Today the administration announced their plan to address the problem of climate change. Dow Jones has the story:
The Department of Energy said in a statement that the program is part of President George W. Bush’s plan to slow growth of greenhouse gas emissions like carbon dioxide, which are emitted for cars, power plants and other sources. The plan includes $3 billion for research into new technologies and sets goals of reducing emissions and capturing carbon dioxide before it’s released into the atmosphere.
The money for research is a good thing. But the plan does not place any restrictions on emissions of carbon dioxide. The non-partisan Congressional Budget Office studied this approach and concluded it was ineffective. Here’s a summary published today by the Senate Committee for the Environment:
A report issued yesterday by the Congressional Budget Office (CBO) concludes that relying exclusively on research and development (R&D) funding is not the most effective strategy for reducing greenhouse gas emissions. CBO found that combining R&D subsidies with a gradually increasing price on emissions is a more cost-effective approach.
In his speech on Monday, Al Gore recognized that the time to place limits on carbon dioxide emissions is now. The longer we wait, the harder it gets.