5 trillion in total investment the International Energy Agency says is necessary by 2030, such a consensus must be the beginning of strong policies in investment that will help the U.S. stay competitive and escape the worst consequences of climate change.
Whether or not cap-and-trade can succeed in Congress, the necessity and existing political will for investment in energy R&D make it an initiative worth focusing on.
