U.S. Senate Introduces Climate Bill

The U.S. Senate this morning introduced a cap-and-trade bill, sponsored by Senators Barbara Boxer (D-Calif.) and John Kerry (D-Mass.). The bill includes a proviso to cut greenhouse gas (GHG) emissions 20% by 2020, a slightly larger cut than that proposed by House legislation. It sets an auction price of $28/ton for emissions allowances, however, it does leave the door open to allocating a substantial number of permits to industry. The Senate's bill includes several provisions that did not appear in the Waxman-Markey bill passed by the House, according to media...

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