Note: Information below was from National Brownfield Association.

From: NBA.Market@brownfieldassociation.org [mailto:NBA.Market@brownfieldassociation.org]
Sent: Monday, June 09, 2008 11:43 AM
Subject: NBA Action Alert–June 9, 2008

CAP-AND-TRADE TOPS NEWS IN US AND CANADA
The most important regulatory debate in three decades took place last week as the US Senate deliberated on cap-and-trade legislation proposed by Senators Joseph Lieberman (I-CT) and John Warner (R-Virginia). The debate on a revised version of the Climate Security Act to reduce greenhouse gas emissions came amid increased concerns about rising energy prices and a slowing American economy. Provisions include allowing utilities and other industrial facilities to borrow emissions allowances for future years and providing tax relief for consumers who will likely face higher energy costs.
Charles Bartsch, co-chair of the National Brownfield Associations Advisory Board, explained what the implications would be for the industry: “Billions of dollars will be realized through emissions auctions authorized under the proposed cap-and-trade program, available for a wide range of activities,” he said. “These resources will have significant potential to support a range of smart growth and sustainable development initiatives, if creatively applied to meet project needs.”

In his opening speech, Lieberman called the bill a “balanced middle-of-the-road response” to global warming that “is the energy independence, energy security act that America in its right mind should have adopted 30 years ago.” But opponents argued that the carbon cap-and-trade bill would cost jobs and lead to higher gas prices.
At week’s end, Democrats did not have the 60 votes needed to end a Republican filibuster and move the legislation to a vote. Senate leaders say they are not likely to take up the climate change bill again until next year. Both presumptive presidential nominees Sens. John McCain and Barack Obama say they support a comprehensive cap-and-trade system, though neither attended the Senate debate.
Meanwhile in Canada, Ontario and Quebec signed a memorandum of understanding on a regional cap-and-trade initiative that could take effect as early as January 1, 2010, and invited other provinces to join them. According to Davis, Ward, Phillips and Vineberg LLP, a law firm that provides legal advice to businesses on environmental issues, the memorandum states that reliance on the intensity-based targets (i.e. relative to production activity) that are currently used in Alberta and proposed by the federal government are not certain to create realistic reductions in greenhouse gas emissions. A cap-and-trade system would set absolute standards for every industry.
Look for future Action Alerts as we monitor this important legislation on both sides of the border.

This entry was posted on Monday, July 28th, 2008 at 12:33 pm and is filed under ●Brownfields - Miscellaneous.

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