A U.S. cap-and-trade market on greenhouse gases should be designed carefully to avoid unfair economic pain in fossil fuel industries and other parts of the economy, experts told lawmakers on Wednesday. The aim of a cap-and-trade market on greenhouse gases at the center of the climate bill introduced by Senate leaders this month would transform the economy from being based on fossil fuels to more nuclear and renewable power.
A U.S. cap-and-trade market on greenhouse gases should be designed carefully to avoid unfair economic pain in fossil fuel industries and other parts of the economy, experts told lawmakers on Wednesday.
The aim of a cap-and-trade market on greenhouse gases at the center of the climate bill introduced by Senate leaders this month would transform the economy from being based on fossil fuels to more nuclear and renewable power.
!ADVERTISEMENT!
"The shifts will be significant," Douglas Elmendorf, director of the Congressional Budget Office, told a U.S. Senate Committee on Energy and Natural Resources hearing.
"The fact that (renewable energy) jobs turn up somewhere else for some people does not mean that there aren't substantial costs borne by people, communities, firms in affected industries in affected areas."
That could be a factor as Senators John Kerry and Barbara Boxer try to wrangle up the 60 votes needed to pass climate legislation.
Article continues: http://www.reuters.com/article/environmentNews/idUSTRE59D57M20091016?feedType=RSS&feedName=environmentNews
