Category: RT Newswire

USE ME! Essentially, this is a catch all for everything. This is probably the ONLY category where things that are not directly related to Rising Tide affiliates/allies should go. For example if a coal company goes out of business (and we didn’t directly cause it) it should probably only go here.

Catastrophic “Climate Security” bill in US Senate is biggest corporate giveaway in history

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See below for a press release from Friends of the Earth on the bill.

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Rising Tide North America opposes all forms of Carbon Trading, but this bill is especially bad since it GIVES AWAY (rather than auctions) the right to pollute the atmosphere to the fossil fuel industry, which it can then trade or sell, making record profits.

For more background on Carbon Trading we recommend:
1. Carbon Trade Watch’s “The Sky Is Not the Limit” http://www.carbontradewatch.org/pubs/skyeng.pdf
2. Rising Tide UK’s “The Case Against Carbon Trading” http://risingtide.org.uk/resources/factsheets/carbontrading
3. The Corner House’s many resources: http://www.thecornerhouse.org.uk/subject/climate/
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Lieberman climate bill could have record corporate giveaways

October 17, 2007

For Immediate Release

For more information contact:
Nick Berning, 202-222-0748

Legislation’s allocation of permits to polluters could be worth trillions, says analysis from Friends of the Earth, and the coal industry stands to be the biggest winner

WASHINGTON — Global warming legislation expected to be introduced tomorrow could provide giveaways worth hundreds of billions or even trillions of dollars to polluting industries, according to an analysis of a draft of the legislation conducted by Friends of the Earth.

The cap-and-trade legislation, sponsored by Senators Joe Lieberman (I-Conn.) and John Warner (R-Va.), would attempt to limit U.S. greenhouse gas emissions by setting annual emissions limits for each industry. Under this legislation, a set amount of greenhouse gas pollution would continue to be allowed — and the way in which these transferable allowances, or permits, would be allocated could richly reward the country’s largest global warming polluters, as each permit could be sold or traded for cash just like a stock or a bond.

“What we’re looking at is the potential for corporate giveaways that are orders of magnitude larger than anything environmentalists have ever faced — potentially the biggest corporate giveaways in American history,” said Erich Pica, one of the authors of the Friends of the Earth analysis of the August draft of the legislation. “Polluters should have to pay for their pollution, not be rewarded for it.”

The Friends of the Earth analysis found that the coal industry in particular stands to benefit from this legislation, precisely because it is currently the industry most responsible for global warming pollution. Depending on market conditions, the coal industry could receive permits worth up to $231 billion in the first year alone, 48 percent of the total permit allocation. It could then sell or “trade” its permits to others for their cash value, or it could emit at no cost carbon that less fortunate industries would have to pay to emit.

“If Congress is going to implement a cap-and-trade system, it should auction off 100 percent of permits so that taxpayers reap the financial rewards. We could use that money to help Americans adjust to higher energy costs, and to subsidize clean, alternative forms of energy,” Pica said. “Instead, Senators Lieberman and Warner have proposed auctioning off only 24 percent of permits at the outset of this legislation, setting up a rigged market in which most permits are handed out to polluting industries for free. If you see a lot of polluters lining up in support of this legislation, that’s why.”

While the specific language of the legislation being introduced tomorrow could differ somewhat from the draft circulated in August, permit allocations will reportedly continue to be a problem. Friends of the Earth will update its analysis after the legislation is introduced to reflect the final numbers in the bill.

Friends of the Earth’s analysis of the Lieberman-Warner draft can be found at http://foe.org/globalwarming/Coal%20Rush.pdf.

Our August statement responding to the initial release of the Lieberman-Warner draft can be found at http://action.foe.org/dia/organizationsORG/foe/pressRelease.jsp?press_release_KEY=250.

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Activists Drape 50-Foot Banner Across From Bank of America Headquarters, Call on Bank to Stop Funding Dirty Coal

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For Immediate Release:

October 23, 2007

Rainforest Action Network accuses financial giant of destroying Appalachian communities, environment

SAN FRANCISCO – Activists with Rainforest Action Network’s (RAN) Global Finance Campaign draped a 50-foot banner reading “Bank of America: Funding Coal, Killing Communities” across the street from Bank of America’s downtown Charlotte, N.C., headquarters this morning. The group is urging the financial giant to stop funding mountaintop removal coal mining and the construction of new coal-fired power plants.

A highly destructive method of coal extraction, mountaintop removal involves exploding the tops off of mountains to reach the coal within and dumping the rubble in adjoining valleys – choking streams and increasing flood risks for local communities. Bank of America has invested billions of dollars in companies that practice mountaintop removal in the Appalachian region, including Massey Energy, Arch Coal and Alpha Natural Resources. These companies are responsible for the loss of millions of acres of forests and mountains and the decimation of communities throughout Appalachia.

“Mountaintop removal and dirty coal plants have no place in our modern economy,” said Rebecca Tarbotton, director of RAN’s Global Finance Campaign. “Mountaintop removal flattens mountain ranges and transforms healthy mountain woodlands into toxic sludge and rubble that clogs mountain streams. Communities throughout Appalachia are being devastated by this shameful practice. If Bank of America and other financial institutions would shift their investments from coal to renewable energies such as wind and solar power, we could meet all our energy demands by mid-century without using any coal at all.”

“Here in West Virginia, coal companies are using 3 1/2 millions pounds of explosives a day to bomb our homes and mountains,” said Julia ‘Judy’ Bonds, founder of Coal River Mountain Watch. “They are poisoning our water and our air. I want Bank of America to realize that when it funds coal companies, it is ruining lives and killing our communities.”

More than 150 new coal-fired power plants are currently being planned throughout the U.S. at a projected cost of $125 billion. These plants will emit millions of tons of carbon dioxide and other dangerous toxins, such as mercury, into the atmosphere annually. RAN is urging banks to follow the recommendations of NASA’s chief climate scientist, Dr. James Hansen, who has called for a moratorium on all new coal-fired power plants. A United Nations scientific panel tasked with studying the issue also warned against further development and construction of conventional coal-fired power plants.

For more information, visit www.DirtyMoney.org.