EPA Proposes Carbon Reporting for Factories
Get ready for European style carbon trading, because here it comes. As the EPA tinkers with the idea of creating a carbon market they first need to know exactly how who's doing the emitting and how much. That's why they've gone public with a proposal to make heavy polluters in the steel, chemical, and auto, and hopefully coal power industries submit annual reports of their overall greenhouse gas emissions to Washington in an effort to monitor America's impact on climate change.When the EU launched its carbon trading market in 2005, the first couple of years were a major debacle, because the government lacked sufficient data on how much pollution each facility was releasing -- they were also heavily lobbied to give the permits out for free (which they did). Learning from the EU's mistakes, the US plan will most likely have a few years of emissions data in the run up to the opening bell -- if indeed team Obama is able to successfully launch a GHG permitting scheme.
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