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The Death of Cap and Trade For The US: Comment

1) The US midterm elections resulted in Republicans gaining control of the House and narrowing missing the Senate, largely due to voter concerns about unemployment. Support for cap and trade climate legislation hurt some incumbent candidates. 2) With the new political landscape, President Obama is unlikely to push for cap and trade bills that don't have realistic chances of passing Congress as he prepares for his reelection campaign. 3) While cap and trade seems doomed over the next two years, increased tax incentives for highly efficient cogeneration or combined heat and power (CHP) projects could garner support as they can improve energy efficiency, reduce emissions, create jobs, and boost the economy.

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Robert Montoya
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71 views1 page

The Death of Cap and Trade For The US: Comment

1) The US midterm elections resulted in Republicans gaining control of the House and narrowing missing the Senate, largely due to voter concerns about unemployment. Support for cap and trade climate legislation hurt some incumbent candidates. 2) With the new political landscape, President Obama is unlikely to push for cap and trade bills that don't have realistic chances of passing Congress as he prepares for his reelection campaign. 3) While cap and trade seems doomed over the next two years, increased tax incentives for highly efficient cogeneration or combined heat and power (CHP) projects could garner support as they can improve energy efficiency, reduce emissions, create jobs, and boost the economy.

Uploaded by

Robert Montoya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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cospp

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BEMaGS
F

Comment

The death of cap and trade


for the US

David Sweet

cospp

he US elections are over


and once again there
is a resounding call for
change in Washington. In
the largest partisan swing since
1948, Republicans retook control
of the US House of Representatives
and narrowly missed capturing
the Senate. The three most
critical issues were jobs, jobs and
jobs in light of an unemployment
rate that is, in reality, well into the
double digits.
Support for climate change
legislation was a huge political
liability
for
a
number
of
incumbents who were voted
out of office. The only trace of
support for clean air restrictions
was the defeat of Proposition
19 in California, which would
have legalized the use and
production of small amounts of
marijuana. Proposition 19 went
up in smoke on election day as
did any chance of cap and trade
legislation to limit carbon dioxide
emissions over the next two years
and beyond.
The 2012 presidential election
campaign now begins and
President Obama faces a
political landscape that is vastly
different from the wave of support
that swept him into office. He is
not likely to go out on a limb to
support climate change solutions
that have no realistic hope of
passage in Congress, and might
derail a chance for a second
term in the White House.
However, just because things
are bleak for cap and trade, that
does not mean that all hope is
lost. While it is likely that for the
next two years US politics will be

However, just because things are


bleak for cap and trade, that does
not mean that all hope is lost
like a Beijing traffic jam mired
in gridlock there may be an
appetite for focused measures
that can drive efficiency, clean
air and jobs. One such measure is
an expanded financial incentive
in the form of an investment tax
credit (ITC) for highly efficient
CHP projects.
A 2008 report from Oak
Ridge
National
Laboratory
estimated that full deployment
of CHP could efficiently provide
20% of the nations power,
save almost 6 quadrillion BTU
(6000 TJ) of energy annually,
eliminate
greenhouse
gas
emissions (GHG) by an amount
equivalent to removing 150
million cars from the road, and
help expand the economy. In a
recent WADE study, the impact
of an expanded ITC that would
incentivise deployment of CHP
and help realise the promise
discussed in the Oak Ridge study,
was analysed. The projected
impacts include:
An expanded 10% ITC increases
CHP deployment by about 20%
over a no-ITC baseline (leading
to an additional 550 MW
between now and 2017).
An expanded 10% ITC results in
an annual energy savings of
118 trillion BTU (118 TJ) and an
annual reduction in carbon
dioxide emissions of more than
14 million tonnes, equivalent

Cogeneration & OnSite Power Production | November - December 2010

to removing 2.6 million cars


from the road. Investment in
the projects represented by
an expanded 10% ITC creates
over 17,000 highly skilled, well
paying jobs.
A 30% ITC for highly efficient CHP
increases CHP deployment by
more than 60% over a no-ITC
baseline (1600 additional MW
between now and 2017).
A 30% ITC leads to an annual
energy savings of 162 trillion BTU
(162 TJ) and an annual
reduction in carbon dioxide
emissions of more than 19 million
tonnes, equivalent to removing
3.4 million cars from the road.
Investment in the projects
represented by a 30% ITC
creates over 23,000 highly
skilled, well paying jobs.
Given that the politics of
energy
and
climate
have
shifted to the right, technologies
and proposals, such as an
expanded ITC, that can improve
the economy, jobs and the
environment have the potential
to garner substantial support in
the months ahead.

David Sweet
Executive Director, WADE
dsweet@localpower.org

www.cospp.com

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