The Senate will introduce on Sept. 30 its companion bill to the Waxman-Markey climate change legislation that has already passed the House of Representatives. Both bills rely on 'cap & trade' to meet their greenhouse gas emission reduction targets.
Last May, the House passed historic legislation aimed to reduce greenhouse gas emissions. Now the Senate will continue the process, though arriving at a filubuster-proof 60 votes is considered to be more of a political struggle.
"The legislation will outline a tougher near-term target for cutting greenhouse-gas emissions but won't include how valuable pollution credits will be distributed among affected industries. Most of the political fights in the House were over the distribution of those credits, valued at tens of billions of dollars a year.
Sen. Barbara Boxer (D., Calif.), chairwoman of the Environment and Public Works Committee, is using the landmark legislation passed by the House in June as a
template for her own bill, but has strengthened the 2020 emissions target. Instead of a 17% reduction of gases from 2005 levels by 2020, she will be seeking a 20% reduction."
Thanks to Patricia Matajcek
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