An op-ed in Roll Call by Joseph C. Farrell, former president and CEO of the Pittston Co. (now the Brink’s Co.),
“Why the Business Community Is Wary of Cap-and-Trade: a View From Virginia.” Farrell notes that Virginia derives 81 percent of its energy from carbon-based sources:
Cap-and-trade will effectively become one of the biggest tax increases in U.S. history. Even if allowances are granted for emissions permits to help offset the costs, those allowances will likely be temporary and not address the underlying deficiencies in the legislation.
Meanwhile, large polluting countries like China and India have indicated time and again that they will not slow down their own productivity in order to address climate change. Of course this begs the following questions: How effective can our very expensive cap-and-trade system be without the participation of the world’s fastest-growing economies, and how will it affect the competitiveness of American businesses?
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