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GE is the leading supporter of the United States Climate Action Partnership, an effort to support federal legislation to create a cap and trade system in the United States.
European countries have experimented with a cap and trade system for the last two years. As a result, German electricity rates have already soared by 25 percent, while some European manufacturing has migrated overseas to cap-free nations. Despite these economic costs, there is no evidence that cap and trade controls will actually benefit the environment, since they do not restrict the fastest growing sources of emissions in China and India. Indeed, as Europe is already experiencing, U.S. cap and trade would simply encourage production to move to those nations
Under the Obama plan, the “cap and trade” credits will be issued to all producers of energy. GE is the largest manufacturer of wind turbines as well as other electical generation turbines used in coal, gas, atomic, and hydroelectic electricity generation facilities. With the Obama plan, those cap and trade credits would be issued by the Federal Government, and ultimately, traded just like any stock or bond.
But intensive lobbying by these climate bill proponents -- including heavyweights like Duke Energy, Shell Oil Co and General Electric Co -- may not be enough to counter powerful opposition and get a bill passed before the U.S. mid-term elections in November
What is perfectly clear is that Americans will definitely be paying more for pretty much anything they purchase if the Cap & Trade program is put into place. What has been unclear is GE’s role in the Cap & Trade policies and how they stand to make billions
Labeled “climate revenues” and totaling $646 billion over eight years, this line item in Obama’s budget has inspired confidence in GE Chief Executive Officer Jeff Immelt. As Immelt put it in a letter this week, he believes that the Obama administration will be a profitable “financier” and “key partner.”
A tax on greenhouse gas emissions could accomplish this, but Obama’s preferred policy — and the approach embraced by a few congressional bills in recent years — is called “cap and trade.” In short, cap and trade requires businesses to spend “credits” to pay for their emissions. Businesses can buy or sell these credits, and the market — not the government — would directly set the price of a credit. Government would initially auction them off, generating revenue.
Originally posted by GeorgeH
QUOTE: As Immelt put it in a letter this week, he believes that the Obama administration will be a profitable “financier” and “key partner.”
Correct me if I'm wrong, but isn't this fascism? We have to stop this before it becomes rich vs peons.