Suppose I said “I will start charging my daughter rent if she decides to let her boyfriend sleep in her room. If she wants to have a boyfriend that way, she’ll probably go bankrupt.”
Odds are, if my daughter said “My dad says if I have a boyfriend he’ll make me go bankrupt,” you’d roll your eyes so hard at her you’d be able to see your brain.
So when Senator Obama said that under his cap and trade system, old fashioned coal plants would go bankrupt. If coal wanted to be viable, they’d have to be clean coal, you can imagine what the Governor Palin response was:
Listen to Barack Obama’s plans to bankrupt the coal industry.
Here’s the original quote from Senator Obama:
I voted against the Clear Skies Bill. In fact, I was the deciding vote — despite the fact that I’m a coal state and that half my state thought that I had thoroughly betrayed them. Because I think clean air is critical and global warming is critical.
But this notion of no coal, I think, is an illusion. Because the fact of the matter is, is that right now we are getting a lot of our energy from coal. And China is building a coal-powered plant once a week. So what we have to do then is figure out how can we use coal without emitting greenhouse gases and carbon. And how can we sequester that carbon and capture it. If we can’t, then we’re gonna still be working on alternatives.
But … let me sort of describe my overall policy. What I’ve said is that we would put a cap and trade policy in place that is as aggressive if not more aggressive than anyone out there. I was the first call for 100 percent auction on the cap and trade system. Which means that every unit of carbon or greenhouse gases that was emitted would be charged to the polluter. That will create a market in which whatever technologies are out there that are being presented, whatever power plants are being built, they would have to meet the rigors of that market and the ratcheted-down caps that are imposed every year.
So if somebody wants to build a coal-powered plant, they can. It’s just that it will bankrupt them because they’re going to be charged a huge sum for all that greenhouse gas that’s being emitted. That will also generate billions of dollars that we can invest in solar, wind, biodiesel, and other alternative energy approaches. The only thing that I’ve said with respect to coal — I haven’t been some coal booster. What I have said is that for us to take coal off the table as an ideological matter, as opposed to saying if technology allows us to use coal in a clean way, we should pursue it, that I think is the right approach. The same with respect to nuclear. Right now, we don’t know how to store nuclear waste wisely and we don’t know how to deal with some of the safety issues that remain. And so it’s wildly expensive to pursue nuclear energy. But I tell you what, if we could figure out how to store it safely, then I think most of us would say that might be a pretty good deal.
The point is, if we set rigorous standards for the allowable emissions, then we can allow the market to determine and technology and entrepreneurs to pursue, what the best approach is to take, as opposed to us saying at the outset, here are the winners that we’re picking and maybe we pick wrong and maybe we pick right.
So, once again, stay classy Governor Palin by misquoting someone. Especially when the McCain ticket supports the same Cap and Trade policy:
John McCain Proposes A Cap-And-Trade System That Would Set Limits On Greenhouse Gas Emissions While Encouraging The Development Of Low-Cost Compliance Options. A climate cap-and-trade mechanism would set a limit on greenhouse gas emissions and allow entities to buy and sell rights to emit, similar to the successful acid rain trading program of the early 1990s. The key feature of this mechanism is that it allows the market to decide and encourage the lowest-cost compliance options.
Hm. Cap and trade system that would companies limit how much carbon they emit, and let them buy up offsets – and if they emit too much carbon, they could potentially go bankrupt trying to buy up the offsets to make up for it.