Landmark Warner-Lieberman climate bill faces defeat in US Senate

June 6, 2008

In Washington, the Republican leadership has mustered sufficient votes to defeat the Warner-Lieberman climate bill, according to sources on both sides of the aisle. Following an extraordinary motion to read the 492-page bill, which took 8-1/2 hours, key Senate Democratic supporter Barbara Boxer of California said that the bill did not have the 60 votes needed to overcome further procedural roadblocks set by Republicans. Republicans says that the cost of the bill is too high, and President Bush has promised to veto the bill in its current form. The legislation requires electric plants and factories to reduce CO2 emissions by 71 percent on s schedule that commences in 2012. The bill would put a cap-and-trade carbon system in pace in the US for the first time.

The bill imposes emission caps on electric utility, transportation, and manufacturing industries. Emissions are capped at 5200 million metric tons of CO2 (and equivalents)until 2012. Between 2012 and 2020, emissions are reduced 2 percent per year. Between 2020 and 2050, emissions are reduced by 1.8 percent per year until the 70 percent reduction target is reached in 2050.

The bill includes incentives and transition assistance. Low- and middle-income families would receive $350 billion in assistance, from programs such as the Low Income Weatherization Assistance Program. The bill earmarks $500 billion through 2030 for investments in low-carbon technology.

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Written by Jim Lane · Filed Under Policy, Stock & Financial Outlook