David Sassoon: The Climate Bill's Giant Carbon Polluter Loophole

A detailed analysis released today by two environmental organizations raises a red flag on the carbon offsetting provisions of the leading climate bill now moving through Congress. The report from International Rivers and the Rainforest Action Network calls for removing giant carbon pollution loopholes from the Waxman-Markey bill, also known as the American Clean Energy and Security Act of 2009 (ACES). Otherwise, the report warns, the carbon cap will fall far short of hitting its targets. The report says : Unfortunately the "firm" caps exist only on paper. In reality, the caps will be blown to pieces by allowing polluters to meet their emission reduction responsibilities through buying offset credits rather than reducing their emissions. The draft legislation allows for what the report calls "stunningly high levels of offsets" -- 2 billion tons annually, the equivalent of about a third of current U.S. emissions. It means the offsets would allow polluting companies to keep ... (link)