Senator Barbara Boxer, head of the Environment and Public Works Committee and Senator John Kerry, head of the Foreign Relations Committee are presenting their version of climate change - cap and trade- legislation in the Senate Wednesday.

The bill call for a 20% reduction in carbon emissions from 2005 levels by 2020 and 83% reduction by 2050. These levels are more aggressive than those contained in the House bill passed in June.

The bill contains a provision that will attempt to control speculators in a newly-created carbon trading market. It also sets up a market stability fund as a means of providing a “carbon collar” ensuring that the price of carbon allowances do not exceed $28 per ton. Washington Post

The Kerry-Boxer will bill is the starting point for the Senate. There will be hearings, negotiations, changes, and amendments. And then, even if some form of bill passes the Senate (and that is a big “if”), there must be reconciliation with the House bill.

A draft of the still-unofficial bill can be read here: http://www.washingtonpost.com/wp-srv/politics/documents/DEC09610_xml.pdf

Photo: U.S. Capitol - http://www.sxc.hu/photo/431642/

KJC