Talk about the ultimate buzzkill. 

There was a time, not even a year ago, when all anyone could talk about was what we were going to do with our planet.  How we were going to reduce our effect on climate change, how we were going to adapt to a warming planet, how we were going to conserve our valuable resources, and how we were going to transform into a more sustainable civilization.  Since then, our collective view has become much more directive, or better yet, like a high-powered focus directly, aimed squarely on Wall Street.

Which is why it came as a surprise (shockingly we're not DC insiders) when we learned yesterday of Congressional Democrat's 648-page (5-page executive summary HERE) draft global warming and energy bill, a proposal they are calling the "American Clean Energy and Security Act of 2009".  "This legislation will create millions of clean energy jobs, put America on the path to energy independence, and cut global warming pollution," said Representative Henry Waxman of California, who chairs the House Energy and Commerce Committee.  Waxman, along with Representative Edward Markey who chairs the Energy and Environment Subcommittee introduced the discussion draft which they say charts a new course toward a clean energy economy. 

According to The New York Times, the bill, "would establish a cap-and-trade program curbing U.S. emissions 20 percent below 2005 levels by 2020, with a midcentury target of 83 percent reductions of the heat-trapping gases. It also creates a nationwide renewable electricity standard that reaches 25 percent by 2025, new energy efficiency programs and limits on the carbon content of motor fuels, and requires greenhouse gas standards for new heavy duty vehicles and engines."

Not surprisingly, senior House Republicans are pointing to recent numbers that show Americans are less concerned about climate change in light of current economic news, calling the premise of moving climate legislation amid low public approval a challenge.  According to The bill "marks a triumph of fear over good sense and science, and it couldn't come at a worse time, because it proposes to save the planet by sacrificing the economy," said Rep. Joe Barton of Texas, the ranking Republican on the Energy and Commerce Committee.

While we're not necessarily praising this as the best environmental news to come out of DC, it certaintly makes the case as one of the more significant bits of environmental legislation we've seen yet.  By combining energy and climate issues into one pragmatic approach, while simulataneously displaying economical advantages, this legislation feels like a true comprehensive outline.
However, this bill isn't ideal.  There is seemingly now cap to the cap-and-trade program with an overly generous amount offsets and borrowing from the future, and the draft calls for a continuing place for coal in our nation’s energy future.  And big hole, no technology development.

If you so desire, the entire 648-page draft can be read HERE, while a 5-page executive summary can be read HERE.

The legislation has four sections:

• 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


• A transitioning title that protects U.S. consumers and industry and promotes green jobs during the transition to a clean energy economy

 

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