08 November 2007 14:30 [Source: ICIS news]
Margo Thorning, chief economist at the American Council for Capital Formation, told the Senate Environment and Public Works Committee that greenhouse gas emission reductions targeted by the bill, S-2191, could not be achieved “without severely reducing growth in the US economy and in employment”.
The bill, titled "
Those companies whose plants emit less greenhouse gas than permitted could sell remaining emission credits to other firms whose facilities exceed allotted maximums.
Sponsored by Senators Joseph Lieberman (Independent-Connecticut) and John Warner (Republican-Virginia), the measure is meant to reduce US emissions enough by 2030 "to avert the catastrophic impacts of global climate change," according to its authors.
However, Thorning said that the projected 18% growth in
“Sharp cutbacks in
She said that a mandatory cap and trade emissions programme that came into force among the 25 nations of the European Union in January 2005 has not worked. “Projections show that the major EU countries will be 7% above 1990 levels of emissions in 2010 instead of 8% below,” she said.
The EU Emission Trading Scheme (ETS) was put in force as part of the EU’s participation in the 1997
Thorning said the
Senator Barbara Boxer (Democrat-California), chairwoman of the committee, has been quoted as saying she wants to complete committee action on S-2191 before she journeys to
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