Has the tide turned? From The Star:
WASHINGTON – The chief executives of 10 major corporations, on the eve of the State of the Union address, urged President George W. Bush today to support mandatory reductions in climate-changing pollution and establish reductions targets.
"We can and must take prompt action to establish a co-ordinated, economy-wide market-driven approach to climate protection," the executives from a broad range of industries said in a letter to the president.
Representatives from Alcoa Inc., BP America Inc., DuPont Co., Caterpillar Inc., General Electric Co., Duke Energy Corp and others have sent a letter to Bush and will be holding a press conference later today. It looks like they will call for a mandatory cap-and-trade policy, in other words a market for carbon emissions.
Obviously, these people are not acting out of the goodness of their hearts. They see regulation coming down the pipe and would prefer to "face [a] market-driven approach to climate protection" rather than taxes up the wazoo.
Note that emissions markets are hardly a perfect solution. I've written a little about their shortcomings here, and an even better post appeared at P.O.G.G.E on Jan. 17.