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DynastyRG
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Although the Waxman-Markey energy bill in Congress has made some major strides toward becoming sweeping greenhouse-gas regulations, proponents of new carbon-dioxide emissions rules don’t expect any major moves from Washington in the near term.
Stephen Ward, chief of staff for Senate Energy Committee Chairman Jeff Bingaman, D-N.M, said Wednesday that lawmakers fear a ratepayer backlash, followed by a stampede to repeal future carbon-dioxide laws if the costs get passed too quickly onto businesses and consumers.
“A repeal could set us back decades,” he said at a room full of alternative-energy financiers at the Lazard Capital Markets Alternative Energy Investor Summit. Compared with a measure passed by a key House committee last month, Ward foresees “a more modest bill” coming from the Senate.
Carbon-emission measures are running into objections from Democrats from states that rely heavily on coal-fired power, as well as from the Republican side of the aisle, Ward added.
Neil Auerbach, managing partner of Hudson Clean Energy Partners LP, said in an interview with MarketWatch that the recession, stalled legislation and tight credit markets have slowed development of alternative energy in the United States. “We were starting to crawl forward, and now we’ve completely stopped. … More capital is needed.”
“What you’re finding here is that a lot of the traditional players in corporate America are saying, ‘Give us the rules and let us lead the way to transitioning to a low carbon economy,’” Auerbach commented. “CO2 emissions basically affect the entire economy, and the legislative process has to disentangle who’s going to pay and who’s going to benefit. There will be winners and losers.”
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