House unveils draft cap and trade bill

Chairman Henry Waxman of the House of Representatives' Energy and Commerce Committee and Chairman Edward Markey of the Energy and Environment Subcommittee released a draft of clean energy legislation today. The American Clean Energy and Security Act of 2009 (ACES) has called for a market-based carbon reduction programme that covers electric utilities, oil companies, large industrial sources and other covered entities that are collectively responsible for 85% of US global warming emissions. Those