The Boxer-Kerry climate bill will be unveiled at 11:30 AM Eastern time. And it's gotten a big makeover.
For starters, a name change: instead of American Clean Energy & Security Act, or ACES, it's now Clean (Energy) Jobs and American Power Act, or CEJAPA. There went all my bad puns! Say goodbye to this graphic!
More important than name change, though, is the substance of the bill. It's stronger than Waxman-Markey. And if you don't believe me, ask John Kerry -- below the fold, of course.
Senator John Kerry (D-MA) lays out the challenge in Politico:
The Clean Jobs and American Power Act is aimed at no less than the reinvention of the way America produces and uses energy. It will be a challenge, but America has never shied away from a challenge before.
Reinventing the way we use energy can also be the cornerstone for decades of economic growth and a stronger, more powerful America. Today, 15 million Americans are out of work. We send $1 billion per day overseas to feed our oil addiction. Scientists and generals warn that climate change caused by carbon pollution threatens our health and our national security. Each of these factors weakens America.
Kerry then explains how the bill strengthens America. Fair use rules prohibit me from quoting his entire piece, but I encourage you to click through.
One significant improvement over Waxman-Markey is 20% by 2020. That is, the bill calls for a 20% reduction in pollution/emissions from carbon and other greenhouse gases, from 2005 levels, by 2020 -- and an 80% reduction by 2050. Waxman-Markey originally called for a 20% reduction, but it was watered down in the House to 17%. Progressives were focusing on healthcare bills at the time while ignoring Waxman-Markey. This time around, we will not make that mistake. We will call upon the Senate to hold to a 20%-by-2020 standard.
With Senators Boxer and Kerry at the bill's introduction today will be retired Vice Admiral Lee Gunn and Afghanistan veteran soldier Aaron Bailey to emphasize the fact that this is a bill for American energy independence.
The bill addresses coal: "we must help the coal industry reinvent itself — that includes rewards for installing new technology to capture and store carbon pollution before it reaches the air we breathe"; "similar incentives" for natural gas to increase cost-effectiveness and galvanize technological advances"; and research, development, and worker training for nuclear power. There's also an efficiency provision: funding the efforts by 1,000 cities who've adopted tough environmental standards for new construction and for refitting existing buildings.
The bill could not come at a moment too soon. BusinessGreen has an exclusive: China's cap and trade scheme is expected to be in place within a matter of months, possibly in time for Copenhagen. China has the advantage of not having pesky United States Senators and anti-regulatory lobbyists poised to slow America down in competing in a global marketplace. However, a powerful counter-lobby is building in the US with growing numbers of businesses in favour of tough action to tackle climate change...a topic deserving a separate diary.
CEJAPA (Kerry's Politico piece does not use the word "energy" in the title of the bill, but other sources indicate that it will be in the bill itself) will present America with an opportunity to face the greatest challenge of our lifetimes.
I'll be updating this diary with links to summaries of the bill and related information when it becomes available. In the meantime, help with clever graphics and bad puns is appreciated.
UPDATE from Senator Kerry's website: all the links you need! Overview, summary, section by section summary, press release, description of Pollution Reduction & Investment mechanism, and full text! Thank you, Senator Kerry!
Update 2.0 for anyone seeing this late: check DK around 2:30 PM Eastern time for a diary from a person far more important, and far more directly involved in Boxer-Kerry, than me.