The long-awaited US climate bill ("the American Power Act") is set to be formally unveiled today by its key proponents in the U.S. Senate (Senators John Kerry and Joseph Lieberman) , with a last ditch effort the Obama administration urging quick passage of the controversial legislation this year.
At the heart of the new bill is a binding commitment to cut US carbon emissions by 17 per cent on 2005 levels by 2020, supported by an emissions trading scheme to be launched in 2013, initially to cover power firms, but ultimately to be expanded to cover other carbon intensive industries.
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