End Cap
The Cap-and-dividend bill
Global warming is the increase in average temperature of the Earths surface air. It is a major concern of the Senate this coming year and new plans are in place to manage it. There is a new proposal on the table to curb global warming and it promises to return about $1,100 annually to American consumers. The new bill is known as cap-and-dividend. It would require oil, coal and natural gas companies to purchase permits monthly that would allow them to sell their fuels. Seventy-five percent of the money would be returned to the public every month in the form of a dividend check and the remainder of the money would go towards renewable energy studies and conservation programs.
Supporters of the new bill
The bill’s supporters believe raising the costs of fossil fuels will make renewable energy more competitive. Senator Maria Cantwell said, The act provides businesses and investors with a simple, predictable mechanism that will open the way to clean energy expansion while achieving Americas goals of reducing carbon emissions. It is hoped that the cap-and-dividend move manages to spur a greater nationwide trend of moving to energy-efficient ways of life. Cantwell added, If the government is behind major changes and so are fuel companies, many consumers will follow suit with smaller, everyday changes they can make.
Those who don’t like it
Despite the support it has, others think that the “cap and dividend” idea isn’t a good one. Critics are worried that the new bill could potentially thwart innovation. By restricting Wall Street’s trading of carbon credit, they believe new technologies won’t be seen as potential for investment. They are citing the lack of investment capital from communities as a major disadvantage.
The cap-and-trade plan
As of 2009 the most popular plan to reduce greenhouse gas effect is through a cap-and-trade plan. In this plan, power producers and emitters of carbon dioxide would have to purchase annual permits from the government to operate. The number of permits would slowly be decreased in order to get large polluters to behave better. The industries could then either pay to clean up their facilities, or trade permits amongst other facilities. A preliminary version of the cap-and-trade plan has already passed the House and has now moved on to the Senate floor.
What it all means
One of the sponsors for the Senate Bill is Senator Susan Collins. She said that after consumers get their $1,100 in rebate checks annually, while paying higher gas and electric prices, they would end up ahead about $102. Costs of course are going to fluctuate from state to state, but on average the plan should level out at a savings of $175 per household. Collins said, Climate change legislation must protect consumers and industries that could be hit with higher energy prices.
So what’s next?
There are a lot of hurdles before it becomes law. It isn’t going to be easy, either. Even Democrats in the Senate are having a difficult time finding support strong enough to pass it. A lot of people think it’s too expensive for taxpayers. It remains to be seen if it passes, but even if it doesn’t, at least Congress is devoting effort to the problem.
Sephora & Bylaurenluke sneak peek
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