Climate Bill Could Mean Payday For Farmers
America’s Climate Security Act, a bill approved by a subcommittee of the Senate Environment and Public Works Committee would create a potential $24 billion-a-year market for credits representing carbon dioxide stored in soil, Bloomberg reports. Senators Joseph Lieberman, an Independent from Connecticut, and John Warner, a Virginia Republican, are co-sponsoring the measure.
Like other climate change proposals in Congress, the bill allows utilities, refiners and manufacturers to trade credits to help meet new pollution requirements. The legislation gives farmers a stake in the potential market for emission credits.
Under mandatory emission limits, potential sales of credits from carbon buried in cropland could be between $2.6 billion and $24.3 billion annually, depending on credit prices, according to a report from the 21st Century Agricultural Policy Project.
The bill would cut emissions by 63 percent over the next four decades by capping pollution from power plants, refineries and certain manufacturers. It’s competing with at least seven Senate proposals to cap greenhouse gases.
Stay Up-to-Date On Environmental Management, Energy & Sustainability News with EL's Free Daily Newsletter
Energy Manager News
- Bridgewater, MA, Gets $231,000 Efficiency Grant
- Biomass Group Studies Role in Clean Power Plan
- Rockleigh Borough Installing LEDs, Low Energy AC
- PHG to Build Big Gasification Plant for Sevier Solid Waste
- Energy Profile of Commercial Buildings Changing
- Smart Meter Market Surging
- Modular Data Centers Cut Construction Costs
- Failure to Build Energy Infrastructure Could Cost New England $5.4B