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July 2007

Vol. 12, No. 28 Week of July 15, 2007

U.S. lawmakers propose cap on emissions

The nation can begin to address the risks of climate change while avoiding harm to the economy, senators said July 11 in unveiling anti-pollution legislation.

The bill would establish a mandatory cap on carbon dioxide emissions from power plants, refineries and industrial plants but allow companies to trade emission credits and avoid making emissions cuts if the costs become too high.

Sen. Jeff Bingaman, D-N.M., one of the bill’s chief sponsors, called it a “strong and balanced approach ... while protecting the American economy.” It also includes incentives aimed at spurring other nations such as China to address climate change.

The bill is one of five that are being considered in the Senate to tackle global warming. It is expected to be the one most closely embraced by industry, including companies that would be most affected.

Alaska senators Ted Stevens and Lisa Murkowski joined a bipartisan group of six senators in introducing the legislation, sponsored by Bingaman and Arlen Specter, R-Pa.

Stevens said “Alaskans are feeling the effects of climate change more than anyone else in our nation.” Whatever the cause of the changes, “we must take steps to protect people in the Arctic.”

“It is responsible for us to take actions to reduce carbon emissions, as long as we can do it without harming our economy,” Murkowski said. “By starting now with a program that funds and spurs technological research and development we can purchase an insurance policy against catastrophic climate effects at relatively little cost.”

—Petroleum News and wire reports






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