By Institute for Energy Research ——Bio and Archives--September 25, 2015
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“Once again, President Obama has allowed the Chinese government to run circles around him. This cap-and-trade commitment allows China to increase emissions for years into the future, while President Obama commits the U.S. to sharp reductions that will harm American families today. China will generate positive headlines while enjoying the economic benefits of generating electricity from coal, while U.S. families struggling in the Obama economy will get stuck with higher utility bills. “Of course, even this weak deal depends on China actually keeping its word, which is highly questionable. We learned recently that Russian companies gamed the EU’s flawed cap-and-trade system so they could make money by increasing emissions. What makes President Obama think Chinese bureaucrats will be any less deceitful with a cap-and-trade system designed in Beijing?” According to a recent IER analysis, the climate deal announced last year will allow China to continue increasing emissions until 2030, with no firm pledge to start reducing emissions after that, while the U.S. dramatically slashes emissions in the short-term. Here is an excerpt from the analysis: President Obama is making deals with China which will allow them to use more coal to power their factories, make steel, and increase their economy. Under the deal, China is expected to emit 2.5 times as much carbon dioxide as the United States will be allowed to emit in 2030, when they say they may begin reducing emissions. Meanwhile, President Obama’s EPA, through his ‘Clean Power Plan’ will hurt Americans in the very near term with higher electricity prices and decreased reliability of their electric generating grid. All of this pain comes with no real temperature change.Click here to read IER’s full analysis.
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The Institute for Energy Research (IER) is a not-for-profit organization that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. IER maintains that freely-functioning energy markets provide the most efficient and effective solutions to today’s global energy and environmental challenges and, as such, are critical to the well-being of individuals and society.