THE United Nations conference on climate change wrapped up in Bali, Indonesia, last week without a firm commitment from the United States or China to reduce emissions of carbon dioxide and other greenhouse gases. While a binding global agreement would be the best way to cut back on those emissions, a more limited but still useful approach is available, and it is wending its way through Congress.
In its current version, the Lieberman-Warner Climate Security Act, as the bill is known, would cap American carbon consumption through a tradeable permit plan. Even among those who support tradeable permits, there is considerable debate about what level of emissions reductions is realistic. Critics also object that it would damage American competitiveness to commit to domestic reductions without parallel commitments from developing-country trade partners like China.
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