By Jessica Holzer - 01/11/07 12:00 AM EST
Sen. Jeff Bingaman (D-N.M.) is floating climate-change legislation on Capitol Hill that he plans to introduce soon. A draft version of the bill has been circulated to several Senate offices and the Energy Information Administration (EIA) will release an analysis of the proposal Thursday, according to Bill Wicker, press secretary for the majority on the Senate Energy Committee. The senator will hold a hearing later this month.
The legislation would institute a cap and trade program for greenhouse gases beginning in 2012. To limit costs, a “safety valve” would kick in, should the price of a pollution permit rise above $7 a ton.
Bingaman proposed tacking on similar legislation to the Energy Act of 2005, but he withdrew his amendment when it was clear it lacked support. A more ambitious amendment sponsored by Sens. John McCain (R-Ariz.) and Joe Lieberman (D-Conn.) was defeated on a vote of 60 to 38.