Rep. Markey Announces New Global Warming Legislation
May 28, 2008 10:41 AM | Posted by Patrick Greissing | Topic(s): Federal Policy/Programs
, Energy Policy
, Carbon Markets
Rep. Markey (D-MA) announced today that he will be introducing global warming legislation entitled, "Investing in Climate Action and Protection Act," next week when Congress returns from the Memorial Day recess. In a statement, Rep. Markey said, "We must cap pollution, we must invest in consumers, jobs and the technology of tomorrow, and America must lead the world in solving our greatest challenges, and we must start now." The press release also details that the bill would "reduce global warming pollution according to scientific targets, reinvest any revenue back to American workers and technology, and would re-establish America as a leader in solving the globe’s greatest challenge, climate change." The emissions targets of the bill include reducing emissions to 85 percent below 2005 levels by 2050. The bill would use an auction system for carbon credits and then reinvest the revenue from the auction over the life of the bill back to the American people and "into promoting a clean energy economy."