Without doubt, the US American Clean Energy and Security Act (ACES) – also known as the Waxman-Markey bill – is a massive piece of legislation. At over 1400 pages, the bill is not only a huge document but if it does eventually become law it will have enormous and far reaching impacts on both the US and global economy.
However, while most accept that unfettered greenhouse gas emissions are not tenable economically, environmentally or morally, accepting the cost of climate change mitigation through cap-and-trade legislation doesn’t appear very welcome either.
Since the Waxman-Markey bill passed a vote in the lower House in June, opposition has been steadily growing and there is now a strong contingent of well-funded and well-organized heavyweights lobbying against the bill.
The American Petroleum Institute asked its 400 corporate members to oppose the bill, and recently released a study in which API President and CEO Jack Gerard stated that if ACES is passed, “investment in US refining capacity could plummet;” the impact on US jobs and US energy security could be devastating; and, that “climate legislation should not come at the expense of US economic and energy security.”
In a July statement, Tom Donohue, President and CEO, US Chamber of Commerce stated that “ACES is fundamentally flawed” and “many American jobs would likely be shipped overseas where energy is cheaper and environmental restrictions are more lax.”
In August, the National Association of Manufacturers launched a multi-state, multi-million-dollar advertising campaign opposing ACES “encouraging manufacturers, small business owners and the public to Speak Out against the bill and its potentially devastating impact on the economy.” Others that oppose the bill include the American Farm Bureau Federation, the National Federation of Independent Business and Americans for Tax Reform.
Clearly, although there is uncertainty about the true future impact of climate legislation, there is absolute certainty about one thing – as the battle on Capitol Hill heats up, the success of ACES is by no means a fait accompli.
By Hewitt Roberts, .(JavaScript must be enabled to view this email address)
