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The U.S. Congres is currently considering legislation in which businesses buy and sell the rights to release greenhouse gases. A climate change treaty is also being considered at the United Nations climate conference in Copenhagen.
The Maryland Energy Administration is investing the proceeds from auctioned permits in helping families and businesses by funding energy efficieincy retrofits. Moreover, power companies in Maryland and the nine other states have been either retrofitting their plants for efficiency or are paying for the rights to emit greenhouse gases for more than a year with slight impact on consumers' electric bills. Some critics of cap and trade have warned that such regulation of greenhouse gases could cripple the U.S. economy, driving energy prices through the roof and putting millions out of work. They also oppose the approach believing it is too complicated and fraught with loopholes to make a real dent in emissions that threaten to drastically alter the world's climate.
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Another 18 percent goes into promoting energy efficiency and conservation, with an additional 6 percent earmarked to provide grants and low-interest loans for homes and businesses to install "clean" energy systems. More than 600 Marylanders this year who have received state grants funded in part with carbon-auction proceeds to help them put in home solar, wind or geothermal energy systems.
The price of pollution allowances sold by the states have ranged between $2 and $3.50 per ton, while the Environmental Protection Agency estimates carbon credits would sell initially for $12 to $15 per ton under the more sweeping cap-and-trade approach in the House bill. A congressional budget analysis found that the cost per household in higher energy bills would average $175 a year. The Center offers offsets for $20 per ton. (Balt Sun, 12/16/09)
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