The final part of a 6 part series on Barack Obama's Energy Policy.To go to the beginning, scroll down to Part 1. S
The United States has historically been the largest emitter of greenhouse gases in the world — accounting for about one-fifth of the global total — but emissions are growing fastest among the
rapidly developing countries.
Just this year, China may have passed the US as the world’s largest greenhouse gas emitting nation.
Unfortunately, the Bush administration has failed to engage the developing world just as it has failed to adopt a meaningful policy at home. Making the U.S. a leader in combating climate change will require the United States to get its own house in order; re-engage and re-energize international agreements to reduce greenhouse gas pollution; and most importantly do so with the urgency this brewing crisis demands.
Re-Engage with the U.N. Framework Convention on Climate Change (UNFCCC): As the world prepares for the post-2012 phase of the UNFCCC, the United States must regain its leadership role in multiple forums to negotiate effective climate agreements. This requires re-engagement with the diplomatic efforts under the U.N. Framework Convention on Climate Change . The UNFCCC process is the main international forum dedicated to addressing the climate problem and an Obama administration will work constructively within it.
- Create New Forum of Largest Greenhouse Gas Emitters: President Bush recently invited world leaders of the 15 largest emitters of greenhouse gases to a two-day conference, yet he failed to show up with any binding domestic commitments or funding for international efforts to combat climate change. Not surprisingly, these world leaders criticized the U.S. commitment to climate change and we missed an opportunity to join other countries with a serious plan to tackle this challenge.
- Barack Obama will take seriously the U.S.’s leadership role in combating climate change. Obama will signal to the world the U.S. commitment to climate change leadership by implementing an aggressive domestic cap-and-trade program coupled with increased investments in clean energy development and deployment.
- Obama will build on our domestic commitments by creating a negotiating process that involves a smaller number of countries than the nearly 200 countries in the current Kyoto system.
- Obama will create a Global Energy Forum – based on the G8+5, which included all G-8 members plus Brazil, China, India, Mexico and South Africa – of the world’s largest emitters to focus exclusively on global energy and environmental issues.
- Maintaining a standing international body focused on these issues will give a forum for all of the major emitters – past, present and future – to discuss efforts to combat climate change. In addition, it will give the U.S. and its allies regular opportunities to exert maximum pressure on China and India to do their part and make real commitments of their own.
- Obama believes it is important to make clear that the current Bush voluntary approach allows the biggest emitters to escape all international pressure to be a “responsible stakeholder” in the global environment. This Global Energy Forum will complement – and ultimately merge with – the much larger negotiation process underway at the UN to develop a post-Kyoto framework. On a technical level, it will also allow facilitate technology transfer, joint international research, and, importantly, the numerous large-scale international demonstration projects that must be embarked upon immediately in order to make these technologies economically appealing alternatives.
- Transfer American Technology to the Developing World to Fight Climate Change: As nations around the world come together to combat global warming, the market for low-carbon energy products will grow significantly.
- Obama will create a Technology Transfer program within the Department of Energy dedicated to exporting climate-friendly technologies, including green buildings, clean coal and advanced automobiles, to developing countries to help them combat climate change.
- Obama will allow U.S. emitters subject to the cap-and-trade mandates to offset some of their emissions by investing in low carbon energy projects in the developing world. This will help ensure that emissions in both the U.S. and the developing world are reduced.
- Cooperate with Oil Importers to Reduce Demand. As new large oil importers come on the market, the United States is at the mercy of an ever more volatile oil market. Obama believes we should use existing organizations, like NATO, to make energy security a shared global goal. We should take steps to engage the largest new consumers, China and India, including by inviting them to join the International Energy Agency. Though they are not OECD countries, a formalized relationship – where we work together on common analysis and emergency response mechanisms – for them with the International Energy Agency (IEA) is imperative. China has completed the first stage of its strategic petroleum reserves and it is in our interest to see them complete that process so that they no longer can freeload on the strategic reserves of IEA members in times of tight oil markets, as was the case after Hurricane Katrina.
- Ensure the United States Works with Developing Countries on Climate Change. The world’s poorest countries are already suffering the impact of climate change through drought, famine and water scarcity, even though they are not responsible for the greenhouse gas pollution causing the climate to change. The Obama Administration will permit international offsets under the carbon cap to promote the transfer of low carbon energy to developing countries. An Obama administration will also ensure that U.S. foreign assistance is wisely invested in projects designed to help developing countries adapt to a changing climate.
- Confront Deforestation and Promote Carbon Sequestration: A comprehensive strategy to combat global warming must address tropical deforestation which accounts for approximately 20 percent of global greenhouse gas emissions. As forests are cut down, burned and converted to other uses, carbon stored in wood, leaves, and soils are released into the atmosphere.
- Reducing rates of tropical deforestation will not only slow greenhouse gas emissions but will also protect the livelihoods of local people and the abundance of biodiversity inextricably linked to those forests. By offering incentives to maintain forests and manage them sustainably, the United States can play a leadership role in dealing with climate change.
- In addition we must develop domestic incentives that reward forest owners, farmers, and ranchers when they plant trees, restore grasslands, or undertake farming practices that
- capture carbon dioxide from the atmosphere. Encouraging these efforts will also provide improve water quality and restore natural areas for wildlife and recreation.
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This came to me in a nightmare last night!
Obama’s Bold New Energy Strategy
AJAX News Services, Houston, May 1st, 2010 – Despite record domestic supplies of energy, with oil at $165 per barrel and gasoline prices hovering around $4.75 per gallon, recent national polls indicate that 75% of the American public believes the federal government should cap the price of gasoline, fuel oil and electricity; and prevent big energy producers from making record profits, profits that exceeded $100 billion in 2009. In response to these polls and to fulfill the promise that his administration is one of change, President Obama, Secretary of Energy Hillary Clinton, and key congressional Democrats laid out a bold new Energy Strategy in Houston this morning at the annual meeting of the Alternative Energy Resources Council. In an hour long presentation, Obama and Clinton laid out a six point plan to reduce U.S. dependence on foreign energy sources and prevent profiteering by domestic energy producers. Obama and Clinton are confident that the legislation needed to make this strategy a reality will easily pass the Democratic controlled House and Senate. The following summarizes their six point plan.
• Within three years, all major U.S. energy producers, to include electricity producers, will be nationalized and become non-profit operations under the Department of Energy. This will ensure that energy consumers are treated fairly, and not subject to obscene profits by producers.
• As soon as legislation can be passed, the price of gasoline, diesel, heating oil, coal, and electricity will be capped at reasonable levels. Producers may not sell their energy at prices higher than these caps, but may sell them at lower levels.
• Until such time that energy producers are nationalized, profits from operations are capped at 5% and all subsidies, tax incentives and other federal support for energy producers will terminate. Alternative energy producers may operate at an 8% profit to encourage investment.
• The United States will negotiate wholesale oil prices with major foreign oil producers and refuse to pay per barrel prices higher that $150 per barrel. Obama believes our outstanding relationship with Venezuela, Iran, China and Russia will make these negotiations possible.
• To protect the environment and help stop global climate change, U.S. Energy strategy will reduce domestic energy consumption by 20% in ten years. At first this will be done through rationing and caps on personal energy use. Eventually, once major energy producers are nationalized, the Department of Energy will control the supply to ensure consumption reduction goals are met.
• The final aspect of this bold energy strategy involves the Strategic Petroleum Reserve which both Clinton and Obama believe is not necessary because of the administration’s No War policy. The Reserve will be depleted systematically by the Department of Energy during the transition to nationalized energy production.
After the speech, energy stocks fell 35%, taking $80 billion out of investment and pension portfolios in less than three hours. Obama and Clinton did point out that this strategy will inevitably cause some short-term hardships for some Americans during the transition, but both are confident that the Department of Energy under Clinton is up to the task of running the country’s energy production. Clinton said her Department will set up counseling programs for energy challenged consumers during the transition. Obama was very confident in this strategy and recognized that even though the transition may be difficult, in the end, everyone in America will feel better because big energy producers are not making big profits and the price of gasoline is reasonable. In their Presidential campaigns both Obama and Clinton promised to “Go After Big Oil” and Obama promised change. Obama has always fulfilled his campaign promises and indeed this energy strategy is a big change.
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