Sunday, November 02, 2008

Obama: Bankrupt Companies That Try To Build New Coal Plants

That's change you can believe in! During a January 17th interview with the San Francisco Chronicle Obama said that he would make penalties for building new coal-burning power plants so cost prohibitive that it would bankrupt companies that tried to build them.

That's the kind of change Obama has in mind for coal states like Virginia, Ohio, Pennsylvania, Colorado and Indiana. Don't even think of trying to build new coal-burning power plants to meet America's needs for electricity under the big O. Think of the economic devastation that will bring to coal producing states not to mention those states that will need to build new plants to meet the energy demands of the future.

From the interview:

Let me sort of describe my overall policy.

What I've said is that we would put a cap and trade system in place that is as aggressive, if not more aggressive, than anybody else's out there.

I was the first to call for a 100% auction on the cap and trade system, which means that every unit of carbon or greenhousegases emitted would be charged to the polluter. That will create a market in which whatever technologies are out there thatare being presented, whatever power plants that are being built, that they would have to meet the rigors of that market andthe ratcheted down caps that are being placed, 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 tobe charged a huge sum for all that greenhouse gas that's being emitted.

H.T. NakedEmperorNews and NewsBusters

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