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May 26, 2009

Schwarzenegger Recommends Cap-and-Dividend

Bipartisan support for commons-based solution to climate change

Although the Congressional cap-and-dividend bill was sponsored by a Democrat, Rep. Chris Van Hollen of Maryland, the idea of returning money collected from the auctioning of carbon emission permits to everyday citizens has been endorsed by one of the country’s leading Republicans, Governor Arnold Schwarzenegger of California.

In a letter to the state’s Economic and Allocation Advisory Committee, which advises the state on climate policy, Schwarzenegger stated, “There is one idea in particular I would like you to explore among other options: the concept of returning the value of allowances back to the people, including through an auction of allowances and distribution of auction proceeds in the form of a rebate or dividend, in order to minimize the cost to California consumers and maximize the benefits to the state’s economy.”

Cap-and-Dividend is a commons-based solution to global warming based on the principle that everyone owns the sky, therefore the monetary proceeds from selling permits to pollute ought to be returned to citizens, not to companies.

For more information see www.capanddividend.org