Kerry and Lieberman Circulating Utility-Only Bill
As expected, Sens. John Kerry (D-Mass.) and Joe Lieberman (I-Conn.) are circulating a new draft of their climate change proposal among industry and environmentalist stakeholders. The draft, which was obtained late last night by The Hill, would cap greenhouse gas emissions in the utility sector, but also includes economy-wide emissions reduction goals.
The bill has the same overall emissions reduction goals as an earlier proposal from Kerry and Lieberman: It would aim to reduce emissions 17 percent below 2005 levels by 2020; 42 percent by 2030; and 83 percent by 2050. But it appears the only hard cap in the bill is on the power sector, which would be required to reduce emissions by those same amounts. It’s unclear how the rest of the economy would be expected to meet those targets.
The prospects for passage of a utility-only bill remain in doubt, as sources on and off the Hill, even some Democrats, question whether such a proposal can muster the necessary 60 votes, as I wrote today.
More to come as I go through the bill in more detail.
*Update: *Here’s the draft in full: