U.S. Projects $646 Billion in Cap-and-Trade Revenue

According to Reuters, President Obama's budget for 2010 projects $80 in annual revenue from a U.S. cap-and-trade system, with $646 billion generated between 2012-2019. Analysts believe the estimates are realistic and possibly low.

The budget assumes a cap-and-trade system will be in place by 2012. Up to $150 billion of the revenue is targeted for clean energy technology investments over a 10-year period and for a tax credit to ease the transition toward a low carbon economy.

McCain Pledges to Combat Climate Change

PORTLAND, Oregon (Reuters) - Republican John McCain pledged to take the lead in combating global climate change if elected president in a speech that set him apart from the policies of President George W. Bush.

In remarks he prepared to give at a wind technology firm in Portland, Oregon, on Monday, the Arizona senator said he would seek international accords to reduce greenhouse gas emissions, and would offer an incentive system to make businesses in the United States cleaner.

He planned to present a so-called cap and trade system to Congress that sets clear limits on all greenhouse gas emissions for U.S. businesses, while also allowing the sale of rights to excess emissions, so as to "change the dynamic" of the U.S. energy economy.

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