Fortune Magazine is reporting that the “influential coalition of Fortune 500 companies and environmental groups that was formed to support climate-change legislation has splintered over the Lieberman-Warner bill that is headed next week to the Senate floor.” Kudos to Jim Rogers, CEO of Duke Energy for his help in knocking this economic albatross out of the sky! Fortune reports:
The U.S. Climate Action Partnership formed last year won’t take a position on the bill, although nine of its members – including General Electric (GE, Fortune 500), Alcoa (AA, Fortune 500) and four utility companies – signed a letter to senators backing the legislation.
The letter, also signed by big environmental groups and obtained by Fortune, says: “Prompt action on climate change is essential to protect America’s economy, security, quality of life and natural environment.”
But other members of the coalition known as U.S. Cap, most visibly Duke Energy (DUK, Fortune 500), a coal-burning utility, are strongly opposed. “It’s going to translate into significant electricity price increases,” says Jim Rogers, Duke’s CEO. . .
Hear, hear! Higher prices for no discernible environmental benefit.
