| Sourced From Business Insider |
GE needs all the help it can get right now, with its stock hurtling closer towards $0 on a daily basis. The company obviously stands to benefit from infrastructure buildout, and from capturing its share of green (energy) dollars. The more wind-turbines we erect, the better for GE.
But there’s a nexus between its green ambitions and its finance unit in the form of a new venture called Greenhouse Gas Services, which will facilitate the trade of carbon tax credits.
Thus as Tim Carney* notes, GE has been lobbying heavily for a cap-and-trade system, rather than a straight tax system which wouldn’t require a market. And of course they got their wish:
GE a member of the U.S. Climate Action Partnership, which advocates cap and trade leads the push for greenhouse gas restrictions.
In the fourth quarter of 2008 as the companys stock fell 30 percent, GE spent $4.26 million on lobbying thats $46,304 each day, including weekends, Thanksgiving and Christmas. In 2008, the company spent a grand total of $18.66 million on lobbying.
Reviewing their lobbying filings, you might think you were looking at Al Gores agenda. GEs specific lobbying issues included the
- Green Stock Exchange to launch micro trading of carbon offsets
- Domtar commits to Chicago Climate Exchange
- European Climate Exchange Monthly Report & Exchange Monthly Volume – November 2008
- Carbon Finance & Chicago Climate Exchange in September
- European Climate Exchange Monthly Report & Exchange Monthly Volume – October 2008