Markey Announces iCAP Climate Bill

WASHINGTON (May 28, 2008) – Rep. Edward J. Markey (D-Mass.), Chairman of the House Select Committee on Energy Independence and Global Warming, introduced a revolutionary new bill that would reduce global warming pollution according to scientific targets, reinvest any revenue back to American workers and technology, and would establish America as a leader in solving climate change.

The bill offers a new paradigm for global warming legislation: the Cap-and-Invest system. It caps pollution at 85 percent below 2005 levels by 2050. It uses an auction system that sets a price on carbon, and allows companies to compete for reductions, or buy or trade credits within the system. It then takes the $8 Trillion in revenues expected from polluters over the length of the bill, and reinvests that money back to American families and workers and into promoting a clean energy economy.

The “Investing in Climate Action and Protection Act” (iCAP Act) amends the Clean Air Act to establish an economy-wide cap-auction-and-trade system that adheres to five core principles:

• Reduce U.S. global warming pollution by 85 percent by 2050, the necessary U.S. contribution to stabilize atmospheric concentrations of heat-trapping gases and avoid dangerous global warming.
• Auction pollution allowances, instead of giving them free-of-charge to polluters, to avoid windfall profits for polluters, ensure fairness and effectiveness, and reduce social costs.
• Return over half of auction proceeds to low- and middle-income households to help compensate for any increase in energy costs as a result of climate legislation.
• Invest the remaining auction proceeds in programs that will further reduce the costs of climate policy, spur the development of advanced low-carbon technologies, grow the U.S. economy, and address unavoidable impacts of climate change.
• Include policies that will encourage major-emitting developing countries, like China and India, to take comparable action to reduce global warming pollution to protect the competitiveness of U.S. industry.
  

A video of Rep. Markey announcing the climate legislation is here.
An executive summary of the legislation here, and a report from 1Sky is here.

Plug-in Prius: Mayor of Minneapolis

The Mayor of Minneapolis drives a plug-in hybrid. The plug-in conversion of a standard Prius hybrid was done by A123 Systems. The mayor says he gets 70MPG in his driving, and A123 claims up to 150MPG in city driving. Check out this video of the Mayor and his Cool car.

Forget Gasoline: Plug-In to Clean Energy

Gasoline makes us dependent on foreign oil suppliers, and it gets our country involved in sticky military situations. Using gasoline to fuel transportation is also a major source of global warming pollution and is not sustainable. Our reliance on foreign oil is draining our economy and is a threat to national security. To reduce our dependence on oil and gasoline, we need more efficient vehicles. Improvements in efficiency could occur at the level of fuel usage, or in other areas such as the engine and the weight of materials used.

A real breakthrough in fuel-efficiency came with hybrid cars, like the Toyota Prius and Honda Insight, getting 45-50 MPG. The soaring cost of gasoline has fueled the hybrid market over the past year, with Toyota Prius sales way up (+54%). In contrast, sales of gas-guzzling pickup trucks, like the Dodge Ram, are way down (-29%).

Hybrid cars introduced electricity as an alternative fuel. This innovation has opened the possibility to fuel-up by plugging your car into an electrical outlet. Just think of it, a future with plug-in electric vehicles fueled by clean, renewable energy from wind, solar or hydro power!

Toyota may be the first to market a plug-in hybrid electric car. The next generation Prius, due around 2009, will likely use a plug-in system. Toyota is now using their proven nickel-metal hydride battery in prototype Prius plug-ins, but will likely switch to a lighter, more compact lithium ion battery later, once the technology is ready.

The future is now in California, where renewable energy is more plentiful and where American ingenuity has converted a Prius Hybrid to a Plug-in Hybrid that gets 100+ MPG. If you 'fill up' from a regular electrical outlet at home, the equivalent cost is under $1/gallon. If your driving is mostly local, you'd almost never need gasoline! What are we waiting for?

The PRICE One's Willing to PAY

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Bush clueless, Big Oil PROFIT$, Americans PAY: Take Action!

Question to President Bush from news reporter Peter Maer: "What's your advice to the average American who is hurting now, facing the prospect of $4-a-gallon gasoline, a lot of people facing ... "
President Bush: "Wait, what did you just say?" the president interrupted. "You're predicting $4-a-gallon gasoline?"
Peter Maer: "A number of analysts are predicting $4-a-gallon gasoline."
President Bush: "Oh, yeah? That's interesting. I hadn't heard that."

While our President appeared clueless, oil prices continued to soar and set a new record of $106 per barrel on March 7, 2008. Big Oil continues to pull in record, multi-Billion dollar profits. Here are the top five US companies and their 2007 profits in $ Billions: Exxon Mobil, 40.6; Shell, 31.3; BP, 20.8; Chevron, 18.7; and Conoco Phillips, 11.9.

Back when Exxon Mobil was called Esso, their commercial slogan was "Happy Motoring!". Not so these days as Americans fume over the high cost of gasoline at the pump. The National average price per gallon for gasoline is now: $3.19 Regular, $3.39 Plus, $3.51 Premium, and $3.74 Diesel. $4-a-gallon gasoline is anticipated by this summer. The Shell gas prices shown in the photo are from a station in San Francisco.

About three years ago, President Bush said, “With $55 oil we don't need incentives to oil and gas companies to explore. There are plenty of incentives.” Since then, oil prices have nearly doubled, gasoline prices have risen out of sight, and Big Oil has enjoyed the largest profits in history. Nonetheless, Mr. Bush continues to defend tax loopholes for the oil companies.

Americans can take action by urging the Senate to pass the Renewable Energy and Energy Conservation Tax Act of 2008, H.R. 5351, which will extend and create incentives to invest in wind, solar, biofuels, and other clean energy sources. Extending tax breaks for wind and solar energy would prevent the loss of over one hundred thousand jobs in those rapidly expanding industries, whose tax breaks are set to expire at the end of 2008. These important incentives for clean energy can be paid for by repealing the $1.3 billion annual tax loophole that subsidizes Big Oil. This is small money for Big Oil, only about 1% of the aggregate profits of the top five companies in 2007. Hardworking Americans have already paid dearly at the gasoline pump, and Big Oil has profited enormously.

Contact your Senators and urge them to pass H.R. 5351 (copy of the bill is here). A vigorous, concerted action will be required since the House bill which was passed and sent to the Senate has already been condemned by Big Oil and the Bush administration. Yes, this is the same President Bush who, believe it or not, spoke recently at a renewable energy conference in DC, and who told the participants "listen, let me start first by telling you that America has got to change its habits. We've got to get off oil." Mr. Bush could help to achieve this worthy goal and switch to clean, renewable energy sources by supporting H.R. 5351 instead of condemning it. Contact your Senators and urge them to pass H.R. 5351.

Tiny Alaskan Village lookin' to kick Big Oil's Gas

An Alaskan village eroding into the Arctic Ocean sued two dozen oil, power and coal companies, claiming that the large amounts of greenhouse gases they emit contribute to global warming that threatens the community's existence. The Inupiat Eskimo village of Kivalina sued Exxon Mobil Corp. and eight other oil companies, fourteen power companies and one coal company. Sea ice that forms later and melts sooner because of higher temperatures has left the community unprotected from fall and winter storm surges and pounding waves that lash the coastal community. Relocation costs have been estimated at more than $400 million. Damage to Kivalina from global warming has been documented in official government reports by the Army Corps of Engineers and the General Accounting Office.

A spokesman for Exxon Mobil said the company takes the issue of climate change seriously. "Exxon Mobil is taking action by reducing greenhouse gas emissions in our operations, supporting research into technology breakthroughs and participating in constructive dialogues on policy options with NGOs, industry and policy makers," he said.

A real opportunity could arise for Exxon Mobil to take the issue of climate change seriously and act to reduce greenhouse gas emissions by giving back a minuscule portion of their enormous profits. The House of Representatives voted in favor of a tax package to use funds from Big Oil's tax breaks to boost incentives for wind and solar energy and energy efficiency. Extending tax breaks for wind and solar energy would prevent the loss of jobs in those fast-growing industries, whose tax breaks are set to expire at the end of the year placing 116,000 jobs at risk. The bill was sent to the Senate. However, the Bush administration, Republican lawmakers and Big Oil condemned the bill.

“Since President Bush took office, the price of oil has gone from $30 per barrel to a record high price of $101 yesterday,” said Congressman Edward Markey, Chairman of the Select Committee on Energy Independence and Global Warming. “This administration’s oil-centric energy policy has proven itself to be completely bankrupt for everyone except for Big Oil. President Bush should support this bill, which helps consumers and our economy, not continue to oppose this bill for the sole benefit of the most profitable companies in the world.”

How about it Exxon Mobil...ready to really show that you take climate change seriously? Give back some small change ($) from your huge profits to help consumers, the economy and the planet. Alaskans won't be holding their breath while waiting. It's been about 19 years since the Exxon Valdez spilled 11 million gallons of crude oil in Alaskan waters and on the coastline, and still no money has been paid in punishment for that offense.