Friday, May 15, 2009

Info on House Climate Bill

Structure of Clean Energy Act Takes Shape in Congress
Environmental News Service

WASHINGTON, DC, May 13, 2009 (ENS) - The shape of the American Clean Energy and Security Act began to emerge today as the House Energy and Commerce Committee released key details of agreements reached on three major sections of the bill.

First, the energy-intensive, trade-exposed industries will be allocated 15 percent of all carbon dioxide emission allowances in 2014, the committee agreed. Emissions of this greenhouse gas are widely acknowledged to be driving global warming.

Next, the automobile industry will receive three percent of CO2 emission allowances from 2012 through 2017, and after that will receive one percent of allowances through 2025.

And an agreement on a Combined Efficiency and Renewable Electricity Standard provides for a combined 20 percent standard by 2020.

Under the first deal, energy-intensive industries that compete in global markets will be provided incentives to improve their energy efficiency based on the amount of domestic production, as well as assistance to address the costs of transitioning to a clean energy economy.

Read the whole article here