House Bill Would Slash CO2 80%

Photo: NASA

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House leaders unveiled a bill this week to dramatically slash carbon dioxide emissions 80% by 2050 to stave off the worst consequences of global warming. It won't be voted on til 2009.

The Dingell-Boucher bill starts with a cap-and-trade system to reduce pollution from power plants -- something both presidential candidates have supported -- and from the transportation sector. (More details.)

Ultimately, the bill would affect all sectors of the economy, and would put a defacto price on carbon. Money generated by charging for polluting the atmosphere would be channeled into energy efficiency and renewable energy projects, and into taxpayer rebates. Small businesses would be excluded, according to the Associated Press, and the federal laws would preempt state and regional efforts to slow global warming.

Environmental groups praised the plan, as it matches the goals set forth by scientists -- though they criticized aspects of the plan, including the pace of emissions reductions and provisions that would prevent more aggressive action by local and state governments. While the world as a whole needs to cut its emissions by 50% below 1990 levels by 2050, according to scientific estimates, that requires a steeper reduction in industrialized nations like the U.S. Recently, data suggests that emissions have been increasing worldwide at a faster pace than had been anticipated.

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