Landmark environmental bill may be delayed
Senate Majority Leader Harry Reid admitted that the American Clean Energy and Security Act (ACES), also referred to by many as the Waxman-Markey bill, may have to wait until next year to be voted on by the Senate.
The House of Representatives passed ACES on June 26 and it marked the first time that either branch of Congress passed legislation to curb the emission of greenhouse gases. The day after ACES passed the House, President Obama gave a speech urging the Senate to do the same.
President Obama espoused some of the benefits of the bill, citing that it would spur the development of low carbon energy sources, creating jobs and making renewable energy profitable, while lending the United States decreased dependence on foreign oil.
Specifically, key provisions in the bill require electric utilities to meet 20 percent of their electricity demand through renewable energy sources by 2020. The bill would invest nearly 200 billion dollars for research and development of energy solutions and carbon capture. Stricter energy standards for new building and appliances would be instituted along with the reduction of emissions from major U.S. sources. Ultimately, ACES would seek to lower emissions from major U.S. sources by 80 percent by the year 2050. The bill also includes an interesting provision in which funds would be dedicated for securing agreements from developing nations to prevent tropical deforestation.
The Senate is set to adjourn Oct. 9, but Democratic leaders can extend the session.
Passage of the bill would be groundbreaking because it is the first of its kind in America. It would also provide the international community with certainty that the United States is serious about curbing emissions.
President Obama is traveling to China in November. The main topic of discussion between the world’s two largest CO2 polluters is expected to be a bilateral agreement reducing CO2 production. In turn, this agreement may grease the rails at the global meeting for a climate change compact set to take place in Copenhagen in December.
Opponents of the ACES bill claim that a system that puts a cap on carbon emissions while allowing polluters to pay or trade for emissions credits would substantially raise the price of energy for everyday consumers.
Congressional Budget Office and EPA estimates range from 80 to 150 dollars a year for increases in energy prices in the average household. FreedomWorks, a conservative think tank, puts estimates at 800 to 1500 dollars a year, industry groups post similar numbers. ACES contains key provisions protecting consumers from energy price hikes.
As far as Hoosiers are concerned, Sen. Lugar does not support the ACES bill. Sen. Evan Bayh and nine other Democratic Senators sent President Obama a letter in which they stated that any climate change legislation must protect U.S. manufacturing and prevent the export of jobs. They expressed concern that if this were not taken into account the result could be a self-defeating unilateral bill that displaces greenhouse gases instead of reducing them.
