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Follow on Google News | Financial Soultions: U.S. Democrats in final push for Senate climate bill approval.Obama administration issues stern warning on the cost of inaction on energy reform.
As expected, there was strong opposition from a powerful Democrat and the obvious Republican front on the environment and public works committee. With a mere six weeks to Copenhagen, the administration brought four top officials into the fray to highlight that failure to act now on climate change would leave the U.S. adrift in the global economy. "When the starting gun sounded on the clean energy race, the United States stumbled," Financial Soultions understands Steven Chu, the energy secretary, as stating. "If we don't choose to begin the development of this new technology, China and other countries will." Having firm climate legislation in place is seen as critical to reaching a meaningful agreement at Copenhagen, but to date, the White House and Senate have held the new bill up in order to focus on healthcare reform. The suggested 900 plus page bill, endeavors to slash U.S. greenhouse gas emissions by 20% over 2005 levels by 2020, Financial Soultions understands, and prioritizes the development of renewable energy sources. In a menacing warning for the bills chances, Max Baucus, second to top on the environment committee and chairman of the finance committee which will also review the bill, said the proposed 20 % reduction was asking too much. "I have some concerns about the overall direction of the bill," he said. "We cannot afford the unmitigated impacts of climate change but we also cannot afford the unmitigated effects of legislation." # # # Financial Soultions is a Boutique Investment Advisory Firm with very selective Corporate, Private and Institutional Clientèle who enjoy above average returns and service. End
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