Senate Climate Bill May Go Easy on Business

October 26, 2009

Email this story Print this post Add your comments

As more details about the Senate’s version of the climate bill become available, it’s becoming clear that Congress will do all it can to appease the business sector.

In addition to granting billions of dollars of free emissions permits to companies, forthcoming legislation likely will set a floor and ceiling on the price of offsets, according to the New York Times.

Even with the higher cost to business, the Senate estimates that the pass-down costs to consumers will come to about $100 a year per household.

The bill sets a goal of reducing emissions 20 percent below 2005 levels by 2020, 42 percent by 2030 and 83 percent by 2050.

The newest version of the bill calls for funding research on capturing and storing carbon dioxide emissions from power plants, more dollars for low-carbon transportation projects, additional help for rural communities and favorable treatment for agriculture and forestry.

The bill would provide about 30 percent of the complimentary carbon permits to utilities and another 5 percent to merchant coal firms, Reuters reports.

In the coming week, the Senate Environment and Public Works Committee will hold hearings on the bill.

In its analysis, the Environmental Protection Agency has found that the Senate and House versions have similar impacts on the economy.

Senate Republicans, meanwhile, proclaim that the EPA analysis is “incomplete” and they are threatening to boycott the bill until they have more time to analyze it.

Email this story Print this post Add your comments

Advertisers

Make sustainability part of your strategy.

Get equipped at the SAP Sustainability Resource Center. >>

Unclear about the EPA's new GHG Rule?

Learn how it could affect your business. >>

EPA mandatory emissions reporting starts Jan 1st

CSA Standards can help your organization get ready for compliance. Find out how. >>

Product Environmental Compliance Best Practices

How to achieve compliance at a significantly lower cost. Download the full report. >>

Join the Discussion

Recent Daily News [ see all ]

11/20/2009
11/19/2009
11/18/2009

Charts [ see all ]

European Paper Industry Cuts CO2 Emissions by 42% since 1990

S. America Takes Most Urgent View of Copenhagen Talks

Nike Tops Annual Climate Action Scores

Oceans May Trap more Carbon than Forests

Jobs

View All Jobs >> Post a Job >>

Comments and Discussions

Trade Association on Trade Group on EPA Chemical Regs: ‘If Everything is a Priority, Then Nothing is a Priority’
"Seriously… that..."

Gary Markowitz on Supermarkets Tackle Emissions Reductions, Fuel Efficiency
"Supermarkets waste over 10 percent of their energy through improper..."

peter in ireland on Ontario May Follow California’s Lead on TV Energy Efficiency
"Governor Schwarzenegger is shooting himself in the foot! 1...."

Environmental Leader on S. America Takes Most Urgent View of Copenhagen Talks
"The survey respondents (the PDF report mentions 4,000 respondents in 38..."

Jake on UPS Trying New Hydraulic Hybrid Trucks
"A point of clarification: the Reuters press release referenced herein reports that 20 UPS will purchase..."

Custom Organic Shirts on S. America Takes Most Urgent View of Copenhagen Talks
"90% of North Americans believe it is urgent to get a global climate..."

peter dublin on California City’s Green Building Ordinance Applies to Commercial Buildings
"Why energy efficiebnt regulation on buildings –..."

Environmental Leader