E2 Round-up: The budget, cap and trade, and Copenhagen

Meanwhile, the Dallas Morning News tries to assess what the administration’s proposal to repeal $36 billion in tax breaks for the oil and gas sector means for Texas.

Obama's budget also includes a placeholder for cap and trade, in Greenwire. The budget calls for lawmakers to set up a “comprehensive market-based climate change policy” to curb heat-trapping emissions in the range of 17 percent below 2005 levels.

Ben also blogged about it yesterday.

Also, on climate change, countries submitted their goals for reducing emissions as called for in the Copenhagen accord struck in December. “In all, 55 developed and developing countries submitted emission reduction plans to the United Nations Framework Convention on Climate Change,” in the New York Times.

Time’s Bryan Walsh is encouraged by the development – kind of.