Two US House of Representatives Committee Chairmen Release Draft Climate Change Mitigation Bill. (April 9, 2009)

  House Energy and Commerce Chairman Henry Waxman (Democrat-California) and Subcommittee on Energy and the Environment Chair Ed Markey (Democrat-Massachusetts) released a draft of their energy and climate legislation, the American Clean Energy and Security Act (ACES). The bill calls for a cap-and-trade program to reduce emissions 3% below 2005 levels in 2012, 20% below 2005 in 2020, 42% below 2005 in 2030, and 83% below 2005 by 2050. The bill also includes titles on clean energy, including a call for renewables to make up 25% of the supply of electricity by 2025; energy efficiency; and transitioning to a clean energy economy. Subcommittee markups are scheduled to begin the week of April 27.

For comparison the Australian Government's commitment is for a 5%-15% reduction below 2000 levels by 2020 and its long-term target will be a 60% reduction in greenhouse gas emissions from 2000 levels by 2050.

Of course what the makeup of the final legislation that is sent to President Obama by the US Congress remains to be seen.