McCain urges free-market principles to reduce global warming
By GLEN JOHNSON
Associated Press
May 12, 2008
Page 2 of 2
In his speech, he highlighted his personal experiences viewing evidence of glacial recession. He also cited evidence of a shift in animal migration patterns.
''You would think that if the polar bears, walruses, and sea birds have the good sense to respond to new conditions and new dangers, then humanity can respond as well,'' he said.
McCain's major solution is to implement a cap-and-trade program on carbon-fuel emissions, like a similar program in the Clean Air Act that was used to reduce sulfur dioxide emissions that triggered acid rain.
Industries would be given emission targets, and those coming in under their limit could sell their surplus polluting capacity to companies unable to meet their target.
McCain wants the country to return to 2005 emission levels by 2012; 1990 levels by 2020; and to a level sixty percent below that by 2050.
''As never before, the market would reward any person or company that seeks to invent, improve, or acquire alternatives to carbon-based energy,'' he said. ''More likely, however, there will be some companies that need extra emissions rights, and they will be able to buy them. The system to meet these targets and timetables will give these companies extra time to adapt -- and that is good economic policy.''
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