Here We Go: Democrats unveil global warming bill

The legislation, which is on track for a committee vote in May,
leaves open one of the most controversial aspects of the cap-and-trade
system, which is how many pollution credits will be auctioned off and
how many will be doled out for free. That would be settled in the
coming weeks, as lawmakers weigh in on what they would be willing to
accept.

Environmentalists are urging Congress to adopt a global warming
policy in advance of international climate talks in Copenhagen
scheduled for December, where leaders have agreed to update the Kyoto
Protocol, which the Bush administration refused to sign.

In his first week in office, President Obama overturned Bush policy
on climate change, ordering environmental regulators to reconsider
allowing California, Massachusetts, and other states to set stricter
auto emissions standards.

"This legislation will create millions of clean energy jobs, put
America on the path to energy independence, and cut global warming
pollution." Waxman said in a statement. "Our goal is to strengthen our
economy by making America the world leader in new clean energy and
energy efficiency technologies."

Markey added in a statement, "This legislation will create clean energy
jobs that can/t be shipped overseas, reduce our dependence on foreign
oil, and make America the global leader in energy technology. We will
create jobs by the millions, save money by the billions, and unleash
energy investment by the trillions. Chairman Waxman and I will work
with our colleagues to ensure that we are protecting American consumers
and that our clean energy future helps all parts of the country."

House Speaker Nancy Pelosi offered measured support, calling the Waxman-Markey bill "a strong starting point."

"The President has called for landmark legislation to launch a clean
energy economy that will build prosperity and balance the needs of the
American people and industry," she said in a statement. "As was the
case with the Energy Independence and Security Act in 2007, House
leaders will work closely with the committees of jurisdiction to
advance this critical legislation.

"The final legislation will: create millions of new, green jobs;
increase our national security by reducing our dependence on foreign
oil; increase American competitiveness by making us a technology
leader; meet the climate crisis with sound science; and reduce overall
energy costs for consumers and businesses. We will continue to hear the
best ideas about how to tackle the challenge from a broad range of
stakeholders, with the intention of having legislation on the House
floor this year. The scope of this effort is historic and overdue."

The US Climate Action Partnership -- a coalition of businesses and
environmental groups -- also called the bill a good starting point.

"The discussion draft provides a solid foundation to create a
climate strategy that both protects our economy and achieves the
nation's environmental goals. It recognizes that many of these issues
are tightly linked and must be dealt with simultaneously. We appreciate
the thoughtful approach reflected in the draft and the priority the
Chairmen are placing on this important issue," the partnership said in
a statement.

"The draft addresses most of the core issues identified by USCAP in
our Blueprint for Legislative Action and reflects many of our policy
recommendations. Any climate program must promote private sector
investment in vital low-carbon technologies that will create new jobs
and provide a foundation for economic recovery. Legislation must also
protect consumers, vulnerable communities and businesses while ensuring
economic sustainability and environmental effectiveness."

The partnership includes some big corporate names, including Boston Scientific, that favor action on global warming.

The summary of the bill and schdule is below. For more detail, click here.
The American Clean Energy and Security Act will create millions of
new clean energy jobs, save consumers hundreds of billions of dollars
in energy costs, enhance America's energy independence, and cut global
warming pollution. To meet these goals, the legislation has four titles:

•  A clean energy title that promotes renewable sources of energy,
  carbon capture and sequestration technologies, low-carbon fuels, clean
  electric vehicles, and the smart grid and electricity transmission;
• 
  An energy efficiency title that increases energy efficiency across
  all sectors of the economy, including buildings, appliances,
  transportation, and industry;
• 
  A global warming title that places limits on emissions of heat-trapping pollutants; and
• 
  A transitioning title that protects U.S. consumers and industry and
  promotes green jobs during the transition to a clean energy economy.

The Energy and Commerce Committee will complete consideration of the
legislation by Memorial Day. The preliminary schedule follows:

• 
  Week of April 20: Energy and Environment Subcommittee Hearings
• 
  Week of April 27: Energy and Environment Subcommittee Markup Period Begins
• 
  Week of May 11: Full Energy and Commerce Committee Markup Period Begins