What the Climate Change Bill Would Do

It aims to curb offshore drilling, promote nuclear power
By Nick McMaster,  Newser Staff
Posted May 12, 2010 5:35 PM CDT
What the Climate Change Bill Would Do
Wind turbines in Shanghai, China.   (AP Photo)

John Kerry and Joe Lieberman unveiled their climate change legislation today, and the Huffington Post lays out some key provisions:

  • Offshore drilling: In the wake of the Deepwater Horizon disaster, states would be allowed to ban drilling up to 75 miles off their coastline. And 37.5% of revenues are earmarked for shoreline environmental protection.
  • Carbon price: Polluters would have to buy carbon emission permits on an open marketplace, with emissions going for between $12 and $25 per ton. "Restrictions would take effect in 2013 for power plants and transportation fuels and in 2016 for manufacturers."

  • Nuclear power: The bill expands funding for nuclear power aggressively, providing a 10% tax credit for constructing facilities and raising loan guarantees for power plants to $54 billion.
  • Consumer protection: Revenue from selling emissions permits would be funneled back to consumers as energy bill discounts and rebates. Low- and middle-income families would get tax cuts for additional assistance.
Read more highlights here.
(Read more American Power Act stories.)

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