The U.S. agreed to a 7% reduction of CO2 emissions from what they were in 1990 -- a target to be met by 2008-2012. This agreement would result in massive restrictions on energy use and large taxpayer-funded subsidies for new technologies.
The Clinton Administration has supported a system permissions that can be traded and be used by companies that emit CO2. These permits could be bought and sold inter-nationally, giving companies an incentive to lower emissions and thus sell their permits. But this system would require massive international oversight on the order of a worldwide EPA to track CO2 emissions, and the costs to consumers would still be high.
Because of the devastating effects that global warming policies will have on economic growth, the treaty that was discussed in Kyoto in December 1997 currently excludes developing nations. However, the US Senate has voted 95-0 against supporting a treaty that doesn't include developing nations. |
