Obama Announcement on New E.P.A. Regs to Cut Carbon Emissions by 30 Percent

I posted on this yesterday, "Obama's Last Gasp on Global Warming."

Just wanted to remind folks of the president's promise to bankrupt the coal industry:

Let me sort of describe my overall policy.

What I’ve said is that we would put a cap and trade system in place that is as aggressive, if not more aggressive, than anybody else’s out there.

I was the first to call for a 100% auction on the cap and trade system, which means that every unit of carbon or greenhouse gases emitted would be charged to the polluter. That will create a market in which whatever technologies are out there that are being presented, whatever power plants that are being built, that they would have to meet the rigors of that market and the ratcheted down caps that are being placed, imposed every year.

So if somebody wants to build a coal-powered plant, they can; it’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted.

That will also generate billions of dollars that we can invest in solar, wind, biodiesel and other alternative energy approaches.

The only thing I’ve said with respect to coal, I haven’t been some coal booster. What I have said is that for us to take coal off the table as a ideological matter as opposed to saying if technology allows us to use coal in a clean way, we should pursue it.  So if somebody wants to build a coal-powered plant, they can.

It’s just that it will bankrupt them.

More at Bloomberg, "Obama Said to Propose Deep Cuts to Power-Plant Emissions":

Plants that burn coal to generate electricity account for about 75 percent of all power-plant emissions. Coal, the most carbon-intensive fossil fuel, provides about 40 percent of the U.S. power. While that’s down from about half, coal is remains the single largest source of electricity generation in the U.S.

The proposed rules are among policies “designed to drive out low-cost electricity and replace it with higher-cost, more expensive and less reliable electricity,” Hal Quinn, chief executive officer of the National Mining Association, said yesterday on ABC’s “This Week” program.

The EPA is counting on coal plants being operated more efficiently and states shifting to natural gas from coal to get modest cuts in the next four or five years, people familiar with it said. Each state will have a target based on its emissions, and in the next decade the overall electric grid will need to become more efficient and use renewable generation to achieve the reductions, they said.

“President Obama is right to take decisive action to combat this clear and present danger,” Frances Beinecke, president of the Natural Resources Defense Council, said by e-mail. “The proposed standards will limit -- for the first time in U.S. history -- the unrestricted pollution of our atmosphere by carbon dioxide.”