Tag Archives: Climate change bill

May Top Ten Players In Green Energy

1: Tony Hayward, BP CEO

BP CEO Tony Hayward speaks at a press conference on the beach at Port Fourchon, Louisiana, May 24, 2010. Hayward said Monday that the global oil giant's reputation was at risk as oil continues to gush into the Gulf of Mexico. UPI/A.J. Sisco Photo via Newscom

As any coach of a professional sports team knows, when your bosses publicly declare their support for you, the end is nigh. So it is with BP head Tony Hayward, who, a spokesman has averred, “has the full support of the board.” To be sure, Hayward has been dealt a horrible hand. It is one thing for a catastrophic oil spill to happen on your watch, it is quite another for it to happen in ecologically sensitive waters within view of the American media. But Hayward has been unable to get ahead of the crisis at any point. BP has shown little interest in getting an accurate flow rate, leaving itself open to charges that it’s hiding the extent of the spill. Hayward has sought to minimize the environmental impact and talked about how inconvenient the spill is for him saying, “You know, I’d like my life back.” He has, inadvertently, made a convincing case for green energy legislation. Shareholders might forgive these gaffes, but they can’t overlook the billions in market value that have been lost during this misadventure. Hayward will be out soon after the relief well finally stops the flow.

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What To Expect This Week: BP, The Kerry Climate Bill

Tomorrow British oil and gas company BP is releasing its 2010 capital expenditure program. Expect company Chief Executive Officer Tony Hayward to reaffirm his company’s focus on its oil and gas business.

Last quarter BP posted a fourth-quarter profit of $4.3 billion after losing $3.34 billion in the prior-year period. For the year, BP earned $16.58 billion. Most of that revenue was generated by the company’s upstream and downstream oil and gas business. Continue reading What To Expect This Week: BP, The Kerry Climate Bill

GOP to Boycott Senate Climate Change Bill

James Inhofe Trying to Put the Brakes on Kerry - Boxer

Republicans on the Senate Environment and Public Works Committee are not planing to participate in the markup of the Kerry – Boxer climate change bill, which Committee Chairman Barbara Boxer (D-Calif.) had scheduled for Tuesday.

Will this block the legislation? Senate rule requires that at least two Republicans participate in the markup session, reports CQ Politics. Boxer is circumventing that requirement by scheduling a “committee business meeting.” This will allow the Committee’s Democrats, which account for 12 of the Committee’s 19 members, to work on the bill without any Republicans present. Continue reading GOP to Boycott Senate Climate Change Bill

This week in green energy: ACES!

The week ended with passage by the House of Representatives of the American Clean Energy and Security Act (ACES), a historic vote that brings the U.S. a step closer to enacting a much awaited climate change law. The vote was tight — 219 to 212 — with 44 Democrats breaking party ranks and voting against the legislation, underscoring the uncertainties the bill faces as the debate now moves to the Senate.

If enacted, the provisions of ACES, also known as the Waxman – Markey bill, could fundamentally transform how the U.S. generates its energy and impact every corner of the economy. At its heart is a controversial cap-and-trade provision that will allow energy dependent industries to purchase permits to emit CO2 and other green house gases. The price of the permits is cheap. To get the bill to the floor for a full House vote, co-sponsors Henry Waxman (D-Calif.) and Edward Markey (D-Mass.) agreed to give almost all of the permits to utilities and other industries for free. Over time, the price of the permits will increase, incentivizing polluting industries to cut emissions. Continue reading This week in green energy: ACES!

In Historic vote House approves climate change bill; Debate moves to the Senate

In a close vote — 219 to 212 — the House of Representatives approved the American Clean Energy and Security Act (ACES), also known as the Waxman – Markey bill. This is a historic vote that brings the U.S. a step closer to having a comprehensive climate change law, and if enacted, a law that could impact every corner of the economy.

At the heart of the bill, and the source of much contention, is a cap – and – trade provision that seeks to cap CO2 emissions by forcing energy-dependent industries to pay for the right to emit CO2 and other green house gases. The bill targets overall CO2 emissions cuts of 17 percent by 2020 and by 83 percent by mid-century.

The legislation provides billions of dollars to support construction of solar and wind power plants. It also supports energy efficiency measures and smart grid technology.

When Energy and Commerce Committee Chairman Henry Waxman (D-Calif.) and co-sponsor Edward Markey (D-Mass) first introduced ACES in the spring, they laid out an ambitious time line and vowed to have a vote by the full house by the summer.

They did it, but getting there took a lot of horse-trading. One of the biggest compromises was the near total elimination of an administration plan to sell pollution permits as part of the cap-and trade program. The sale could have raised about $640 billion. Instead, about 85 percent of the permits are to be given away to carbon-dependent industries.

Also, just this week, in a bid to secure crucial votes from rural states, the bill’s sponsors agreed to hand over the administration of a key carbon offset program to the Department of Agriculture, bypassing the Environmental Protection Agency, which is better qualified to oversee such a program.

Now the debate moves to the Senate where a parallel energy bill, sponsored by Jeff Bingaman (D-New Mexico), requiring electric utilities to generate 15 percent of their electricity from renewable sources by 2021, was approved by the Energy and Natural Resources Committee. The bill would also give the Federal government authority to override state regulators to expanding electricity transmission lines.

Majority Leader Harry Reid said he was “hopeful that the Senate would be able to debate and pass bipartisan and comprehensive clean energy and climate legislation this fall.”

Given the close vote in the House, the bill’s fate in the Senate remains uncertain.

President Obama called the House vote a “historic action” and told reporters he is confident the Senate also will act on the climate issue.