Capping greenhouse gas emissions: the U.S. Senate plans to consider climate change legislation on greenhouse gas emissions this summer

Modern Casting, May, 2008

The U.S. Senate Environment and Public Works Chairman Barbara Boxer (D-Calif.) announced that the Senate plans to take up a climate change bill, America's Climate Security Act of 2007 (S. 2191), after the Memorial Day recess. The bill would impose a cap on greenhouse gas emissions and set up a market-based trading program for businesses to meet the cap. Opposition to the bill is expected to be strong, so the lawmakers likely will need 60 votes to oppose a filibuster (a tactic Senators can use to delay calling for a final vote on the bill).

Boxer has received approval for the floor debate from Majority Leader Harry Reid (D-Nev.) and said she will resist any amendments that might weaken the bill. She suggests that if the Senate cannot create an acceptable bill, it might wait until a new administration enters the White House next year.

According to Boxer, the bill has gained support from both Democrats and Republicans since it passed out of committee on Dec. 6, 2007. She plans to continue meeting with Senators to garner further support for it. The bill currently has 11 co-sponsors, including three Republicans--John Warner (R-Va.), Elizabeth Dole (R-N.C.) and Susan Collins (R-Maine).

Comprehensive climate change legislation has yet to be introduced in the House of Representatives. Rep. John Dingell (D-Mich.), Chairman of the House Energy & Commerce Committee, has been working with Energy & Air Quality Subcommittee Chairman Rick Boucher (D-Va.) on a series of white papers that have explored the advantages and disadvantages of a cap-and-trade program, competitiveness concerns, and the role of state and local governments in a nationwide program limiting greenhouse gas emissions. Dingell was expected to introduce legislation some time this spring.

Meanwhile, the National Association of Manufacturers (NAM) and the American Council for Capital Formation (ACCF) recently released the results of a jointly commissioned study assessing the potential national and state economic impacts of proposed climate change legislation pending in the Senate. The independent report concluded that if S. 2191 were passed into law, it would lead to up to 4 million job losses nationally, 129% electricity price increases, 145% gasoline price increases and a loss of up to $6,752 in household income per year by 2030. The study includes a comprehensive national economic assessment, as well as separate and specific overviews of the impacts the legislation would have on all 50 U.S. states. To view the complete NAM-ACCF study, go to www.accf. org/pdf/NAM/full-study031208.pdf.