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.”

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