Yesterday's Wall Street Journal posted a story about BP PLC, Conoco Phillips, and Caterpillar, Inc. announcing that they will not be renewing their membership in the three-year-old U.S. Climate Action Partnership (USCAP). This group was a coalition of businesses and environmentalists working in Washington to build support for the capping of greenhouse gas emissions.
One of the reasons for not renewing their membership is the growing belief that no significant legislation will be passed in Washington because it is a very contentious election year.
The article also reports:
"Last week, the head of the Pharmaceutical Research and Manufacturers of America, Billy Tauzin, said he would step down as president of the industry's main lobby in Washington, amid criticism from some in the industry over the alliance he made last year with the White House to support health-care legislation."
USCAP was started initially to give some of the businesses that would be most affected by climate-change legislation some input into the legislation. Many of USCAP's ideas were incorporated into legislation, adopted by the House, that would require companies to reduce carbon emissions or buy pollution credits from firms that did. Many of the companies in USCAP were unhappy with various provisions in the bill passed in the House, but felt that Cap and Trade legislation was inevitable. The fact that Congress has not been able to move forward on the President's agenda combined with growing skepticism about the science of man-made global warming has convinced many people that Cap and Trade will be at least temporarily shelved.
Cap and Trade legislation would have made a few powerful people in Washington very wealthy. The buying and selling of carbon credits is an industry in its infancy that is heavily invested in by both Al Gore and Nancy Pelosi. It is also noteworthy that the UN climate change organization was planning to use climate change as a way to force industrial countries to give large sums of money to third world countries (many of which have totally corrupt governments). Climate chinge was going to be used as an excuse for setting up a world-wide welfare state paid for by nations that actually work and produce things.
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