Energy Industry Holds Breath, If Not Nose, as Climate Legislation Recently Passed by House Committee Awaits Senate Response

摘要

A vote of 33-25 on May 21 relieved the House of Representatives Committee on Energy and Commerce of H.R. 2454, The American Clean Energy and Security (ACES) Act. The bill proposing to regulate carbon dioxide emissions for the first time in the U.S. had been crafted and lobbied for largely by its sponsors, the Committee's Chairman, Rep. Henry Waxman (D-Calif.), and Chairman of the Subcommittee on Energy and the Environment, Rep. Edward Markey (D-Mass.). Under the Waxman-Markey legislation, greenhouse gas emissions nationwide would have to be reduced by 17% of 2005 levels in 2020, by 42% in 2030, and by 83% in 2050, and the so-called cap-and-trade - as opposed to a carbon tax - approach is the tool of choice. (FNGR No. 2739, pp1-4).