Billions Spent iI Obama Climate Plan May Be Virtually Useless, Study Suggests

As President Obama last month launched a sweeping new national program to combat "climate change," including tens of billions of dollars in likely new subsidies for solar and wind power and bio-energy, a separate, groundbreaking study by the National Research Council has warned that those kinds of subsidies are virtually useless at quelling greenhouse gases .

The study, which looks at the subsidies and other incentives embedded in U.S. federal tax law after the past several years of climate change initiatives, concludes that they have done little or nothing so far to cut U.S. contributions to global carbon emissions, and are unlikely to do much more before 2035, the project's research horizon.

The two-year, $2 million probe was the first of its kind undertaken to examine the relationship between U.S. tax provisions, a key tool of U.S. climate change policy, and the actual reduction of greenhouse gases.
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