February 10, 2008
New York Times Editorial
Clean Power or Dirty Coal?
Opposition to new coal-fired power plants built without new technology —
that is, without the capacity to capture greenhouse gas emissions — is
rising on both Wall Street and Main Street. Citizen opposition has led
companies to cancel some high-profile projects, including a proposed plant
near the Florida Everglades. Pressure from environmental organizations has
persuaded major banks to begin weighing the risks of global warming when
deciding whether to finance new plants.
This is good news. Coal-fired power plants are big contributors to global
warming. In the United States alone, they generate half the country's
electricity and nearly a third of its emissions. Meanwhile, scientists have
left no doubt that the world has just a few years to make deep cuts in
emissions or begin to suffer the worst consequences of rising temperatures.
This means that scientists will have to figure out a way to capture carbon
dioxide from coal plants, or coal will have to be replaced with cleaner
fuels.
Given that task, the failure — by both the Bush administration and Congress
— to encourage alternative sources of power is distressing. Bowing to veto
threats from the White House, Congress stripped from an otherwise admirable
energy bill two important provisions on alternative fuels.
One would have required states to generate an increasing share of their
power from renewable sources like wind and solar energy. The other would
have rolled back about $12 billion in wholly unnecessary tax breaks for the
oil industry and used the proceeds to develop cleaner fuels and new energy
technologies.
There is a way that Congress can quickly begin to make amends. That is to
extend important tax breaks for alternative energy sources that are set to
expire at the end of this year. These incentives have been critically
important to the development of wind and solar power; wind power has become
increasingly cost-competitive with natural gas, although not yet with coal.
Investors are unlikely to pump much new money into clean power unless they
are sure the credits will be available next year. The American Wind Energy
Association has already detected a drop in new capital spending.
As we have said before, the surest and probably the only way to encourage
meaningful and swift commercial development of cleaner fuels and energy
sources is to put a stiff price on carbon emissions. That, in turn, would
inspire — indeed require — industry to invest heavily in energy efficiency
and low-carbon fuels.
But until Congress sets such a price, through a carbon tax or a
cap-and-trade program — and it is a long way from doing so — every effort
should be made to encourage the development of alternative energy sources.
The first step is to extend the tax credits for alternative sources like
wind and solar power.
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Paul Wilson
Sierra Club
504 Jefferson Ave
Charles Town, WV 25414-1130
Phone: 304-725-4360
Cell: 304-279-6975