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Reduce Carbon Emissions 80 Percent by 2050: Barack Obama and Joe Biden support implementation of a market-based cap-and-trade system to reduce carbon emissions by the amount scientists say is necessary: 80 percent below 1990 levels by 2050. They will start reducing emissions immediately in his administration by establishing strong annual reduction targets, and they will also implement a mandate of reducing emissions to 1990 levels by 2020.
Greenhouse Gas Emission Targets And Timetables 2012: Return Emissions To 2005 Levels (18% Above 1990 Levels) 2020: Return Emissions To 1990 Levels (15% Below 2005 Levels) 2030: 22% Below 1990 Levels (34% Below 2005 Levels) 2050: 60% Below 1990 Levels (66% Below 2005 Levels)
A cap-and-trade program draws on the power of the marketplace to reduce emissions in a cost-effective and flexible manner. Under the program, an overall national cap on carbon emissions is established. The emissions allowed under the cap are divided up into individual allowances that represent the permission to emit that amount. Because the emissions cap restricts the amount of pollution allowed, allowances that give a company the ability to pollute take on financial value. Companies are free to buy and sell allowances in order to continue operating in the most profitable manner available to them. Those that are able to reduce pollution at a low cost can sell their extra allowances to companies facing high costs. Each year the number of allowances will decline to match the required annual reduction targets.
100 Percent Allowance Auction: Barack Obama and Joe Biden’s cap-and-trade system will require all pollution credits to be auctioned. A 100 percent auction ensures that all large corporate polluters pay for every ton of emissions they release, rather than giving these emission rights away for free to coal and oil companies.
Invest Revenue for a Clean Energy Future: Some of the revenue generated by auctioning allowances will be used to support the development and deployment of clean energy, invest in energy efficiency improvements to help families reduce their energy prices, and to address transition costs, including helping American workers affected by this economic transition and helping lower-income Americans with their energy costs.
John McCain Proposes A Cap-And-Trade System That Would Set Limits On Greenhouse Gas Emissions While Encouraging The Development Of Low-Cost Compliance Options. A climate cap-and-trade mechanism would set a limit on greenhouse gas emissions and allow entities to buy and sell rights to emit, similar to the successful acid rain trading program of the early 1990s. The key feature of this mechanism is that it allows the market to decide and encourage the lowest-cost compliance options.
How Does A Cap-And-Trade System Work? A cap-and-trade system harnesses human ingenuity in the pursuit of alternatives to carbon-based fuels. Market participants are allotted total permits equal to the cap on greenhouse gas emissions. If they can invent, improve, or acquire a way to reduce their emissions, they can sell their extra permits for cash. The profit motive will coordinate the efforts of venture capitalists, corporate planners, entrepreneurs, and environmentalists on the common motive of reducing emissions.
Barack Obama and Joe Biden will invest $150 billion over 10 years in advanced energy technologies. (1) Increase Investment in Basic Research and Human Capital.
Invest in Basic Research: Barack Obama and Joe Biden will double federal science and research funding for clean energy projects.
Invest in a Skilled Clean Technologies Workforce: Barack Obama and Joe Biden will invest in job training and transition programs to help workers and industries adapt to clean technology development and production. (2) Invest in Key Technology Deployment.
Clean Technologies Deployment Venture Capital Fund: Barack Obama and Joe Biden will create a Clean Technologies Venture Capital Fund to fill a critical gap in U.S. technology development. This fund will partner with existing investment funds and our National Laboratories to ensure that promising technologies move beyond the lab and are commercialized in the U.S.
Production Tax Credit: Barack Obama and Joe Biden will also extend the federal Production Tax Credit (PTC) for 5 years to encourage the deployment of renewable technologies. (3) Set Standards to Allow the Market to Invest and Innovate. Barack Obama and Joe Biden will also establish new national standards to ensure less carbon intensive energy is used in our energy supply.
Establish a National Low Carbon Fuel Standard: Barack Obama and Joe Biden will establish a National Low Carbon Fuel Standard (LCFS) to speed the introduction of low-carbon, non-petroleum fuels. The standard requires fuels suppliers to reduce the carbon their fuel emits by ten percent by 2020.
Require 25% of Electricity to Come from Renewable Sources by 2025: Barack Obama and Joe Biden will establish a 25% federal Renewable Portfolio Standard (RPS) to require that 25% of electricity consumed in the U.S. is derived from clean, sustainable energy sources, like solar, wind and geothermal by 2025.
Ensure the Federal Government Uses Renewable Sources of Electricity: Barack Obama and Joe Biden will ensure that at least 30% of the federal government’s electricity comes from renewable sources by 2020.
To Support The Cap And Trade System, John McCain Will Promote The Innovation, Development And Deployment Of Advanced Technologies. John McCain will reform federal government research funding and infrastructure to support the cap and trade emissions reduction goals and emphasize the commercialization of low-carbon technologies. Under John McCain's plan: Emissions Permits Will Eventually Be Auctioned To Support The Development Of Advanced Technologies. A portion of the process of these auctions will be used to support a diversified portfolio of research and commercialization challenges, ranging from carbon capture and sequestration, to nuclear power, to battery development. Funds will also be used to provide financial backing for a Green Innovation Financing and Transfer (GIFT) to facilitate commercialization.