The US moved closer to a federal cap-and-trade emissions scheme yesterday, with Arizona senator John McCain emerging from ‘Super Tuesday’ as the likely Republican presidential candidate – holding a clear lead over his nearest rival, former Massachusetts governor Mitt Romney, who opposes cap-and-trade unless other countries join in.
The Democrat race remains too close to call, with New York senator Hillary Clinton slightly ahead of Senator Barack Obama from Illinois. Both candidates are in favour of cap-and-trade, and propose cuts of 80% on 1990 US emissions levels by 2050. Both also favour 100% auctioning of allowances (see Clinton backs 100% auctions in climate plans).
“If we don’t see a bill this year, we definitely will in 2009,” Eileen Claussen, president of the Virgina-based Pew Center on Global Climate Change, told Carbon Finance....MORE