House Democrats retool U.S. climate bill

Submitted by hlowengard on Thu, 06/04/2009 - 21:03.
12/31/1969 - 20:33
Etc/GMT-4
Story Link: 
http://www.reuters.com/article/latestCrisis/idUSN14366930
Source: 
Reuters
Pub Date: 
14 May 2009
Category: 
National
House Democrats have been at work negotiating with themselves on the
details of a proposed climate bill, which outlines a nationwide cap and
trade program. Most Republicans have refused to consider the bill so far
citing its impact on a weak US economy. Some of the negotiated details
in the bill would provide breaks to key US industries. They include
lowering the price of future pollution permits that industry would have
to buy, giving more rewards for companies that take added steps to limit
carbon emissions and giving some firms a couple decades to fully
transition into the program.  Under the Democrats' compromise bill, free
emissions permits would be available for electric utilities until a
phase out in 2026. By 2030, 100 percent of pollution permits would have
to be bought by the utilities. The legislation would also allow U.S.
companies to offset up to 2 billion tons of their emissions by funding
green projects in the United States and in other countries.