Cap-and-Trade: The Public Recognizes Failure

By May 11, 2008Global Warming

From The Independent:

More than seven in 10 [British] voters insist that they would not be willing to pay higher taxes in order to fund projects to combat climate change, according to a new poll.

The survey also reveals that most Britons believe “green” taxes on 4x4s, plastic bags and other consumer goods have been imposed to raise cash rather than change our behaviour, while two-thirds of Britons think the entire green agenda has been hijacked as a ploy to increase taxes.

They have good reason to be suspicious. The European Union has implemented a cap-and-trade system akin to the Lieberman-Warner legislation the Senate will soon consider, and the program is an expensive failure — certainly not reducing emissions. As a report from the London-based Open Europe think-tank reports,

As the cross-party Commons Environmental Audit Committee noted: “there is little or no evidence that Phase I is leading to any cutbacks in actual emissions at all, whether in the UK or elsewhere in the EU.” In its first year of operation (2005 to 2006) emissions covered by the ETS rose 3.6% in the UK, and rose by 0.8% across the EU as a whole.

Neil O’Brien, a director with Open Europe, appears on this week’s “America’s Business with Mike Hambrick,” explaining how cap-and-trade actually subsidized pollution in countries like China and India at a cost of billions of Euros. To hear his sgement, click here.

(Hat tip: Andrew Stuttaford)

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