Senate to Debate Climate Bill

The Senate has placed on its calendar for debate the Lieberman-Warner Climate Security Act of 2007 (S. 2191). The bill would govern greenhouse gas emissions through a cap and trade system. Emission caps will be reduced from 2012 through 2050. The bill would distribute emissions allowances to a variety of entities that could sold to raise revenues for allowed activities. (In a sense, it creates a tax market where credits that might be used for greenhouse gas emissions compliance are distributed to beneficiaries, which they can sell in a government-managed market to entities who need to comply with emissions caps or want to retire, or even speculate on, the credits).