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Cross posted at US climate and energy blog, WattHead.
It’s official: “cap-and-trade is dead” in the United States. The frank declaration was made by Republican Senator Lindsey Graham during a private meeting with environmental leaders at the weekend. The Washington Post report that the Senators spearheading national climate legislation have rejected an economy-wide cap-and-trade scheme. Senators Lindsey Graham, John Kerry (Democrat), and Joe Lieberman (Independent) are “engaged in a radical behind-the-scenes overhaul of climate legislation” and are “preparing to jettison the broad ‘cap-and-trade’ approach that has defined the legislative debate for close to a decade.”
The collapse of cap-and-trade in the United States has implications for Australian climate policy, making the Rudd Government’s mission to pass a cap-and-trade scheme even more difficult. The Australian Senate has twice rejected Labor’s Carbon Pollution Reduction Scheme (CPRS) and is set to reject the bill for a third time in May. Unlike the previous rejections, the stakes are higher this time around. A third strike for the proposal just months out from a national election would be a demoralising blow for the Labor Party.