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Wednesday, May 12, 2010

"The American Power Act"

Will this pass? If it does pass, will it meet the goals described below? I see the chances of it passing as about 50-50 right now, and a lower chance that the legislation will reduce greenhouse gas emissions as much as hoped:

Senate Climate Bill Makes Its Debut, by John Broder: Senators John F. Kerry ... and Joseph I. Lieberman ... presented their long-delayed proposal to address global warming and energy Wednesday afternoon. They are calling it the American Power Act.
The nearly 1,000-page plan provides something for every major player – loan guarantees for nuclear plant operators, incentives for use of natural gas in transportation, exemptions from emissions caps for heavy industry, free pollution permits for utilities, modest carbon dioxide limits for oil refiners and expansion of offshore drilling for those states willing to accept the risks.
The bill’s overall goal is to reduce greenhouse gas emissions by 17 percent from 2005 levels by 2020 and 83 percent by 2050. The targets match those in a House bill passed last year and the Obama administration’s announced policy goal.
It is impossible to know now whether all the concessions will add up to the 60 votes needed to thwart an attempt to filibuster the bill.
But Senator Kerry said he was confident he had found a winning formula for a comprehensive approach to climate change and energy independence. ...

The full text of the bill can be found at www.kerry.senate.gov.

Grist's David Roberts says "Chances for passage are quite slim, but not as slim as generally perceived, and ironically, the path to passage now involves the bill getting stronger, not weaker."

    Posted by on Wednesday, May 12, 2010 at 07:11 PM in Economics, Environment, Politics, Regulation | Permalink  Comments (11)


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