18 October 2007 22:40 [Source: ICIS news]
Jack Gerard, president of the American Chemistry Council (ACC), said that a major Senate bill introduced earlier on Thursday to cap and reduce greenhouse gas emissions by
He said that if the bill were enacted as drafted, it would force many in the
The bill, titled
It would put in force a mandatory cap-and-trade emissions reductions plan to cut US industrial greenhouse gases to 70% below their 2005 levels in order to “avert catastrophic global warming” by 2050, according to the two senators.
Gerard warned, however, that “the bill’s proposed emissions reduction schedule would turn energy markets upside down, causing massive reductions in coal usage and enormous increases in natural gas and renewable fuels usage”.
More than 50% of US electric power generation is fuelled by emissions-heavy coal, and the
“Yet there is no provision the bill for additional domestic natural gas supply,” Gerard said.
“Consequently, lower-emission energy choices such as natural gas would be stretched even further, energy prices would soar and manufacturers and residential consumers who rely on affordable natural gas and electricity would pay dearly,” Gerard said.
He warned that Congress cannot realistically address large-scale emissions reductions unless it also crafts a comprehensive energy policy to substantially increase fuel diversity and supply, including development of more
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