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Just when you thought that the Waxman-Markey Climate Bill couldn’t get any worse, it does.
According to Friends of the Earth’s analysis of the bill, the bill would allocated tens of billions of dollars in permits to the industries that contribute greatest to global warming. In fact, the bill allocates pollution permits worth more than $24 billion to oil industry and more than $158 billion to the coal industry over the life-time of the bill.
Happily, the bill also provides a significant amount of money to low income and consumers (over half a trillion dollars) as well as much smaller portions to international adaptation and clean energy technology transfer.
Friends of the Earth’s analysis calculates the value of permits and money distributed to different sectors and entities based on the percent of permits distributed and the value of permits for each year, according to EPA’s analysis of permit price.