Red Ink Watch: $10T for Climate Change?

" They say it's ten trillion dollars that's all it's gonna take ten trillion over the next forty years to limit the rise and Earth's temperature that's just I half a trillion a year. Tyson slocum from public citizen joins us now and Tyson. With all these big prices that were all -- rent a lot of people are getting to be very concerned about. All the about government spending that's out there is this the right time. Despite the arguments about whether it's right thing it is the right time to be coming out with a number like this."

" On the first this is public and private investment in alternative energy technologies. You know the war and it's also a global number it's not just -- ask for the United States and so. Actually I don't think that 500 billion dollars a year over the next twenty years as. Is really that -- line with some industry estimates of what it's going to take to transition the world from the current. Fossil fuel intensive economy. To it an alternative more sustainable. Energy economy in the future I mean it makes a lot of sense the United States to wean ourselves off of oil and other fossil fuels. From a national security standpoint not only from an environmental standpoint. I don't mean this money it's it's not just for for Windmills and solar panels and and and for tree -- is you know this is -- regular power. Which is very expensive. And some environmentalists don't like it's also for so called clean coal investments carbon capture and storage where -- us stuffing us CO2 under the ground instead of allowing it into the atmosphere this is for advanced battery technology and other transportation fuels. Solving this is really out of a bevy of different investments that the international. Energy administration is is looking. For the world to to invest."

" All right and there's some of those things in their words seem like there are some some areas where the left and the right can get together on. The fact getting off of off fossil fuels from the Middle East would be one that comes to mind -- nuke is another area that a lot of people on the left and the right are becoming more warmed to but. The question I have is when you start looking at the take a cap and trade bill that has passed the house is now over to the Senate. That is going to add another layer another burden of taxes upon the utilities up there power. How are they going to be able to pay for that and also paid for this next generation of energy and you're talking about."

" One -- under that the cap and trade bill that was passed by the house in the one -- the preliminary. Bill that's been introduced in the Senate. -- the utilities would be able to pass on all of there are compliance costs. On -- and consumers and what the bill tries to do is to hold consumers and businesses whole. By refunding them money. That's raised through other portions in the bill and so. For electric utilities. You know their bottom line really isn't going to be impacted that much it's going to be and consumers fan -- in business you."

" Let's meet that's better that are going to. That's the big concern that people right now -- struggling and they're saying I can't afford to have the utility bill go much higher we've got the good news earlier. Of course that with natural gas prices being so low directly going to see a drop in in home heating for people that natural gas this winter but. May I don't know how you're going to be able to put Stewart and one other area here I was looking at this international energy. Report. This number you've come up with a ten trillion is 37%. Higher than what they thought. Just a year ago what happened in the last year to drive the price up so much."

" What I think that the the agency is looking at. Expectations for the development of some of the more. Complex technologies particularly carbon capture and storage that's sequestering. Greenhouse gases underground rather than release and in the atmosphere. -- additional. Cost estimates for new nuclear power plants. And for various battery technologies and so. You a lot of the -- are indeed it's going into some of these potentially new upcoming off fuel -- sources. They're getting more expensive. And you know the the world has made expensive transitions in the past you know we stated Peter Holmes with whale oil and and -- homes and buildings used to be heated up from coal. So we've -- we've got a history and track record of making that expensive trends transition the question is is the United States. Going to be out in front of this. Getting patents on these technologies. Or are we get our re going to be playing catch up and -- it would be smart for us to make some of that upfront investment all right Tyson slocum from a public citizen thank you Dyson -- is today but. You got pleasure but right."