What is the timetable for Congressional action on GHG legislation?
Many observers believe that Congress will take up economic and energy legislation before tackling climate legislation, but they may be combined. In either case, economic and energy legislation will create incentives for low-carbon technologies and promote energy efficiency, both important for meeting the climate challenge. The international community is working to forge a successor agreement to the Kyoto Protocol by December 2009, so there is significant pressure for the U.S. to pass domestic legislation in anticipation of international negotiations. President Obama has vowed to make climate legislation a top priority, and Speaker Pelosi is expected to work closely with Rep. Waxman, Chairman of the House Energy and Commerce Committee, to take early action. Carbon Tax What is a carbon tax? A carbon tax sets a price per ton of GHG emissions. Sweden imposed a carbon tax in 1991, and has gradually been increasing the tax rate over that last few decades. a. Under a carbon tax system, how wo
