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John McCain outlines new energy policy focused on 45 nuclear plants and clean coal technology support

June 19, 2008

In Missouri, Senator John McCain of Arizona outlined the centerpiece of his new energy policy by calling for the construction of 45 new nuclear reactors by 2030 and said he would earmark $2 billion for the development of clean coal technology. McCain said “Perhaps no advancement in energy technology could mean more to America than the clean burning of coal and the capture and storage of carbon emissions.” McCain expressed support for offshore drilling earlier this week.

McCain background

Senator McCain said that he supports the ending of ethanol subsidies, would back a repeal of the ethanol tariff, and would support the inclusion of Brazil and India into a larger G8 group. McCain was quoted in Estato de Sao Paulo saying that he favors the removal of Russia from the G8.

Recently, Sen. McCain, who introduced the first proposed cap-and-trade bill in the Senate in 2003, said: “The facts of global warming demand our urgent attention, especially in Washington. Good stewardship, prudence, and simple common sense demand that we act to meet the challenge, and act quickly,” he said. “I will not shirk the mantle of leadership that the United States bears. I will not permit eight long years to pass without serious action on serious challenges. Those who want clean coal technology, more wind and solar, nuclear power, biomass and bio-fuels will have their opportunity through a new market that rewards those and other innovations in clean energy.” McCain was speaking at the Vestas Wind Technology plant in Portland, Oregon.

Earlier this year, Sen. McCain led a revolt of 24 Senate Republicans have asked the EPA to waive, or restructure, the Renewable Fuel Standard passed in December. In a statement, Sen. John McCain said that “This subsidized (ethanol) program, paid for by taxpayer dollars, has contributed to pain at the cash register, at the dining room table, and a devastating food crisis throughout the world.” The Senators said that waiving the ethanol mandate would encourage farmers to grow other crops, as opposed to growing corn for food markets.

John McCain’s environmental record and policies are profiled in an investors.com article. The article focuses on his conversion to environmentalism after the 2000 elections, and his sponsorship of cap-and-trade legislation in 2003, 2005 and 2007 with Senator Joe Lieberman. The current bill would limit emissions among commercial & industrial users to 2004 levels by 2012 and moved down steadily until 2050. McCain favors an auction of emission certificates in his cap-and-trade proposal.

McCain vs Obama comparison

A comparison of the Obama and McCain approach to renewable energy was published in the Wall Street Journal. Among highlights: McCain support for renewable energy investment, but record of limited support for mandates and incentives; McCain opposition to the Brazilian ethanol tariff; Obama’s $150 billion investment plan in alternative fuels; Obama support for a 25 percent mandate for alternative energy from electricity by 2025; McCain’s support of incentives for nuclear energy. Obama supports an 80 percent emissions reduction by 2050, while McCain targets 60 percent (based on 1990 levels).

The Miami Herald published a comparison of the climate change policies of the key remaining US Presidential candidates.

Emission caps: Obama, McCain

Higher fuel efficiency standards: Obama

Pro nuclear power: McCain

Mandates and inentives for ethanol: Obama

Hybrid car development: McCain, Obama

Ethanol tariff repeal: McCain

  • McCain supports ending of ethanol subsidies, Brazilian ethanol tariff
    • U.S. Republican presidential candidate Sen. John McCain said that he supports the ending of ethanol subsidies, would back a repeal of the ethanol tariff, and would support the inclusion of Brazil and ...
  • Obama, McCain differ on ethanol subsidy, investment, mandates
    • A comparison of the Obama and McCain approach to renewable energy was published in the Wall Street Journal. Among highlights: McCain support for renewable energy investment, but record of limited supp...
  • Wall Street Journal analyzes McCain energy policy
    • The Wall Street Journal profiled the McCain energy policy, including his support for increased oil drilling except in the Arctic National Wildlife Refuge, and support for subsidies to nuclear and clea...
  • Iowa needs $2 billion in coal-fired electricity production to supply power for ethanol; critics say coal use “ungreens” ethanol
    • Two coal-fired electricity plants, in Marshalltown and near Waterloo, have been proposed in Iowa to provide electricity for the growing collection of Iowa ethanol plants. Critics say that ethanol's ne...
  • Washington Times analyzes McCain energy plan: will increase use of Middle Eastern oil
    • The Washington Times provides a report on Senator John McCain's energy plan, concluding that the plan discourages use of Canadian oil and will increases US demand for Middle Eastern oil. The carbon co...
  • McCain: “I will not permit eight long years to pass without serious action on serious challenges”
    • In Oregon, US Republican presidential nominee John McCain said: "The facts of global warming demand our urgent attention, especially in Washington. Good stewardship, prudence, and simple common sense ...

    Written by Jim Lane · Filed Under Policy, Stock & Financial Outlook 

    Comments

    One Response to “John McCain outlines new energy policy focused on 45 nuclear plants and clean coal technology support”

    1. Greentech Media: Cleantech Investing » Blog Archive » The auto industry needs to engage the VC and innovator community on June 19th, 2008 9:09 pm

      [...] news and notes: More on politics, since ’tis the season — here’s a recap on some recent developments out of the campaigns, related to cleantech… Cleantech [...]

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