GHG Emissions Bill Introduced

Yesterday (July 11th) Senator Jeff Bingaman (D-New Mexico) and Arlen Specter (R-Pennsylvania) introduced legislature to cut greenhouse gas emissions 20% by 2030. The bill presents new rules for power plants, refineries and steelmakers, allowing half of carbon credits for industries to be issued by the government and the other half to either be purchased or reduced by the corporations themselves.

Although the proposed “cap-and-trade” system has environmental critics, who point out that the legislation would create a market for trading greenhouse gas permits, the bi-partisan effort may be more likely to pass as it is considered “mainstream”.

According to John Rowe, chief executive of Exelon, the bill sets aggressive, yet attainable goals, and at the same time builds bridges in order to achieve those goals.

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