Breaking News: Climate Compromise in the House
The big news today in Washington is that the House committee working on climate change legislation has actually reached a major compromise that allows significant progress toward federal climate legislation this year.
The new deal calls for a 15 percent renewables target for a Renewable Electricity Standard by 2020, with an additional 5 percent to come from energy efficiency measures. The deal will expand the amount of biomass generation included, a crucial concession for southern lawmakers who worry their region might suffer economic impacts dispropornal to the rest of the nation.
On the structure of cap-and-trade, electric utilities will get 35 percent of the system's pollution allowances for free. The administration has pushed for auctioning all of the pollution allowances, while the House discussion draft distributed earlier remained silent on the issue.
A full version of the bill is expected as early as today with debate in House Energy and Commerce committee expected next week. Chairman Henry Waxman promised to get a bill to the House floor by Memorial Day. He now appears on track.
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