(Photo of Rep. Ed Markey (D-Mass.) from Flickr and photographer Keith Ivey.)
Washington Report 3: Expect U. S. Rep. Ed Markey (D-Mass.), a champion of strong climate change legislation, to introduce his iCap bill (Invest in Climate Action & Protection Act) in the House Tuesday. The bill calls for:
• 85% cut in greenhouse gases by mid-century
• a cap-and-trade plan to start in 2012
• 94% of credits auctioned from the start, with 6% given to vulnerable industries like glass, steel and cement
• Auction proceeds going to tax cuts for low- and middle-income people, energy technology research, energy efficiency, adaptation to climate change
• A carrot-and-stick approach to trade with other nations, with the carrot being access to billions for clean technology and forestation for those with similarly strong climate plans and the stick an added cost in the form of having to buy carbon credits if they want to export carbon-intensive products to us
• Overriding the EPA decision to deny California (and many other states) the ability to curb tailpipe emissions
• New EPA regulations for coal mines, landfills, large animal feeding operations and other emitters of greenhouse gases not otherwise covered in the bill.
This is a bill environmentalists have to love. It shows many of the Senate bill’s shortcomings. (Source: ClimateWire)
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