Congressmen Waxman and Markey, who run the critical committee and subcommittee on climate change issues issues a discussion draft of a mere 600 plus pages on Tuesday. You've probably heard this and seen discussions in the press or on the Internet.
The bill has a clean energy provision, which includes a national renewable energy portfolio standard, energy efficiency for buildings, transportation, and industry, and a cap and trade bill. The bill has extensive discussion of forest credits with an aggressive system to encourage countries to reduce deforestation. The draft bill does not address the thorny issue of how carbon allowances will be allocated to covered entities that would be regulated. It does not address whether the allowances will be given to covered entities for free, auctioned, or some combination of the two.
Look for further discussions on the Waxman-Markey draft bill.
