Isramart : Greenhouse gas carbon pricing could replace cap and trade

Isramart news:
U.S. senators are working on a plan that will combine energy and climate proposals through a price on greenhouse gases (GHG) instead of the cap and trade program.

Sens. John Kerry (D-Mass.), Lindsey Graham (R-S.C.) and Joe Lieberman (I-Conn) said the draft they will circulate starts with an overall goal of reducing GHG by 17 percent below 2005 levels by 2020. According to a March 1 article in The New York Times, senators said they plan to achieve that goal by setting different carbon limits for different sectors, starting with power generating utilities, and then turning to other manufacturers. The senators hope the proposal will not lump all industry standards under a broad cap and trade program.

The senators also plan to present ideas to promote the development of nuclear power and carbon capture and sequestration at coal-fired plants. The article said they plan to do that by redesigning the carbon price mechanism of the House-passed climate bill and a Senate counterpart.