As is the case with many pieces of legislation…it doesn’t seem to have enough institutional support.
The U.S. Climate Action Partnership formed last year won’t take a position on the bill, although nine of its members – including General Electric, Alcoa and four utility companies – signed a letter to senators backing the legislation.
The letter, also signed by big environmental groups and obtained by Fortune, says: “Prompt action on climate change is essential to protect America’s economy, security, quality of life and natural environment.”
But other members of the coalition known as U.S. Cap, most visibly Duke Energy, a coal-burning utility, are strongly opposed. “It’s going to translate into significant electricity price increases,” says Jim Rogers, Duke’s CEO.
Will it go down to defeat?
More as it develops…