U.S. global warming plan criticized

BALTIMORE, June 4 (UPI) -- A U.S. economist praises Congress for planning to fight global warming, but he says the plan being considered would hasten environmental calamity.

Peter Morici, former chief economist at the U.S. International Trade Commission, is concerned about the Warner-Lieberman bill pending in the Senate. It would limit U.S. greenhouse gas emissions by 2012 to 2005 levels, and reduce those by 70 percent in 2050.

"Unfortunately, by encouraging energy-intensive American industries to flee to developing countries, this bill would penalize U.S. businesses that could contribute to reducing greenhouse gas emissions and thus accelerate global warming," said Morici in an op-ed article posted at baltimoresun.com. "Working toward a global set of standards for such industries would be a better approach.

"Reducing emissions in industrialized countries by moving carbon-intensive manufacturing to developing countries only raises emission levels worldwide, because China and others use fossil fuels so inefficiently."

The costs of controlling greenhouse gas emissions would best be minimized by regulating fossil-fuel use the same way everywhere, and encouraging carbon-intensive industries to locate where they can best meet those standards, he said.

Morici is now a professor at the University of Maryland School of Business.