The Los Angeles Times reports:

The pioneering effort would cap greenhouse gases emitted by more than 600 power plants, refineries, cement plants and other big factories at 15% below today’s levels by 2020. And it would allow companies to buy and sell emissions allowances among themselves as a way to meet the overall goal less expensively. [...]

Cap-and-trade, a centerpiece of Gov. Arnold Schwarzenegger’s push for flexible market-based regulations, could yield $2 billion to $4 billion per year in revenue to the state from affected industries, depending on the market value of carbon, how many allowances for greenhouse gases are auctioned, how many are given away. [...]

The state’s landmark 2006 law requires emissions of planet-heating pollutants to drop to 1990 levels by 2020. The cap-and-trade program will take effect beginning in 2012, complementing strict rules to cut emissions from automobiles and slash the carbon content of fuels.

The full text of the release is after the jump.

Inhofe Begins Hadley Center “Climategate” Investigation

Warns Participants to Retain Documents

Washington, D.C.-Sen. James M. Inhofe (R-Okla.), Ranking Member of the Senate Committee on Environment and Public Works, today sent letters to several scientists, some of whom allegedly manipulated data to prove the scientific “consensus” of global warming, as well as to the inspectors general of several federal agencies, notifying them to retain documents related to the release of emails from the Hadley Center’s Climate Research Unit.

“The stakes in this controversy are significant, as it appears that the basis of federal programs, pending EPA rulemakings, and cap-and-trade legislation was contrived and fabricated,” Sen. Inhofe said. “Moreover, it appears that, in an attempt to conceal the manipulation of climate data, information disclosure laws may have been violated.

“I certainly don’t condone the manner in which these emails were released; however, now that they are in the public domain, lawmakers have an obligation to determine the extent to which the so-called ‘consensus’ of global warming, formed with billions of taxpayer dollars, was contrived in the biased minds of the world’s leading climate scientists.”

The letters are the first step in the investigation of the Hadley Center climate scandal. Last week, emails released by a computer hacker revealed that several leading climate scientists allegedly manipulated climate data and research used by the United Nations Intergovernmental Panel on Climate Change (IPCC). These scientists also appear to have refused outside access to their raw data, obstructed freedom of information requests, and plotted ways to prevent the publication of papers in peer-reviewed journals by scientists who question global warming alarmism.

Case in point: a study released today by 26 leading climatologists, which finds that the climate situation is actually far more dire than the Intergovernmental Panel on Climate Change had led us to believe.

The new report, dubbed “The Copenhagen Diagnosis,” seeks to fill in the gaps since the last IPCC assessment, published in 2007 but drafted earlier. Its authors include 14 members of the IPCC, the world’s top climate change authority.

Jonathan Hiskes, who’s compared the two reports in greater depth than I have, writes:

The new diagnosis finds that arctic sea ice is melting 40 percent faster than the panel estimated just a few years ago. Another startling finding: Satellites have found that the global average for rising sea levels was 3.4 millimeters per year from 1993-2008. The IPCC estimated it would be 1.9 mm for that period—short by 80 percent.

Here’s a summary of the new report’s key findings:

Surging greenhouse gas emissions: Global carbon dioxide emissions from fossil fuels in 2008 were nearly 40% higher than those in 1990. Even if global emission rates are stabilized at present –day levels, just 20 more years of emissions would give a 25% probability that warming exceeds 2oC. Even with zero emissions after 2030. Every year of delayed action increase the chances of exceeding 2oC warming.

Recent global temperatures demonstrate human-based warming: Over the past 25 years temperatures have increased at a rate of 0.190C per decade, in every good agreement with predictions based on greenhouse gas increases. Even over the past ten years, despite a decrease in solar forcing, the trend continues to be one of warming. Natural, short- term fluctuations are occurring as usual but there have been no significant changes in the underlying warming trend.

Acceleration of melting of ice-sheets, glaciers and ice-caps: A wide array of satellite and ice measurements now demonstrate beyond doubt that both the Greenland and Antarctic ice-sheets are losing mass at an increasing rate. Melting of glaciers and ice-caps in other parts of the world has also accelerated since 1990.

Rapid Arctic sea-ice decline: Summer-time melting of Arctic sea-ice has accelerated far beyond the expectations of climate models. This area of sea-ice melt during 2007-2009 was about 40% greater than the average prediction from IPCC AR4 climate models.

Current sea-level rise underestimates: Satellites show great global average sea-level rise (3.4 mm/yr over the past 15 years) to be 80% above past IPCC predictions. This acceleration in sea-level rise is consistent with a doubling in contribution from melting of glaciers, ice caps and the Greenland and West-Antarctic ice-sheets.

Sea-level prediction revised: By 2100, global sea-level is likely to rise at least twice as much as projected by Working Group 1 of the IPCC AR4, for unmitigated emissions it may well exceed 1 meter. The upper limit has been estimated as – 2 meters sea-level rise by 2100. Sea-level will continue to rise for centuries after global temperature have been stabilized and several meters of sea level rise must be expected over the next few centuries.

Delay in action risks irreversible damage: Several vulnerable elements in the climate system (e.g. continental ice-sheets. Amazon rainforest, West African monsoon and others) could be pushed towards abrupt or irreversible change if warming continues in a business-as-usual way throughout this century. The risk of transgressing critical thresholds (“tipping points”) increase strongly with ongoing climate change. Thus waiting for higher levels of scientific certainty could mean that some tipping points will be crossed before they are recognized.

The turning point must come soon: If global warming is to be limited to a maximum of 2oC above pre-industrial values, global emissions need to peak between 2015 and 2020 and then decline rapidly. To stabilize climate, a decarbonized global society – with near-zero emissions of CO2 and other long-lived greenhouse gases – need to be reached well within this century. More specifically, the average annual per-capita emissions will have to shrink to well under 1 metric ton CO2 by 2050. This is 80-90% below the per-capita emissions in developed nations in 2000.

“Climategate: the final nail in the coffin of ‘Anthropogenic Global Warming’?” asked one headline. Another piece called the scandal “one of the greatest in modern science.” Today, Sen. James Inhofe (R-Okla.) called for an investigation.

So what exactly in these emails is causing such celebration among the deniers? The Daily Telegraph compiled “the most contentious quotes,” and while they’re certainly embarrassing for their authors, they don’t come close to undermining the very basis of climate science. Here are three of the six they list:

From: Michael Mann. To: Phil Jones and Gabi Hegerl (University of Edinburgh). Date: Aug 10, 2004
“Phil and I are likely to have to respond to more crap criticisms from the [global warming-denying] idiots in the near future.”

From: Phil Jones. To: Many. March 11, 2003
“I will be emailing the journal to tell them I’m having nothing more to do with it until they rid themselves of this troublesome [global warming-denying] editor.”

From Phil Jones To: Michael Mann (Pennsylvania State University). July 8, 2004
“I can’t see either of these [global warming-denying] papers being in the next IPCC report. Kevin and I will keep them out somehow — even if we have to redefine what the peer-review literature is!”

These emails demonstrate a deep disdain for global warming skepticism that does not befit scientists in objective pursuit of the truth. But disdain is a far cry from intentional falsification, which is what they’re being accused of. These scientists could — and maybe should — suffer consequences for presenting their findings, and those of their colleagues, in a way that jibes with their broader agenda. But that this leak threatens to undermine next month’s climate negotiations in Copenhagen strikes me as more than a bit excessive.

Reid makes concessions to Landrieu and Nelson to win their support for Saturday’s health reform procedural vote.

These Senate centrists, in turn, make no secret of their jockeying for leverage.

Saturday’s vote could foreshadow the prospects for health reform’s eventual passage.

Latino leaders blame Rahm for anti-immigrant provisions in health legislation.

Ambassador Huntsman blasts the media coverage of Obama’s China trip.

A GOP congressman attacks Geithner — and David Brooks defends him.

McCain could have a serious primary challenge on his hands.

How does the Chevy Volt fare once the battery’s exhausted? Pretty well, actually.

Palin has some trouble keeping her Middle East nations straight.

More Americans consider the Fort Hood massacre “murder” than “terrorism.”

Palin, of course, disagrees, and she’ll pay a visit next month.

Three-quarters of Americans like Obama as a person, but fewer than half like his policies.

What’s Doug Hoffman thinking by challenging the NY-23 election results?

The Times catches up with Palin’s stylist.

ObamaCare really is a referendum on Obama.

She also thinks we should “profile” Muslims to save “innocent American lives.”

Nate Silver lays out 10 reasons why she might win the 2012 GOP nomination.

Is terrorism making a comeback as a political issue?

A record-low 44 percent of Americans think the Afghan war is worth its costs.

Bachmann’s Tea Party might have violated House ethics rules.

Slate and TNR compile indexes for “Going Rogue.”

Byrd’s fiddling: even better than Blagojevich’s Elvis.

Is Eggo rationing a natural consequence of Obama’s inexorable march toward socialism?

The latest tally on the public option in the Senate: 50 likely supporters and 40 likely opponents, with 10 members — all in the Democratic caucus, and all necessary “yes” votes to overcome a filibuster — on the fence.

Marc Morano, the former spokesman for climate change denier-in-chief Sen. James Inhofe (R-Okla.), features clinking champagne glasses atop his anti-climate legislation Website. Meanwhile, at the Center for American Progress, influential liberal climate blogger Joe Romm calls the development “some very good news.”

What gives?

Well, of course, Morano and Romm aren’t really in agreement; they’re just drawing wildly different conclusions. Morano proclaims in an email this morning, “Climate Fear Movement Collapsing at Last!” Romm takes a more nuanced position, arguing that Copenhagen has been doomed for some time now, and this recognition of reality allows for incremental progress next month and also buys American lawmakers more time to craft strong climate legislation. before global negotiations start in earnest.

Romm writes:

The new plan for Copenhagen makes the prospects for a successful international deal far more likely — and at the same time increases the chance for Senate passage of the bipartisan climate and clean energy bill that Lindsey Graham (R-SC) and John Kerry (D-MA) and Sen Lieberman (I-CT) are negotiating with the White House. [...]

Indeed, had leaders gone into Copenhagen without this recognition of the obvious and let the whole effort collapse under the weight of unrealistic expectations, that would have been all-but-fatal to the domestic bipartisan climate bill.

Now it will be obvious when the Senate takes up the bill up in the winter that the rest of the world is prepared to act — that every major country in the world has come to the table with serious targets and/or serious commitments to change their greenhouse gas emissions trajectories.  Every country but ours, that is.

Over at Grist, Dave Roberts takes a less exuberant but similarly reasoned tack:

[I]f the world’s nations had headed into Copenhagen expecting a legally binding treaty complete with targets and timetables, the result would have been disappointment, acrimony, and worst of all, wasted time. By taking some of the pressure of Copenhagen, the two-steps agreement has avoided disaster and maintained momentum. It’s also given the Obama administration time to engage in more climate diplomacy. Now if something could just be done about the Senate …

Also out of pity? A preview of Palin’s interview with Oprah.

And another “Going Rogue” fib: Palin claims she was billed for her vetting; McCain officials deny it.

David Brooks pitches John Thune as a 2012 presidential candidate.

A judge orders a U.S. Attorney to collect Orly Taitz’s $20,000 fine.

Craig’s departure undoes months of denials.

An embarrassed Michael Steele cuts off abortion coverage to RNC employees.

The Times editorial board bids Lou Dobbs farewell, compares him to “right-wing ranters.”

Jon Stewart responds to Hannity’s apology.