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Meanwhile, Over at the Other Crisis....
No hot job prospects? Need an infusion of cash to keep that boat after getting laid off? Then turn your attention to the crisis that keeps on giving -- global warming.
The Environmental Defense Action Fund. the political lobbying arm of the Environmental Defense Fund, is offering $10,000 for the best video or graphic that best explains how carbon capping works and how it could wean Americans off oil.
A carbon-cap system puts a limit on the amount of emissions allowed for an organization. Those that go over their limit must purchase an "emission credit" from a company or organization staying within the legal amount of pollution they're allowed to spew into the world. Think of it as D.U.I.'s forking over fines to sober drivers.
A similar emissions trading system in California--the Acid Rain Program, as part of the 1990 Clean Air Act--reduced the emissions of sulfur dioxide by 40 percent.
Right now seven Western states, including Montana, Utah, and California, are developing their own carbon-capping systems through the Western Climate initiative. Today they announced a final recommendation for carbon-capping as the best system rein in greenhouse gases and police heavy polluters.
The Environmental Defense Action Fund says the move towards carbon capping will fuel innovation and investment by the private sector into alternative energies. Critics say the system is open to corruption and not as effective as a simple carbon tax.
"A cap on carbon will end America's oil addiction by spurring investors and inventors to develop clean energy solutions. In the same way, we think this competition will spur creative minds around the country to help tell this story," said Keith Gaby, a spokesman for the environmental group.
If you haven't gone green yet, now's might be a good time to do it. The deadline to enter a video or graphic for a shot at the $10,000 ends 11:59 p.m. Friday, November 21.
by Andrea Chalupa
Also on Portfolio.com:
- Tough Times, Even in Tinseltown
- How Did We Get Into This Mess, Anyway?
- Credit Crunched: A Special Report on Wall Street Chaos
- Wealth in America: Portfolio.com and CNBC Take the Country's Economic Temperature
