PrintSeptember 10, 2010
The bad idea that will not die
If you are distraught that Cap and Trade has been stopped in its tracks, then here is some great news. It is full steam ahead with the next auction of emission allowances for the Regional Greenhouse Gas Initiative (RGGI) held on December 01, 2010. There are just 82 days left before you can buy shares of a gas called carbon dioxide which is only found...well everywhere. In fact, you just exhaled some of this precious commodity right now; that is if you are still breathing.
Ten forward thinking States unwilling to wait for the Federal government to enact greenhouse gas legislation have signed themselves up for a mandatory "market based" program to cap and reduce electric power plant emissions. Their impatience to destroy jobs just warms the progressive heart.
For all of you who are eager to join the avid environmentalists at Goldman Sachs in this wealth redistribution scheme, go to the RGGI and Chicago Climate Futures Exchange (CCFE) websites and you too can learn how to make some quick cash, pardon me, you too can help spur innovation in the clean energy economy and create green jobs.
The fact that the current White House administration and a cadre of interesting cohorts have connections and a shared history with climate exchange markets should certainly quell any remaining doubts about the virtue of these programs.
It truly is a win-win investment for everyone....except for perhaps the consumers of electricity, but who are they to complain? They deserve green energy whether they want it or not, no matter the cost. Just ask the President or even the Treasury Secretary.
And who else will help fund these contrived auctions of air? You, if you are a consumer of products made in one of the participating States.
Of course, no one can blame the State legislators for finding other uses for their newfound largesse. After all, this program was only fully implemented in January 2009. How many green programs can be conjured up in such a short amount of time? Besides, there are always budget deficit potholes to fill.
So here are some splendid examples of how States have wisely redirected their "green" funds. New Hampshire's principled and courageous "Live free or die" lawmakers decided to spend all of the $3.1 million of expected proceeds to help pay down their $295 million budget deficit. New York, the roman "Empire State", quietly moved $90 million of their auction proceeds to its general fund. And not to be outdone, New Jersey, the "Garden" of Eden State, plans to use $65 million to help balance its budget.
Obviously if you thought RGGI would just create new slush funds, then you were misinformed.
The important point to remember is that this program for lowering carbon emissions will undoubtedly be a fabulous success. I predict right after many of the manufacturers and residents pack up their bags and move to States governed by sane politicians.
