U.S. Representative Edward J. Markey (D-Mass.) introduced a new global warming bill yesterday that sets targets for greenhouse gas reductions at the mid-century level recommended by scientists.
The bill, called the Investing in Climate Action and Protection Act, or iCAP for short, caps pollution at 85% below 2005 levels by 2050. It then uses an auction system that sets a price on carbon, and allows companies to compete for reductions, or buy or trade credits within the system.
The Warner-Lieberman climate change bill, which will be taken up by the Senate next week, sets target reductions for 2050 at roughly 66% below current levels of greenhouse gas emissions.
Markey said in a release that his plan also would take the expected $8 trillion in revenues that would be created by the credit market and return roughly half of it to low- and middle-income families to offset increases in energy costs. The other half would be reinvested to promote a clean energy economy and invest in green collar job training, mass transit and energy efficiency programs.
At a speech at the Center for American Progress Markey, who is Chairman of the House Select Committee on Energy Independence and Global Warming, said,
"We must invest in the American economy and in American workers, and launch an energy technology renaissance that will rival the information technology revolution of the past decade," said Rep. Markey. "We all benefited from the Industrial Age, and we have watched the dawn of the Information Age. Today, let’s start the Clean Energy Age."
The bill will be introduced in the House next week. More information on the bill, is available on Rep. Markey’s website.
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