December 22, 2008
Know your source: American Council for Capital Formation contends that CO2 controls will conflict with job creation and economic stimulus plans
E & E:
Can President-elect Barack Obama successfully stimulate the economy, create jobs and reduce emissions? What are some of the pitfalls of pursuing a "green" stimulus? During today's OnPoint, Margo Thorning, senior vice president and chief economist at the American Council for Capital Formation, gives her take on why some of the incoming administration's aggressive climate and economic goals may conflict with each other. Thorning assesses Obama's energy and environment Cabinet picks and explains how she believes the chairmanship shift in the House Energy and Commerce Committee will affect the push for cap-and-trade legislation.
ACCP has been an ExxonMobil-funded, conservative think tank with a climate skeptic slant. For example, in March 2003, Dr. Thorning had this take on the minor cuts required by the Kyoto Protocol:
Given the severe macroeconomic impacts the Kyoto Protocol would impose on the United States, including reducing U.S. GDP by 1-4 percent, slowing wage growth significantly, worsening the distribution of income, and reducing growth in living standards, Dr. Thorning called for a new approach. Voluntary measures to reduce CO2 emissions should include modifications to U.S. tax policy that reduce the cost of capital for energy-efficient investments
ExxonSecrets.org reported that American Council for Capital Formation Center for Policy Research has received $1,619,523 from ExxonMobil between 1998-2006. The 2007 report indicates that ExxonMobil still supports ACCF-CPR, again providing a $15,000 additional contribution.
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