As President Obama last month launched a sweeping new national program
to combat "climate change," including tens of billions of dollars in
likely new subsidies for solar and wind power and bio-energy, a
separate, groundbreaking study by the National Research Council has
warned that those kinds of subsidies are virtually useless at quelling
greenhouse gases .
The study, which looks at the subsidies and other incentives embedded
in U.S. federal tax law after the past several years of climate change
initiatives, concludes that they have done little or nothing so far to
cut U.S. contributions to global carbon emissions, and are unlikely to
do much more before 2035, the project's research horizon.
The two-year, $2 million probe was the first of its kind undertaken
to examine the relationship between U.S. tax provisions, a key tool of
U.S. climate change policy, and the actual reduction of greenhouse
gases.
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