Washington, DC (May 28, 2008)- Rep. Edward Markey (D-MA), Chair of the House Select Committee on Energy Independence and Global Warming, announced he will introduce a climate change bill to reduce global warming pollution according to scientific targets, reinvest any revenue back to American workers and technology, and re-establish America as a leader in addressing climate change. The Investing in Climate Action and Protection Act (iCAP) caps greenhouse gas (GHG) emissions at 85 percent below 2005 levels by 2050.
It uses an auction system that sets a price on carbon, and allows companies to compete for reductions, or buy or trade credits within the system. The iCAP Act would begin by auctioning 94 percent of the pollution allowances in 2012 and transition to a 100 percent auction in 2020. It would take the expected $8 trillion in revenues expected from GHG emitters over the length of the bill, and reinvest that money back to American families and workers and into promoting a clean energy economy.
Markey said, “We must invest in the American economy and in American workers, and launch an energy technology renaissance that will rival the information technology revolution of the past decade. We all benefited from the Industrial Age, and we have watched the dawn of the Information Age. Today, let’s start the Clean Energy Age.” The bill will be introduced the week of June 2, when Congress is back in session.
Investing in Climate Action and Protection Act (iCAP)
House Select Committee on Energy Independence and Global Warming