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-- incentivize(s) the destruction of forests for biomass energy production;" this provision, however, appears stalled.
Last June, Public Citizen called the House bill:
"a new legal right to pollute (that) gives away 85 percent of (its) credits to polluters. (It) will not solve our climate crisis but will enrich already powerful oil, coal and nuclear power companies" at the expense of consumers stuck with higher than ever bills to enrich them.
This writer's July 8 article titled, Obama's Cap and Trade Carbon Emissions Bill: A Stealth Scheme to License Pollution and Fraud explained it -
Hyperbolic Democrats praised it, Speaker Pelosi calling it "transformational legislation which takes us into the future" after taking congratulatory calls from Obama, Senate Majority Leader Harry Reid and Al Gore.
The former vice president has long-standing ties to Goldman Sachs (GS), and in 2004, he and David Blood, GS's former asset management division CEO, co-founded Generation Investment Management LLC, a firm likely to profit hugely from cap and trade schemes if enacted.
So will energy giants like Royal Dutch Shell (top-ranked in 2009 on Fortune's Global 500) and Duke Energy that helped write the bill, that according to Friends of the Earth President Brent Blackwelder "fails to come anywhere close to solving the climate crisis. Worse, (it) eliminates preexisting EPA authority to address global warming - that means it's actually a step backward."
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