Morning Bell: EPA Admits Cap-and-Trade Will Fail

Conn Carroll / July 09, 2009

The Senate Environment and Public Works Committee began their hearings on the 1,500 page Waxman-Markey cap-and-trade legislation Tuesday, and ranking member Senator James Inhofe (R-OK) won a startling admission from Environmental Protection Agency administrator Lisa Jackson. Inhofe produced an EPA chart generated last year during the Senate’s debate of the Lieberman-Warner cap-and-trade legislation. The chart showed that the carbon reductions under that bill would not materially effect global carbon concentrations in the atmosphere. Inhofe then asked Jackson if she agreed with the chart’s conclusions. Jackson replied: “I believe that essential parts of the chart are that the U.S. action alone will not impact CO2 levels.”

Also, at the hearing, Energy Secretary Steven Chu said he did not agree with chart. This is interesting ,since all the best science confirms Inhofe’s and Jackson’s conclusions. For example, a recent study of cap-and-trade by MIT concluded: “The different U.S. policies have relatively small effects on the CO2 concentration if other regions do not follow the U.S. lead…The Developed Only scenario cuts only about 0.5 °C of the warming from the reference, again illustrating the importance of developing country participation.” (more…)