CUELLAR: REPORT SHOWS FARMS TO PROFIT FROM ENERGY BILL
Written by Post Public Information Representative, Jul 23, 2009, 0 Comments
STUDY SAYS FARMERS AND RANCHERS TO RAKE IN BILLIONS FROM NEW PROJECTS WHICH CAPTURE CARBON EMISSIONS
Washington, D.C. – Congressman Henry Cuellar today announced that America’s farmers and ranchers stand to significantly profit from the American Clean Energy and Security Act passed by the U.S. House of Representatives last month. According to a Department of Agriculture study released on Wednesday, farmers participating in carbon capture projects could produce profits as large as $20 billion by 2040.
“America’s farms are the life bread of this country and they deserve every dollar coming their way,” said Congressman Cuellar. “As a member of the Agriculture Committee I worked hard with Chairman Collin Peterson to make the energy bill better for our nation’s agricultural producers. I’m pleased to see this report; it exemplifies how the energy bill can strengthen our economy and preserve one of America’s last legendary trades.”
The Agriculture Department examined the profitability involved with carbon capture programs aimed at reducing greenhouse gas emissions. These programs include capturing methane gases from manure ponds, planting trees or practicing no-till agriculture (which helps keep carbon emissions in the soil). The Agriculture Department projects that farmers and ranchers who participate in these programs could earn $75 to $100 million a year beginning in 2012 and as much as $15 to $20 billion by 2040.
“By letting our agricultural producers participate in carbon offset programs we create a new profit margin for rural America,” said Congressman Cuellar. “This Agriculture report shows that Texas, of all states, stands to considerably benefit from the energy bill. If anyone thought this bill was a bust, you can see how it’s a boom to South Texas.”
Last month, the House passed the American Clean Energy and Security Act following extensive negotiations between the bill’s authors and lawmakers representing agriculture-producing districts. Congressman Cuellar, the only Texas democrat represented in the House Agriculture Committee, helped secure major concessions enabling agricultural producers to participate in carbon offset programs. By doing so, it allows farmers and ranchers to capture carbon emissions and sell those carbon reductions as credits to manufacturing companies.
“Our analysis demonstrates that the economic opportunities for farmers and ranchers can potentially outpace – perhaps significantly – the costs from climate legislation,” said Agriculture Secretary Tom Vilsack on Wednesday. “In the short term, the economic benefits to agriculture from cap and trade legislation will likely outweigh the costs. In the long term, the economic benefits from offsets markets easily trump increased input costs from cap and trade legislation.”
