U.S. Representatives Lloyd Doggett (D-Texas), Chris Van Hollen (D-MD) and Earl Blumenauer (D-OR) today introduced the Climate MATTERS Act (Climate Market Auction Trust and Trade Emissions Reduction System) to institute a cap-and-trade system designed to reduce greenhouse gas pollution. This is the first such bill to receive primary referral to the Ways and Means Committee, which is scheduling a hearing on it within a month.
The bill’s 2050 target is 80% below 1990 levels, and auctions 85% permits from the start, moving to 100% by 2020. Funds from the auction are directed primarily to consumers and workers, including a fund for healthcare.
The following environmental organizations released a joint statement heralding the legislation for its “strong, science-based targets” and “best practices of cap-and-trade policy”: Alaska Wilderness League, Defenders of Wildlife, Earthjustice, Environmental Defense Fund, Environment America, Greenpeace, League of Conservation Voters, National Audubon Society, Physicians for Social Responsibility, Sierra Club, Union of Concerned Scientists, The Wilderness Society.
Bill summary provided by the authors: