We here at Wesco think that the outcome of this bill could significantly affect our market. We want to know what everyone else involved in the carbon market and carbon emmission credits line of business. Read the article below, tell us your opinions and lets get a discussion going!
By Ian Talley
Of DOW JONES NEWSWIRES
WASHINGTON -(Dow Jones)- The U.S. Senate environment panel will begin hearings on a major climate bill in the last week of October with an eye to voting on the legislation in November, Sen. Barbara Boxer, D-Calif., said late Tuesday.
Boxer, chairman of the Senate Environment and Public Works Committee, said in a press briefing the legislation’s allocation of emission credits to affected industries and consumers would largely resemble the House version. The so-called allowances structure was one of the most hotly negotiated provisions in the House and also poses to be a point of contention in the Senate.
“We have some tweaks which we think are good … but by and large” the Senate bill mirrors the House allocation distribution, Boxer said.
Hearings will begin on Tuesday, Oct. 27, and continue Wednesday and Thursday. The Senator said the committee aimed to mark up the bill within the first two weeks of November.
Energy Secretary Steven Chu, , Interior Secretary Ken Salazar and Transportation Secretary Ray LaHood would be among those testifying before the committee in late October.
Boxer’s announcement follows an editorial over the weekend by Sen. John Kerry, D-Mass., and Sen. Lindsey Graham, R-S.C., that charted a possible compromise to win greater Republican support by including stronger incentives for nuclear power and new oil and gas exploration.
“Momentum, I think, is growing every day,” Boxer said.
Although the environment committee’s legislation will represent a major portion of the final product to be brought to the floor, other panels will also contribute substantially.
The Agriculture Committee will write key cost-containment provision on so called “offset credits,” many of which will come from emission-reduction projects in the agriculture industry. Also, Sen. Max Baucus, D-Mont., chairman of the Finance Committee, has said his panel will be drafting and marking up his own version of the emission allowance structure. Energy and Natural Resources has already reported out a bill that would expand drilling on the Outer Continental Shelf and mandate federal renewable energy and efficiency standards.
Ultimately, “Senator (Harry Reid, D-Nev.) will pull together the best ideas from all the committees,” Boxer said.
Even if Boxer is able to vote the legislation out of her committee by mid- November, many Capitol Hill pundits said consideration of a climate bill on the Senate floor before the end of the year is highly unlikely.
Besides the fact that several other committees with jurisdiction still have yet to focus their attention on climate, health-care legislation is expected to continue to steal most of lawmakers’ attention through December. Reid last month indicated floor consideration of a climate bill may be pushed into the new year.
– By Ian Talley, Dow Jones Newswires, 202-862-9285; firstname.lastname@example.org
(END) Dow Jones Newswires 10-13-091912ET Copyright (c) 2009 Dow Jones & Company, Inc.
Wesco Found this on the Nasdaq website. The original article can be found here: Carbon Article