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22 May 2009 -- The House Energy and Commerce Committee voted 33-25 in favor of the climate change bill backed by Democrats, boosting chances it will be approved by the full House later this year.
Next, the House Ways and Means Committee is expected to review tax and trade implications of the bill. Ways and Means and other committees could make further revisions.
The climate change bill is expected to face tougher going in the Senate, where many Republicans and even some Democrats are nervous about a cap and trade program to lower industrial emissions of carbon dioxide and other greenhouse gases.
Here are details of the House Democratic version of the bill:
Emissions of carbon dioxide and other greenhouse gases would be cut 17 percent by 2020 from 2005 levels. This is less ambitious than the 20 percent initially sought, but slightly more aggressive than the approximately 15 percent President Barack Obama proposed. The legislation sets further pollution reduction goals, 42 percent by 2030 and 83 percent by 2050, with the latter higher than Obama suggested.
About 85 percent of the permits that industries would have to obtain would be given to them initially, while around 15 percent would be sold. Local electric distribution companies would get 30 percent of all permits for free and would have to protect consumers from electricity price increases. Obama wants all of the permits to be sold, but has indicated flexibility.
Electric utilities that capture and store greenhouse gas emissions could get up to $100 billion in bonus carbon pollution permits.
Utilities would have to generate 15 percent of their electricity from renewable sources such as wind or solar power and show a 5 percent gain in energy efficiency by 2020. Governors could lower the 15 percent target to 12 percent with 8 percent efficiency gains if they determine the national goals are unattainable for their states.
Companies could offset up to 2 billion tons of their emissions annually by paying for "green" projects in the United States and other countries, such as preserving tropical rainforests.
A "clean energy" bank within the Energy Department would be created to provide direct loans and government loan guarantees to encourage projects using clean energy technology.
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