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."


Trachte Inc._id1770
Latest Top Stories

Despite 2013 Challenges, U.S. Wind Power Reaches All-Time Low Price

In a new report, the U.S. Department of Energy details the highs and lows of the country's wind industry last year, and the agency maintains that the U.S. sector remains strong.


Mexico On Pace To Set New Renewables Investment Record

A new report says the country has spent $1.3 billion on clean energy in the first half of 2014 and could end up seeing a record year. Furthermore, wind power is slated for significant growth in the region.


IRS Issues More PTC Guidance, Easing Some Wind Industry Concerns

The Internal Revenue Service (IRS) addresses how much work is needed on a wind farm to satisfy production tax credit (PTC) eligibility.


Embryonic No More: U.S. Offshore Wind Industry Gaining Momentum

After a decade of fits and starts, the industry is moving closer to installing the first generation of wind projects off the country's shores.


AWEA: U.S. Installs 853 MW Of Wind In First Half Of 2014

The American Wind Energy Association (AWEA) reveals the U.S. industry's progress thus far this year and underscores the importance of policy certainty.

Renewable NRG_id1934
Canwea_id1984
Tower Conference_id1965