In two entries, the Wall Street Journal’s Environmental Capital blog spells out much of what you need to know about the U.S. Congress’s 600-page draft bill on energy and climate, sponsored by Democrats Henry Waxman and Ed Markey. In broad strokes the document calls for the U.S. to cut its greenhouse-gas emissions by 83 per cent from 2005 levels by 2050 under a cap and trade system. But it’s the transitionary stuff–the handholding of big, vulnerable industries through the new regime–that suggests most forcefully the draft isn’t merely a pie-in-the-sky trial balloon.
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