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Environmental News>

The United States will unveil a compromise version of the Emissions Trading Act draft next week.

  • 2010-05-18

A prominent U.S. senator said today that the Senate will draft a compromise climate (warming) control bill next week, designing a "cap and trade" plan to reduce carbon dioxide emissions from facilities including power plants. The senator told Reuters that this doesn't mean these plants are without problems, but the overall goal is to design a "cap and trade" system.

The so-called "cap and quota trading," commonly known as emissions trading, means that a permit is required for every ton of carbon dioxide and other greenhouse gas emitted. The number of permits will decrease annually over the next 40 years, and companies holding permits must trade them on regulated financial markets.

A Senate aide said that former President Bill Clinton will speak at the Democratic Party’s weekly luncheon on the 16th to push for climate change legislation. Even if the first bill to mandate reductions in carbon dioxide pollution to combat global warming is formally introduced, it remains uncertain whether it will pass in an election year.

Following the Senate's release of a draft compromise bill, the Environmental Protection Administration (EPA) is expected to spend several weeks analyzing the bill's economic impact. If all goes well, Senate Majority Leader Harry Reid will schedule a debate and vote later this year. The EPA has stated that if Congress fails to pass the legislation, it will take action to regulate carbon pollution itself.

– Source: Reuters, March 19, 2010

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