Offering up one of its first attempts to seriously deal with the issue of climate change, the U.S. Senate unveiled the industry-backed Low Carbon Economy Act of 2007 this Wednesday to much fanfare. Much of it unwarranted, as it so happens. Although the bill, sponsored by a motley assemblage of labor unions and electric utilities and a bipartisan group of senators led by Jeff Bingaman (D-NM) and Arlen Specter (R-PA), would effectively set mandatory limits on carbon dioxide emissions beginning in 2012 through a cap-and-trade system, it comes with a huge caveat: a "safety valve."
The so-called "safety valve," which would allow industry to purchase an unlimited a...
Comment: The idea of carbon credits came from greedy, self-centered minds.
TreeHugger on July 13, 2007, 10:00amfrom