Tuesday, June 25, 2013

Obama's Plan to Combat Climate Change

Today, President Obama gave a speech at Georgetown University, outlining his plan to tackle climate change and limit carbon emissions. Obama is calling for an end to subsidies given to U.S. coal companies unless they use carbon capture and storage technology, which captures harmful CO2 emissions from power plants and transports them to storage sites. His new plan also calls for mandatory greenhouse gas restrictions for power plants and energy companies. Obama plans on side-stepping Congress, implementing this plan as an executive order.

Source: Discovery News
While Obama's plan does not create immediate relief for the environment, many groups are finding his efforts incremental but admirable. However, energy companies warn that his plan will cause a high rise in consumer energy prices. Energy stock has already decreased with Peabody Energy Company dropping 9% in the late-morning and Arch Coal down 11%.

Obama plans on tackling coal and promoting natural gas instead. He has announced a goal of reducing carbon dioxide pollution by 3 billion metric tons by 2030. This bold move by Obama may bankrupt energy companies and leave many Americans jobless or struggling to pay for rising energy bills; however, the rest of his Climate Action Plan is much less daring. He has outlined plans to prepare for ongoing climate change, such as the rising sea levels, increasing wild fires, and decreasing biodiversity. He plans on using federal agencies to teach farmers about water efficiency, to combat wild fires by removing brush, and to strengthen infrastructure in case of severe weather. His plan did not address controversial issues of fracking, oil, or the Keystone XL pipeline.

Many critics are finding Obama's plan as just rhetoric and dangerous for energy companies and the American economy while supporters are excited about his dedication to a sustainable future and reduction of harmful emissions.

For more information, visit http://www.whitehouse.gov/share/climate-action-plan