Friday, June 26, 2009

House Passes Climate Bill

I didn't think this would pass because some democrats said it didn't go far enough and others said it went too far. Republicans merely hated it.
The 1,200 page bill—formally known as the "American Clean Energy and Security Act"—will reach into almost every corner of the U.S. economy. By putting a price on emissions of common gases, such as carbon dioxide, the bill would affect the way electricity is generated, how homes and offices are designed, how foreign trade is conducted and how much Americans pay to drive or to heat their homes.

The House climate bill, approved by a 219 to 212 vote Friday evening, seeks to boost a number of nascent industries, such as wind-generated electricity and solar power. It would mandate that 15% of the nation's electricity come from sources such as wind and solar power by 2020, potentially expanding the market and profit potential for investors in those sectors. WSJ
From the Energy and Commerce site:
The bill contains the following key provisions:

Requires electric utilities to meet 20% of their electricity demand through renewable energy sources and energy efficiency by 2020.
Invests $190 billion in new clean energy technologies and energy efficiency, including energy efficiency and renewable energy ($90 billion in new investments by 2025), carbon capture and sequestration ($60 billion), electric and other advanced technology vehicles ($20 billion), and basic scientific research and development ($20 billion).
Mandates new energy-saving standards for buildings, appliances, and industry.
Reduces carbon emissions from major U.S. sources by 17% by 2020 and over 80% by 2050 compared to 2005 levels. Complementary measures in the legislation, such as investments in preventing tropical deforestation, will achieve significant additional reductions in carbon emissions.
Protects consumers from energy price increases. According to recent analyses from the Congressional Budget Office and the Environmental Protection Agency, the legislation will cost each household less than 50 cents per day in 2020 (not including energy efficiency savings).

Wacky Michelle Bachmann. The House chose tyranny! Yay!