Obama climate report indicates costly future for fossil-fuel industry

Bloomberg said that the full embrace of the National Climate Assessment yesterday by the Obama administration is a forewarning that the US government intends to go after companies in the fossil-fuel industry which has operations that could deteriorate the environment further.

In an interview, vice president Ross Eisenberg at the National Association of Manufacturers in Washington, whose company represents Caterpillar Inc and Southern Co, said about the new wide-range efforts to curb emissions blamed for global warming, "It's clear that the train has left the station. This is a very, very high priority for us."

The climate report was ordered by the US Congress and is co-authored by 300 scientists. The release of the report in Washington had an effect on authorities and lawmakers as the grand conclusion of the report said that global warming is already in effect in the US. The report also said that the US will be expecting more coastal flooding, heavier Eastern rainstorms and longer, intense droughts in the West area as a result of global warming.

Bloomberg said Obama discussed his thoughts about the report along with other national and local television weathercasters in the "Today" show with Al Roker. He said to Roker in the interview, "The public knows this is a problem. We've got to have the public understand this is an issue that is going to impact our kids and our grandkids, unless we do something about it."

President Barack Obama is expected to release a set of rules that would seek the reduction of carbon dioxide emissions from power plants next month, Bloomberg reported. Refineries, cement makers and other industries could be the next targets of future measures. Moreover, it has been said that the Environmental Protection Agency is mulling over measures that would curb methane emissions from oil and gas production.

Aside from the emission rules, the US State Department is still conducting a review on TransCanada Corp's application to build the controversial Keystone XL oil pipeline, of which environmentalists have been opposing. Last week, the US Supreme Court effectively gave the EPA wide deference in creating regulations on air pollution control.

Tags

National Climate Assessment, Environmental Protection Agency, US President Barack Obama

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