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Kerry, Graham, Lieberman to unveil climate bill
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| Contributor | particleman |
| Last Edited | particleman Apr 24, 2010 12:18am |
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| Category | Proposed Legislation |
| Author | Juliet Eilperin |
| Media | Newspaper - Washington Post |
| News Date | Saturday, April 24, 2010 06:15:00 AM UTC0:0 |
| Description | In their last and best shot at enacting a climate bill this year, Sens. John F. Kerry, Lindsey O. Graham and Joseph I. Lieberman plan to unveil a draft Monday that will provide a streamlined system for capping greenhouse gas emissions from the utilities and transport sector but still aims to reduce the nation's carbon dioxide output by 17 percent in 10 years.
The measure offers numerous concessions to businesses, including allowing manufacturing and energy-intensive industries four years before they would be subject to the carbon cap; provisions for offshore oil drilling; $10 billion for the coal industry to capture and store its carbon emissions; and enough loan guarantees and incentives to provide for the construction of 12 nuclear power plants.
In a telephone briefing Thursday for business supporters, Kerry said the Edison Electric Institute -- whose members generate the bulk of the nation's electricity -- would endorse the measure, along with three of the nation's five biggest oil and gas companies. He did not name the three oil companies, but a source familiar with the negotiations said Shell, BP and ConocoPhillips would support the bill.
To keep utility costs from rising too high, two-thirds of the revenue generated by auctioning off pollution allowances for utilities would be returned to consumers through local electricity distributors.
And in an effort to win over moderate Republicans, such as Sen. George V. Voinovich (Ohio), the bill will preempt both the states' and the EPA's ability to regulate greenhouse gases under the Clean Air Act, as long as emitters comply with the standards outlined in the measure. The agency will monitor and enforce compliance with the law. |
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