Climate Change Bill encourages 12 New Nuclear Power Plants & Offshore Drilling
The compromise U.S. Climate Change Bill, whose introduction is now delayed, calls for construction of a dozen new nuclear power plants. Although the total cost is $5 to $10 billion, nuclear power will help meet the low carbon emission requirements set by President Obama at the Copenhagen Accord. The compromise draft bill has passed the Senate Energy Committee and includes incentives for offshore drilling as well as minimum levels of solar and wind power. The time frame for the cap and trade carbon credit system has also been delayed and will not take affect until 2013.
The U.S. has not built any new nuclear power stations for 30 years because of concerns about disposal of waste and the price of building and maintaining a facility. But since nuclear plants emit minimum levels of carbon dioxide, the bill will provide financial incentives and regulatory delay protection to encourage a nationwide increase in nuclear capacity. The bill is being lead by Senator John Kerry, who believes that the loan guarantees and other incentives will make new nuclear power construction a viable way to meet clean energy goals.