Cap-and-Tax Cap-and-Trade dead in the water without support from China and India, who have vowed not to imperil their economies and lower standards of living:
“It’s no surprise that during today’s G8 meeting, China, India and other developing nations refused to accept mandatory emissions controls on their economies,” Senator Inhofe said. “Without participation from China and India, anything we do here at home would impose burdensome costs on consumers in the form of higher electricity, gas, and food prices, all for no climate gain. Unless supporters of cap-and-trade legislation can develop a plan to convince China and India to make meaningful emissions reductions on par with the United States, no such bill will pass the U.S. Senate.”
EPA Administrator Jackson appeared before the EPW Committee on Tuesday and confirmed an EPA analysis showing that unilateral U.S. action to reduce greenhouse gas emissions would have no effect on climate. “I believe the central parts of the [EPA] chart are that U.S. action alone will not impact world CO2 levels,” Administrator Jackson said.