This trend goes contrary to what US administration is advertising as the creation of a large number of Green Jobs due to the Stimulus.The Senate has given up on the Climate and Energy Bill while EPA’s regulation of carbon emissions is also uncertain.Big investors are shunning the USA while putting money into Green Manufacturing and Investments as China takes over the Global Green Energy Leadership .
UN’s CDM panel which decides on the eligibility of projects under this scheme has come under criticism for being too lenient in approving projects.It has been said that these projects sometimes lead to more emissions defeating the very purpose of this scheme.The Panel has become more discerning and has rejected around 50 Wind Projects in China because they were thought to be profitable even without these credits.
The competition has been extremely high for these projects leading to zero to negative returns for investors.This is due to a) low electricity rates on offer b) Aggressive bidding leading to even lower rates.This new phase of projects seems to be repeat of the old program.Giant state utilities can easily bid to win even if they lose money in the process.
Only communities adjacent to the rivers can use this water.An Environmental Group has also accused the state EPA of colluding with these corporate interests.This may lead to huge lawsuits against these companies and force the Boom to a halt.Shale Gas is supposed to be the new energy panacea as the deposits can meet US energy needs for 20 years.However like other fossil fuels it will deplete leaving behind a legacy of ecological degradation and destruction.
The new law will impose a $2000 annual via fee for companies with more than 50% of its employees in the US who are working on visas.The law is specifically targeted at Indian IT companies from the letter and spirit of the law.It remains to be seen how this affects the growing closeness in India-USA relations.Though India has shown maturity by not coming out with a sharp retaliatory action,it will sour relations.
Extreme Weather Conditions has increased in frequency this decade.In fact this decade is the hottest decade in records with temperatures making new records every year.While nothing can be said with a 100% possibility that it is due to Global Warming,the evidence is certainly pointing in that direction.