What is your position on the following measures that have been proposed to address global climate change — a cap-and-trade system, a carbon tax, increased fuel-economy standards, or research?
Obama: . . . Specifically, I will implement a market-based cap-and-trade system to reduce carbon emissions by the amount scientists say is necessary: 80% below 1990 levels by 2050. I will start reducing emissions immediately by establishing strong annual reduction targets with an intermediate goal of reducing emissions to 1990 levels by 2020.
. . . I will also create a Technology Transfer Program dedicated to exporting climate-friendly technologies, including green buildings, clean coal and advanced automobiles, to developing countries to help them combat climate change.
McCain: I will institute a new cap-and-trade system that over time will change the dynamic of our energy economy. By the year 2012, we will seek a return to 2005 levels of emissions, by 2020, a return to 1990 levels, and so on until we have achieved at least a reduction of 60% below 1990 levels by the year 2050.
. . . I am also committed to investing $2 billion every year for the next 15 years on clean coal technologies, to unlock the potential of America’s oldest and most abundant resource. And we will issue a Clean Car Challenge to automakers, in the form of a tax credit to the American people, for every automaker who can sell a zero-emission vehicle. We will commit up to a $5,000 tax credit to each and every customer who buys that car.