in News Departments > Policy Watch
print the content item

Sens. Jeff Bingaman, D-N.M., and Arlen Specter, R-Pa., have introduced the Low Carbon Economy Act of 2007, which is designed to reduce U.S. greenhouse gas emissions while protecting the U.S. economy and promoting interaction with key developing countries in their efforts to control global warming.

The Low Carbon Economy Act of 2007 creates an economy-wide mandatory tradable-permits system that is modeled after the successful U.S. Acid Rain Program, the Senate Energy Committee explains. Because the program sets an annual target and allows firms to buy, sell and trade credits to achieve that target, the bill's sponsors expect the program will achieve the most cost-effective carbon reductions across the economy.

Twenty-four percent of total program allowances will be auctioned by the government to generate revenue for research, development and deployment of low- and no-carbon technologies, provide for climate change adaptation measures and offer assistance to low-income households.

"I believe our legislation represents a strong and balanced approach," says Bingaman. "It will dramatically reduce U.S. greenhouse gas emissions while also spurring new energy technologies, protecting the American economy and engaging developing nations in their efforts to address climate change."

Mortenson Construction_id2024

Trachte Inc._id1770
Latest Top Stories

Yearly Installed Capacity Figures Already Beat 2013 Numbers, More Wind On The Way: AWEA

While the American Wind Energy Association (AWEA) lobbies Congress to extend the production tax credit, the association notes wind projects now under construction signal a vibrant 2015.


Yahoo Inks Contract To Buy Kansas Wind Power

The Internet company plans to log in to the Alexander wind project, which is being built by community developer OwnEnergy.


Could Initial Offshore Wind Projects Crash New England's REC Market?

Some are concerned that the first offshore wind projects could negatively impact pricing of renewable energy credits (RECs) in New England.


Catching Up With The DOE's Down-Select Offshore Winners

The three recipients of key U.S. Department of Energy (DOE) funding provide updates on their offshore wind demonstration projects.


Texas Comptroller Attacks Wind Power, And Industry Fights Back

Texas Comptroller Susan Combs recently released a report calling for an end to wind power subsidies. The Wind Coalition has responded, saying the report is riddled with misinformation.

Renewable NRG_id1934
Canwea_id1984