Under pressure from the Obama administration, the House Energy and Commerce Committee has put forward a proposal to reduce greenhouse gas emissions in the United States by creating a cap-and-trade market.
However, while the U.S. currently produces roughly 20 percent of the world's annual emissions, the new bill won't see U.S. emissions drop below 2005 levels until 2026.
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James Handley from the Carbon Tax Center believes that cap-and-trade is a flawed system in general, but that the current plan has been made even worse because of concessions to the energy companies, big coal in particular. The result is a bill, according to Handley, that is unlikely to achieve needed emission cuts, likely to create serious financial instability, and incapable of protecting the most vulnerable from hikes in energy prices.
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