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GE's Immelt Shamelessly Pushes Economy-Killing Carbon Controls

Posted on June 1 2009 1:02 pm
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As Danish enviro-skeptic Bjorn Lomborg reminds us in the Wall Street Journal that a “climate-industrial complex” wants draconian carbon-emission controls because visions of dollar signs are dancing in its collective head, General Electric CEO Jeff Immelt comes along and proves Lomborg correct.

A left-wing panderer who has presided over his company’s decline in recent years, Immelt says the economy-killing cap-and-trade system of trading emission permits is the best way to crack down on carbon emissions, NewsBusters reports.

And Immelt is using his company’s media conglomerate NBC Universal, which owns media outlets NBC, MSNBC and CNBC, to promote GE’s financial interest in regulating carbon.

GE is also a major player in the United States Climate Action Partnership (USCAP), which Timothy P. Carney profiled in Organization Trends. USCAP, along with the left-wing World Resources Institute, is also pushing for cap-and-trade.

So is the global-warming alarmist Al Gore, who will rake in incomprehensibly huge sums of money from carbon trading.

Under a government-controlled cap-and-trade system, government sets limits on the amount of carbon dioxide a company can emit. The limits are called a “cap.” If a company has to exceed the limit, it is allowed to buy
“credits” from companies that pollute less. This transfer is the “trade.”
Companies selling their credits under this elaborate accounting system can expect to prosper, providing a big boost to Gore’s green-investment portfolio. But it can only hurt the overall economy.

The Congressional Budget Office calculates that such a system would raise taxes by more than $1 trillion over 10 years. Dr. David Kreutzer, a senior policy analyst at the Heritage Foundation, told a congressional committee that over time, cap-and-trade would cause U.S. gross domestic product (GDP) to fall by $4.8 trillion, and that by 2029, job losses in the U.S. manufacturing sector would be almost 3 million.

Like Gore, left-wing funder and speculator George Soros is also betting that the U.S. government will crack down on carbon emissions. Soros is reportedly investing in carbon-capture technology.

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