e360 digest
31 Mar 2009:
Sharp Emissions Cuts
To Be Proposed by Key U.S. Congressman
U.S. Rep. Henry Waxman, chairman of the House Energy and Commerce Committee, will soon propose carbon cap-and-trade legislation calling for a 43 percent cut in CO2 emissions in the next 20 years and a requirement that one-quarter of the country’s electricity come from renewable sources by 2025. Aides to Waxman say that his committee hopes to approve cap-and-trade legislation in May that would call for reducing carbon emissions by 20 percent below 2005 levels by 2020 and by 83 percent by 2050 — even more ambitious targets than those proposed by President Obama. Waxman has yet to decide what percentage of carbon permits will be auctioned to industry and what percentage will initially be issued for free, the aides said. Waxman and Obama hope to pass carbon cap-and-trade legislation by the end of this year. But opposition will be fierce, with most Republicans and some conservative Democrats arguing that putting a price on carbon will further harm the economy as the country struggles to emerge from a deep recession.Click here to view the complete e360 digest.
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