New report: Cap-and-trade is a bust in Europe

Folks at the Competitive Enterprise Institute (www.cei.org) are praising a new report

http://cei.org/news-release/2009/10/29/europe%E2%80%99s-disastrous-climate-policy-%E2%80%93-lesson-congress#atby)

by TaxPayers’ Alliance, a British think tank, that exposes major flaws in Europe’s “emissions trading scheme,” similar to the cap-and-trade legislation now under consideration by the U.S. Congress.

“The Expensive Failure of the European Union Emissions Trading Scheme” documents how carbon reduction efforts on the continent wound up lining the pockets of energy companies while costing ordinary Europeans enormous sums on their energy bills.

“This has cost families across Europe tens of billions of dollars but it has been a goldmine for energy companies, which have made huge windfall profits,” study author Matthew Sinclair said. “Despite that, it has failed to produce a stable carbon price, leaving consumers with an unpredictable addition to their bills… Americans shouldn’t make the same mistake.”

Beltway ConfidentialEuropeUSWashingon Examiner

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Harlan Kelly, head of the SFPUC and husband to City Administrator Naomi Kelly (right), faces federal charges for allegedly trading inside information on a city contract in return for a paid family vacation. (Courtesy photo)
Harlan Kelly, head of SFPUC, charged with fraud in widening Nuru scandal

Kelly accused of engaging in corrupt partnership with permit expediter

Jeff Tumlin, director of transportation for the San Francisco Municipal Transportation Agency, said the agency’s fiscal situation is “far worse” than the worse case scenarios projected back in April. (Kevin N. Hume/S.F. Examiner)
SFMTA prepares for massive potential layoffs as budget crisis continues to build

More than 1,200 full-time jobs on the line as agency struggles to close deficit

California Gov. Gavin Newsom is weighing further restrictions as COVID-19 cases rise. (Genaro Molina/Pool/Los Angeles Times/TNS)
Newsom considering new shelter-in-place order as COVID-19 cases rise

Gov. Gavin Newsom on Monday warned that he may need to reinstate… Continue reading

Nicole Canedo looks at her City-issued Medical Reimbursement Account page on her computer outside her Berkeley apartment on Tuesday, Nov. 24, 2020. Canedo has worked numerous retail jobs in The City and the MRA has helped her with health costs. (Kevin N. Hume/S.F. Examiner)
Millions left sitting in medical reimbursement accounts by city workers

Health officials looking at how to improve access, outreach as untapped funds reach $409M

Andrew Faulk wrote "My Epidemic." (Courtesy photo)
Doctor’s memoir a fitting remembrance for World AIDS Day

‘My Epidemic’ tells personal stories of men who died

Most Read