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The Congressional Budget Office (CBO) has released a report analyzing the costs and revenues of the Waxman-Markey global warming bill. They found that within the first decade that the bill gets enacted, the US Treasury can expect to make $24.4 billion in revenue.
Darren Samuelsohn of ClimateWire reports the following income and expenditures:
Income:
- The distribution of allowances via an auction would generate $254 billion for the Treasury between 2010 and 2014, and about $858 billion over the next 10 years;
- $25 million and $50 million per year starting in 2012 from companies who do not meet their compliance obligations on-time.
Expenditures:
- Giving credits away for allowances will cost about $693 billion from 2010-2019;
- Tax breaks for the poorest individuals and families to help offset higher energy prices ($161 tax credit for a single person earning less than $23,000 and about $359 for a five-person household);
- $19.3 billion will be credited into a new Treasury account to help the Energy Department and U.S. EPA with reductions in HFCs through better appliance purchases, as well as recycling and reclamation;
- $5.3 billion would go into a Treasury fund for national resource adaptation activities;
- $900 million gets sent primarily to the Department of Health and Human Services to assist health professionals as they gear up for the challenges associated with climate change;
- $4.3 billion from 2011-2019 for a new Labor Department benefits, job training and health insurance program to help workers who lose their jobs because of the climate law.
Read the full article here: http://www.nytimes.com/cwire/2009/06/08/08climatewire-house-climate-bill-would-trim-budget-deficit-83573.html
“The Waxman-Markey bill will get our planet out of the red, while helping to put our budget back in black,” said Rep. Markey in a statement released yesterday. “Waxman-Markey is a win-win for America’s economy and environment.”
Today, Chairman Henry A. Waxman of the House Energy and Commerce Committee and Chairman Edward J. Markey of the Energy and Environment Subcommittee released draft clean energy legislation that promises to reduce emissions and create jobs. Titled the American Clean Energy and Security Act of 2009 (ACES), the legislation hopes to achieve a wide range of goals.
The American Clean Energy and Security Act will create millions of new clean energy jobs, save consumers hundreds of billions of dollars in energy costs, enhance America’s energy independence, and cut global warming pollution. To meet these goals, the legislation has four titles:
- A clean energy title that promotes renewable sources of energy, carbon capture and sequestration technologies, low-carbon fuels, clean electric vehicles, the smart grid and electricity transmission;
- An energy efficiency title that increases energy efficiency across all sectors of the economy, including buildings, appliances, transportation, and industry;
- A global warming title that places limits on emissions of heat-trapping pollutants; and
- A transitioning title that protects U.S. consumers and industry and promotes green jobs during the transition to a clean energy economy.
The Waxman-Markey clean energy bill has been much anticipated among those in the environmental community because it is expected to be one of the most comprehensive and well structured bills addressing climate change. Chairman Waxman has taken the lead on climate legislation before, including the Safe Climate Act, a bill that also called for 80% reductions by 2050.
There is a lot of love with the Waxman-Markey ACES bill and a lot of reason to believe that this type of legislation will fare better this year than in years before. The bill is framing itself as a way to save America jobs and help save Americans money — harking back to legislation to stimulate the economy in the New Deal era. By creating sustainable systems, the US can position itself for long term growth that is supported by clean energy and efficient infrastructure.
Action on global warming can no longer be pushed to the sidelines. It is time to take the action needed to reinvigorate our economy and re-power our energy sources.
