Are Representatives Waxman and Markey near settling on language that will get a majority in Committee for the climate change bill? The tenor today was significantly more positive than in the past few weeks. An update seemed worthwhile, given the number of specific provisions on which agreement has apparently been reached.
- The initial CO2e reduction goal will be 17% over 2005 levels by 2020. This compares to 14% sought by the President and 20% in the original draft bill.
- 35% of allowances would be distributed to local distribution companies and 15% of allowances would be distributed to industries subject to international trade issues, though the percentages would decrease over time.
- The renewable electricity standard, or RES, would be set at 15% by 2020. The efficiency standard, or EERS, would be set at 5% by 2020. If s state demonstrates that it cannot meet the 15% RES, the RES could be set as low as 12%, as long as the state makes up the difference by increasing the EERS percentage so that the total of the RES and EERS equals 20%.
It’s still not obvious when a bill will be done or if there is a majority, but House Majority Whip James Clyburn was quoted as indicating he thinks he can deliver the votes on the House floor.