Obi pushes for ETS with cap and trade.

[Jovial Monk]

BARACK Obama has urged congress to draft legislation for a cap-and-trade emissions trading scheme, boosting international momentum towards a climate change agreement at this year's Copenhagen meeting.

The Rudd Government had been under attack for moving too quickly with its emissions trading plans while the rest of the world had second thoughts because of the global economic crisis.

But Mr Obama dismissed fears that the economic climate would force him to scale back ambitious plans for energy reforms and drew a direct link between America's long-term economic interests and the development of clean energy.

Mr Obama has promised to bring US greenhouse gas emissions down 80 per cent below 1990 levels by 2050 through a cap-and-trade emissions trading system.

But his Energy Secretary Steven Chu also floated the idea of a carbon tax, leading to fears Australia could be left with an obsolete emissions reduction model.

The Rudd Government has promised to cut emissions by between 5 and 15 per cent by 2020 and by 60 per cent by 2050 - driving reductions through an emissions trading carbon market to be introduced by the middle of next year.

But in his “day of reckoning” speech to congress, Mr Obama made it clear he intended to stick with his promised policy.

“To truly transform our economy, protect our security, and save our planet from the ravages of climate change, we need to ultimately make clean, renewable energy the profitable kind of energy,” Mr Obama said.

“So I ask this Congress to send me legislation that places a market-based cap on carbon pollution and drives the production of more renewable energy in America.”

http://www.theaustralian.news.com.au/st ... 01,00.html