Obama calls for economy-wide carbon cap

The president has proposed an economy-wide emissions reduction programme to reduce greenhouse gas emissions by approximately 14% below 2005 levels by 2020, and approximately 83% below 2005 levels by 2050. The programme will use a cap-and-trade system with a 100% auction "to ensure the biggest polluters do not enjoy windfall profits".

Detailing his budget plans on Thursday for the 2010 fiscal year, which begins in October, Obama said that in order to reduce dependence on foreign oil, a focus on

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