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February 27, 2008

Where is your candidate on climate change?

UBS did a good analysis, excerpts below
Basically everyone is doing something.

On our front page this week, we highlight our US Strategy teams report on the
implications of Obamanomics for industries and sectors.
Much of the analysis focuses on Senator Obamas ambitious plans to build a
Clean Energy Economy. The support Senator Obama showed early in his
campaign for coal-to-liquids technology and ethanol-based biofuels has now
been qualified, resulting in practically identical positions on environmental
issues for the Democratic contenders:
Both Clinton and Obama support a cap and trade system to cut US emission
80% below 1990 levels by 2050; both support raising fuel economy standards
for autos to 40mpg by 2020; both call for getting 25% of US electricity from
renewables by 2020; where Senator Clinton proposes a $50bn 10 year fund to
invest in renewables and other energy sources, Senator Obama proposes a
$150bn fund; both call for 60 bn gallons of homegrown biofuels to be produced
in the US by 2030; both support coal-to-liquid fuels if they emit 20% less carbon
over their lifecycle than conventional fuels.
It is worth noting, however, since the election results are not a foregone
conclusion, that Republican front-runner Senator McCain could be said to be at
least equally environmentally aware.1 Senator McCain co-sponsored the first
Senate bill calling for mandatory cuts to greenhouse-gas emissions and is the
only candidate to have come out strongly against the US corn-based ethanol
industry on environmental grounds. Although he has subsequently
compromised his expressed views on ethanol, he remains an outspoken
opponent of ethanol subsidies.
The leading climate change proposal currently being considered by Congress is
the Lieberman-Warner Climate Security Act, which is modelled on previous
McCain-sponsored legislation; this would create a market similar to the EU ETS,
where, in the first instance, free allocations would be made to industry based on
their past emissions. Both Senators Clinton and Obama have expressed their
support, instead, for a 100% auction of carbon permits with no free allowances.
Whatever divergent areas of policy may exist between Republican and
Democratic Presidential candidates, it seems likely at least that the next
President of the United States, regardless of party, will be committed to tackling
Climate Change.

Posted by Martin at February 27, 2008 9:35 AM

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