A group of large U.S. companies, including the troubled Big Three automakers, on Thursday offered Congress a blueprint for greenhouse gas regulation with looser limits than President-elect Barack Obama has called for.
The U.S. Climate Action Partnership, a group of 26 big companies and several environmental organizations, proposed reducing greenhouse gas emissions by 80 percent from 2005 levels by 2050 through an economy-wide cap-and-trade program.
"It will not be cheap and it will not be easy," said Jim Rogers, chief executive of electricity supplier Duke Energy Corp, the third-largest U.S. consumer of coal.
But Rogers and other CEOs from the group urged Congress to pass a new law this year, saying delays will cost the battered economy more in the long-term.
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