932 pages of excitement
Posted by Danny Morris on May 15, 2009
It’s official. The American Clean Energy and Security Act, brought to you by Henry Waxman and Ed Markey, is here, weighting in a whopping 932 pages. It should provide plenty of leisurely weekend reading. Fan of compromises will particularly enjoy the following highlights:
- Emissions targets: 20 percent reduction below 2005 emssions levels by 2020, 44 percent reduction by 2030 and 83 percent by 2050.
- 85% of emission allowances allocated for free, including 35% to the electricity industry, 15% to trade-sensitive industries, 9% to natural gas distributors, 2% to oil refineries, 5% to stop tropical deforestation, and 2% for adaptation.
- Tons of goodies to charm moderate Democrats from the Rust Belt, South, and Mountain West.
My initial reaction is that there are probably going to be a lot of things in here that piss me off, but reading legislation is not my idea of a fun Friday night. Stay tuned for marginally worthwhile analysis…