Senators Joseph Lieberman (D-Conn), left, and John Warner (R-VA), right, have unveiled a climate change bill that would establish a federal Climate Change Credit Corporation (CCCC) that would auction emission allowances and use the money to promote technologies. The goal of the legislation is to reduce greenhouse gas emissions by 70 percent from current levels by 2050.
Some of the provisions include: 1) free allocation of emissions to cover 30 percent of utility needs in 2012 based on historical use, 2) phase in full allowances, 3) transportation emission allowances imposed at the refinery levels, 4) Auction 52 percent of all of the allowances by 2035, 5) auction revenue used to promote clean renewable energy sources, carbon capture and storage and new vehicle technologies, 6) ease impacts on coal mining communities, 7) relief to negatively impacted companies from price rise risk. (Wash Post)
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