Breaking: Senate Climate Bill to be Unveiled Later Today

The Washington Post (and others...) are reporting that later today (11:30 EDT to be precise) the Senate Environment and Public Works Committee will unveil their climate bill and at least based upon the draft that the Post has seen, there's some good news to report -- the proposed emission reductions are indeed stronger than the House climate bill. Elements of the bill will undoubtedly change, but this is what we know so far:The Boxer-Kerry bill proposes 20% reductions from 2005 levels by 2020 -- and retains the House targets of 42% by 2030 and 83% by 2050.

In a move which Climate Progress calls a "monumental improvement" over the House bill, the Boxer-Kerry introduces a carbon collar,

The floor price is $11 (the draft bill above is, as I say, not final) and the ceiling is $28 -- and they both starting rising 5% plus inflation each year.  The draft bill adds an excellent twist -- from 2018 on the ceiling rises 7% plus inflation each year.

Also included is stronger oversight of carbon markets, more support for coal with CCS, as well as natural gas incentives and a section on support for nuclear.

Since the bill will actually be announced later today, I'll leave it there and reserve detailed comment. But that's a teaser of what's to come.

Draft version from Washington Post: Draft Boxer-Kerry climate bill (sans official title in this version)

More preliminary analysis: Climate Progress
Senate Climate Bill
Senate Climate Bill Delayed - Why That's Not Such a Bad Thing
US Must Have a Climate Bill Before December's UN Climate Talks
Just Getting a Climate Bill Out of Committee by December a Good Start

Tags: Congress | Global Climate Change | Global Warming Solutions | United States