Could Impending Climate-Change Initiative be Obama’s Signature Achievement?
Wall Street Journal : “The Obama administration will next week unveil a cornerstone of its climate-change initiative with a proposed rule aimed at allowing states to use cap-and-trade systems, renewable energy and other measures to meet aggressive goals for reducing carbon emissions by existing power plants.”
“Energy companies and others affected by the proposal will be watching for key details, including the percentage by which companies and states must reduce carbon emissions, which is expected to be proposed in a range instead of a single number. The baseline year against which those reductions are calculated will also be closely monitored.”
“Central to the strategy of flexibility: the option to include a cap-and-trade component where a limit is set on emissions and companies can trade allowances or credits for emissions as a way of staying under different benchmarks the EPA sets for each state.”
Jonathan Cohn : “Along with other steps the administration has taken, like setting higher fuel standards for cars and trucks, the new regulations could make climate change action one of Obama’s signature achievements—something historians will cite alongside Obamacare, rescue of the auto industry, and the Recovery Act.”