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Fight global warming, get $1,100 a year
December 31, 2009
Steve Hargreaves, CNN
NEW YORK (CNNMoney.com)—A new proposal to curb global warming could jump start stalled Senate greenhouse gas discussions and put an average of $1,100 a year back into the pockets of American consumers.
Known as cap-and-dividend, the recently introduced bill would require oil, coal, and natural gas companies to buy permits each month to sell their fuel. Three quarters of the proceeds would be returned to the public each month in the form of a dividend check, with the remaining money going towards renewable energy, conservation or assistance programs.
By driving up the cost of fossil fuel and making renewables more competitive, supporters say the plan will result in the same emission reductions as the current cap-and-trade bills before Congress. But they say it will be much more simple to operate.
