Can both sides be right? Hardly, and when the initiative is analyzed with a critical eye, one sees that it looks like the initiative is a tactic for large corporations to appear to be following the letter of the law, but saving money by making Clean Air Act and EPA required equipment to reduce certain emissions by delaying capital expenditures and pushing out previous goals, thus saving millions if not billions of technological investment dollars. Likely these companies lobbied the Bush Administration, citing the need to reinvest in their businesses to become more competitive and thus, unable to divert funds into pollution control.
From the simplest ethnical standard, for instance utilitarianism, the initiative on its own might be ethical if not for the fact that it significantly alters previous legislation, and lessens the impact of EPS regulations on big-business. Certainly, stakeholders in those offending companies would benefit; stockholders, employees, management; but these people also breathe the air, live in the environment, and are part of the ecosystem....
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