WASHINGTON, D.C. – A new global warming bill, the “Low Carbon Economy Act,” was introduced in the Senate July 11 by Sen. Jeff Bingaman, D-N.M., chairman of the Energy and Natural Resources Committee; and Sen. Arlen Specter, R-Pa. Comparable to other pending Senate bills, it would place a ceiling on greenhouse gas emissions while allowing businesses to trade emission allowances. This bill differs in that it limits the cost of emissions allowances in an effort to lessen the economic impact.
Specific provisions in the bill include a reduction in U.S. greenhouse gas emissions to 2006 levels by 2020, and 1990 levels by 2030. The bill would set an annual target of the level of carbon that could be put into the atmosphere. Additionally, it would allow firms to buy, sell and trade carbon credits. Finally, incentives would be provided for industry movement toward new, lower-carbon technologies.
The bill has amassed a solid support group including both Alaskan Republican senators, who have never before supported a mandatory bill to reduce greenhouse gas emissions. Other notable supporters include Sens. Tom Harkin, D-Iowa, and Daniel Akaka, D-Hawaii, American Electric Power, Exelon Corp., Duke Energy Corp., the AFL-CIO, the United Mine Workers of American, and the United Auto Workers. Furthermore, Sen. Barbara Boxer, D-Calif., chairwoman of the Senate Environment and Public Works Committee, says she may be willing to embrace aspects of this bipartisan bill. Many hunting, fishing and wildlife conservation groups are also in favor of the proposal.
Opponents of the bill, including many environmental groups, claim that it does not adequately reduce greenhouse gas emissions and limits the penalty for those who exceed the limits set forth. Additionally, the bill includes a controversial “technology accelerator payment” that would be used for the development of technologies that would support the environment. Critics believe this would lessen incentives for businesses to invest in technologies aimed at reducing greenhouse gas emissions.
The bill will mainly compete with upcoming legislation, requested by Boxer, from Sens. Joe Lieberman, I-Conn., and John Warner, R-Va. There are three additional related bills, including Senate Bills 280, 309 and 485.
To view the text of the “Low Carbon Economy Act,” as well as other climate bills mentioned, visit the American Service Association’s legislative Web site, www.TakingTheHill.com . |
