House Energy & Commerce Committee Chairman Henry A. Waxman (D-Calif.) and Representative Edward J. Markey (D-Mass.), chairman of the energy and environment subcommittee, released a draft of a massive 648-page bill that tackles both climate and energy. “This legislation will create millions of clean energy jobs, put America on the path to energy independence, and cut global warming pollution,” Waxman claims. The “cap and trade” bill seeks to cut carbon dioxide and other greenhouse gas emissions in the US, with an ultimate goal of reducing them to 83% of 2005 levels by 2050. It also requires 25% of electricity to come from renewable sources or energy efficiency measures by 2025.
What is raising eyebrows, however, are not the goals of the bill, but the fact that it only applies to the United States. Many opponents believe that without a global plan, US companies will simply pollute in other countries, then bring their products here for sale. It is also expected to raise energy prices, as power companies will have to purchase more carbon producing permits, and will pass the costs on to consumers.
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