What We Read Today 12 November 2014

Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary “reading list” which will include very brief summaries (and sometimes longer ones) of why each item has gotten our attention. Suggestions from readers for “reading list” items are gratefully reviewed, although sometimes space limits the number included.

U.S., China Unveil Ambitious Climate Change Goals (Josh Lederman, Associated Press, Huffington Post) President Obama has increased his carbon cutting target to a reduction of 26% to 28% from 2005 levels by 2025. (Good luck getting Republican support for that! See below.) President Xi Jinping set a target for China’s carbon emissions to peak by 2030 or earlier and pledged to increase non-fossil fuel share of energy (starting when?).

Incoming Senate Majority Leader Mitch McConnell:

“This unrealistic plan, that the president would dump on his successor, would ensure higher utility rates and far fewer jobs.”

China and US in deal to curb emissions (Pilita Clark and Richard McGregor, Financial Times) The FT says this “unexpected joint announcement” sets aside “nearly 20 years of discord over how to combat climate change“. Obama and Jinping are trying “to galvanise efforts to seal a global climate pact at the end of next year in Paris“. Observers criticized the announcement for not being aggressive enough. See Econintersect assessment of U.S. target in next article discussion.

Total Carbon Dioxide Emissions from the Consumption of Energy (Million Metric Tons) (U.S. Energy Information Administration) The U.S. reduced total carbon dioxide emissions from 2005 to 2012 by 12% (5.999 billion metric tons down to 5.270 metric tons). (Note: More than half of that reduction came in 2010, 2011 and 2012.) The decline from 2005 to 2012 was what would have occurred if there had been a 1.6% reduction per year. To get to a 28% reduction by 2025 will require an additional reduction of 961 million metric tons above the 719 million already realized. That would take the equivalent of 1.3% every year. Memo to McConnell: What is wrong with that as a target? Oh, will it reduce the number of black lung cases in Kentucky and cost you votes in 2020?

Obama administration dramatically lowers insurance sign-up projections (Naom N. Levey, McClatchy-Tribune, Personal Liberty) The Obama administration is now projecting that between 1.5 and 2.5 million additional people will be covered by Obamacare policies in 2015. Their new estimate is that after the 2015 enrollment is completed between 9 and 9.9 million will be covered. This is much below the estimate of 13 million by the CBO (Congressional Budget Office). These numbers do not include the expanded Medicaid coverage which was also authorized by the ACA (Affordable Healthcare Act). See also 5 reasons to shrug off the 2015 HHS exchange plan forecast (Allison Bell, LifeHealthPro). More Obamacare discussion ‘behind the wall’.