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Carbon Taxes or Caps?

A study by Dr. Robert J. Shapiro, former U.S. Undersecretary of Commerce for Economic Affairs during the Clinton Administration, concludes that a carbon tax may be the better approach to lowering greenhouse gas emissions than the caps and tradable permits (cap-and-trade) legislation currently being advocated by many members of Congress. The study finds that carbon taxes would provide businesses and industries with incentives to invest in more efficient technologies that actually reduce CO2 output, and achieve the policy objective of lowering emissions. Other important findings of the report, which is titled Addressing the Risks of Climate Change: The Environmental Effectiveness and Economic Efficiency of Emissions Caps and Tradable Permits, Compared to Carbon Taxes, include: — Although carbon taxes and cap-and-trade schemes will both result in significantly higher prices for fossil fuels, carbon taxes cannot be manipulated by the markets and would offer the most stable and transparent system for consumers and industry alike. — Carbon taxes do not create the price volatility and administrative problems associated with cap and trade. — Carbon taxes are a more effective way to reduce Greenhouse Gas Emissions and provide a more powerful incentive to develop new, climate-friendly technologies. — The European Emissions Trading Scheme […]

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Global Warming Victory in New Jersey

New Jersey Gov. Jon S. Corzine signed an executive order yesterday that commits the state to reduce greenhouse gas emissions to 1990 levels by 2020. The order requires that be reduced to 80% below 2006 levels by 2050. The State Department of Environmental Protection will monitor progress toward these goals; the Department of the Treasury has been directed to create targets and implementation strategies over the next six months. NGO US PIRG said the fact that the New Jersey Global Warming Response Act requires mandatory caps on all global warming emissions from all sources statewide, is especially important. They emphasized the importance of not importing coal-fired electricity from nearby states. In nearby Pennsylvania, TXU Energy has proposed building two to three conventional coal-fired power plants. If these plants are constructed, they will wipe out all of the global warming emissions reductions in the Regional Greenhouse Gas Initiative. Another threat is American Electric Power’s proposed $3 billion 765-kv transmission line that would pump in dirty energy from West Virginia to New Jersey. One tool to avoid this potential problem is to require a global warming emissions standard for all electricity imported to New Jersey. State Economy-Wide Global Warming Initiatives ยท New […]

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Photowatt Tech Sets IPO Terms

Underwriters for Photowatt Technologies Inc., which makes solar cells and modules, have set the terms for its pending initial public offering at 10.9 million shares – estimated price range of $15 to $17 a share. Photowatt is a unit of Canada’s ATS Automation Tooling Systems Inc., which is listed on the Toronto Stock Exchange. Photowatt intends to list on the Nasdaq Global Market under the symbol “PHWT,” and in Toronto under the symbol “PHW.” For the nine months ended Dec. 31, Photowatt lost $6.5 million, widening from a loss of $144,000 in the same period a year earlier.

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