In June 2009 the House of Representatives approved the American Clean Energy and Security Act (ACESA), an energy bill that would establish a variant of a cap-and-trade plan for greenhouse gases to address climate change. The bill is also known as the Waxman-Markey Bill. It was approved by the House of Representatives, but until today (August 2009) has not yet been approved by the Senate.
Implementation of the cap would reduce emissions from covered sources to 17% below 2005 levels by 2020 and 83% below 2005 levels by 2050. Total U.S. greenhouse emissions would be reduced, as a result, by 15% below 2005 levels by 2020. This is slightly more than President Obama's goal of reducing emissions to
1990 levels by 2020 (approximately 14% below 2005 levels). However, implementing the ACESA would result in significant additional emissions reductions beyond those generated by the pollution cap.
The bill contains substantial complementary requirements including emissions performance standards for uncapped sources and emission reductions from forest preservation overseas. When these are taken into account, GHG emissions would be reduced by 28% below 2005 levels by 2020 and 75% below 2005 levels by 2050. When additional reductions from requirements related to international offsets-used for compliance with the federal cap and trade regime-are also factored in, potential emission reductions from the bill would be even greater. They could reach up to 33% below 2005 levels by 2020 and up to 81% below 2005 levels by 2050, depending on the quantity of offsets used.
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Global warming is a huge problem which will significantly affect every country in the world. Many people all over the world are trying to do whatever they can to help combat the effects of global warming. One of the ways that people can fight global warming is to reduce their dependence on non-renewable energy sources like oil and petroleum based products.