The chairman of the newly created House Select Committee on Energy Independence and Global Warming, Markey was hand-picked by House Speaker Nancy Pelosi (D-Calif.) to lead the charge on one of Pelosi’s signature issues.
“The chorus for change is deafening,” Markey said in a speech unveiling the bill at the Center for American Progress, a liberal think tank.
“The call of this generation is to stop global warming. And today I put forth [this bill] as a signal of light for those who wish to stand together in the fight to save our planet.”
Markey’s bill is the culmination of over a year’s worth of work by the committee and represents the most ambitious climate change bill to date.
The bill would implement a cap and trade system to reduce carbon emissions 85% by 2050. The bill sets aggressive interim targets and implements almost a complete auction system for carbon credits. Over half of the estimated $8 trillion in profits from the auction would be returned to low- and middle- income households to compensate for increased energy costs.
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