Former U.S. Energy Secretary Predicts Climate Legislation Regardless of Election Outcome
Posted on: Tuesday, 16 September 2008, 09:00 CDT
WASHINGTON, Sept. 16 /PRNewswire-USNewswire/ -- The next President and Congress will sanction a new regulatory framework on climate change, predicts former U.S. Energy Secretary Spencer Abraham in the debut issue of the Abraham Energy Report (AbrahamEnergyReport.com). Secretary Abraham is the newsletter's publisher and editor.
"Regardless of the presidential outcome in November, we expect an active agenda to emerge with very significant carbon legislation. The question won't be whether there will be U.S. legislation to combat climate change, but rather when it will be adopted," the Report's editors advise monthly subscribers in its debut issue published this week.
"We believe the administration and Congress will begin work in early 2009 on a carbon-trading bill that will likely be signed into law by the new president within the next 18 months."
The Report's article, "Climate Change Near the Top of 2009 Agenda," provides further insights into the presidential candidates' climate and energy positions.
"Both Senators McCain and Obama favor considerable regulation in this area and are expected to exert substantial leadership in realizing a carbon-trading regime to address climate change.
"Sen. Obama is proposing aggressive efforts to reduce greenhouse gases (GHGs) by some 80 percent from 1990 levels by 2050, with heavy emphasis on reducing fossil fuel use. He also would provide incentives for cleaner energy sources and significantly raise CAFE standards for vehicles.
"Sen. McCain's goal is to trim CO2 emissions some 60 percent from 1990 levels by 2050, with more stress on easing impacts on fossil fuel users and encouraging the development of nuclear energy. He would hold off on any drastic increases in CAFE standards for cars and trucks.
"Either emissions proposal, if adopted, would put the United States in line with the recent G8 agreement signed by President Bush 'to consider and adopt' a target of at least a 50 percent reduction in carbon emissions by 2050."
The Report's editors also offered a note of caution: "The potential cost of climate-change legislation gave even Democrats pause during debates this year. If energy prices are still perceived as too high, and the economy slips closer to a recession, one major hurdle to traverse will be winning support for an expansive climate program with all its associated costs."
The Abraham Energy Report's entire article, "Climate Change Near the Top of 2009 Agenda," is available on its web site at AbrahamEnergyReport.com
About the Abraham Energy Report
The Abraham Energy Report is a new subscription-based monthly newsletter which offers a unique blend of timely and exclusive insights into global energy markets coupled with sharp analysis of geopolitics and energy policy. The Report's publisher and editor is former U.S. Energy Secretary Spencer Abraham, who currently serves as chairman and CEO of The Abraham Group LLC in Washington, D.C.
Abraham Energy Report
CONTACT: Joe McMonigle of Abraham Energy Report, +1-202-393-4673
Web Site: http://abrahamenergyreport.com/
Source: PRNewswire-USNewswire
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