|Obama Asks For Cap And Trade Legislation|
By Jay Yarow
February 24, 2009
Barack Obama's reiterated his commitment to clean energy
tonight saying that renewable energy will double in the next three years thanks
to the stimulus plan. Most noteworthy, though, the President asked Congress for
"a market-based cap on carbon pollution." Now, will he get it before December
when the world convenes in Copenhagen to talk climate change policy?
From the speech:
It begins with energy.
We know the country that harnesses the power of clean, renewable energy will
lead the 21st century. And yet, it is China that has launched the largest effort
in history to make their economy energy efficient. We invented solar technology,
but we’ve fallen behind countries like Germany and Japan in producing it. New
plug-in hybrids roll off our assembly lines, but they will run on batteries made
Well I do not accept a future where the jobs and industries of tomorrow take
root beyond our borders – and I know you don’t either. It is time for America to
Thanks to our recovery plan, we will double this nation’s supply of renewable
energy in the next three years. We have also made the largest investment in
basic research funding in American history – an investment that will spur not
only new discoveries in energy, but breakthroughs in medicine, science, and
We will soon lay down thousands of miles of power lines that can carry new
energy to cities and towns across this country. And we will put Americans to
work making our homes and buildings more efficient so that we can save billions
of dollars on our energy bills.
But to truly transform our economy, protect our security, and save our planet
from the ravages of climate change, we need to ultimately make clean, renewable
energy the profitable kind of energy. So I ask this Congress to send me
legislation that places a market-based cap on carbon pollution and drives the
production of more renewable energy in America. And to support that innovation,
we will invest fifteen billion dollars a year to develop technologies like wind
power and solar power; advanced biofuels, clean coal, and more fuel-efficient
cars and trucks built right here in America.
As for our auto industry, everyone recognizes that years of bad decision-making
and a global recession have pushed our automakers to the brink. We should not,
and will not, protect them from their own bad practices. But we are committed to
the goal of a re-tooled, re-imagined auto industry that can compete and win.
Millions of jobs depend on it. Scores of communities depend on it. And I believe
the nation that invented the automobile cannot walk away from it.