Just days after releasing his carbon-and-gas tax proposal for public comment, House Energy and Commerce Chair John Dingell (D-Auto) — along with Rep. Rick Boucher (D-Coal) of Virginia — has released a report [PDF] endorsing an economy-wide cap-and-trade program.
In an odd but welcome turn, the 22-page white paper reads:
The United States should reduce its greenhouse gas emissions by between 60 and 80 percent by 2050 to contribute to efforts to address climate change. To do so, the United States should adopt an economy-wide, mandatory greenhouse gas reduction program.
Further white papers will be forthcoming, meant to …
… address a number of other cap-and-trade design elements and additional topics, including: cap levels and timetables, measures for containing costs in a cap-and-trade program, carbon sequestration, offsets and credits, developing countries, distribution of allowances, and additional measures.
The bad news? “Government will distribute allowances equal to the level of allowed greenhouse emissions.”
Stay tuned for updates.