Senate Climate Bill Will Aim at 20 Percent Greenhouse Gas Cuts by 2020

by Emily Gertz · 2009-09-29 15:31:00 UTC
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The introduction of a Senate climate bill appears to still be on track for tomorrow.  The measure will target a 20 percent emissions cut below 2005 levels by 2020, and 83 percent by 2050 -- sharper than the House bill.  It will also keep the price of carbon allowances at or below $28 per ton of carbon.

This and more from The Washington Post, which has posted what it calls a "close-to-final version of the bill."  The legislation is still under revision, reports the Post, but "will make it easier for businesses to compensate for their carbon pollution by expanding the available pool of domestic offsets by 40 percent compared to the House-passed climate bill."

No specifics on how those allowances will be allocated, however; perhaps Sens. Kerry and Boxer are leaving that space open for the inevitable battle to come.

The bill will also contain provisions to protect the Environmental Protection Agency's authority to regulate greenhouse gas pollution -- recently targeted for elimination by Sen. Lisa Murkowski (R-Alaska) -- as well as getting communities of 200,000 or greater population to work toward energy-efficient transportation, by undertaking planning for public transportation and bicycle paths.

The legislation will also include "provisions aimed at curbing speculation in the carbon market -- a concern of senators such as Byron Dorgan (D-N.D.) -- and would reserve some carbon allowances in a market stability fund that would help ensure the price of carbon would not exceed $28 per ton. This provision, known as a so-called "carbon collar," would not be likely to kick in for some time, since the Congressional Budget Office has predicted the cost of carbon under a cap-and-trade system would likely be $26 per ton by 2019."

Opponents to climate action are quoted at length in the article, including the president of the US Chamber of Commerce.  Thomas J. Donohue tries to soft-pedal his group's recent call for a "Scopes monkey trial" on climate science in the wake of some high-profile member defections, including utilities Exelon and PGE.

The Senate Finance and Agriculture committees also have jurisdiction over the bill, so expect a tough fight to water down its strongest provisions.  "This very well may be the high-water mark for strong action on climate in this Congress," said Clean Air Watch head Frank O'Donnell told the Post, "since it will face many efforts to erode it as it moves through the Senate."

Emily Gertz
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