US climate change legislation hits the fast track

President Barack Obama might be keen for US drivers to take their pedal off the metal to curb carbon emissions, but when it comes to passing his climate change legislation the only option appears to be fast and furious.

According to Reuters reports, Democratic leaders in the US House of Representatives are fast-tracking US climate change legislation with a view to getting the American Energy and Security Act (ACES) passed through the House by the end of June or possibly July.

Earlier this week, the Committee on Energy and Commerce released a summary of the legislation, which they passed late last month by a vote of 33 to 25. "The legislation will create millions of new clean energy jobs, enhance America's energy independence and protect the environment," the committee said in a statement.

House leaders are reportedly now placing strict deadlines on the other panels that have to review the legislation with the goal of securing a vote on the legislation in the full House ahead of the August recess.

Under the legislation, also known as the Waxman-Markey bill, the US will introduce a carbon cap-and-trade scheme designed to cut carbon emissions 17 per cent by 2020 and 80 per cent by 2050 compared with 2005 levels. Utility companies will also be required to generate 20 per cent of their energy demands from renewable sources by 2020 and as a raft of new incentives for low-carbon technologies will be introduced.

The Energy and Commerce Committee said that the bill had been broadly supported by a coalition of organisations that included electric utilities, oil companies, car makers and more obvious supporters such as environmental groups. "Because of its balanced approach, ACES has received broad support from industry and environmentalists," it added.

But despite assertions from the Environmental Protection Agency that the cuts in carbon emissions delivered by the bill will cost American families "less than a postage stamp per day", Republicans and some business groups remain broadly opposed to legislation that they believe will impose significant costs on the US economy.

And it has also faced criticism from green groups who have argued that the legislation has already been watered down too far.

Last month, Greenpeace criticised changes to the bill that saw the rules surrounding the cap-and-trade scheme relaxed and emissions reductions targets for 2020 reduced from 20 to 17 per cent.

"While science clearly tells us that only dramatic action can prevent global warming and its catastrophic impacts, this bill has fallen prey to political infighting and industry pressure. We cannot support this bill in its current state," said Greenpeace USA executive director Phil Radford.