The American Clean Energy and Security (Waxman-Markey) bill was passed by the US House of Representatives.  The bill aims to reduce greenhouse-gas emissions 17% by 2020 and over 80% by 2050 compared to 2005 levels.  A limited number of pollution permits would be issued.  Most of the permits would initially be given away free to utilities, manufacturers, state governments and others.  The permits could then be traded or sold.

The major features of the bill are

• Requires electric utilities to meet 20% of their electricity demand through renewable energy sources and energy efficiency by 2020.
• Invests $190 billion in new clean energy technologies and energy efficiency, including energy efficiency and renewable energy ($90 billion in new investments by 2025), carbon capture and sequestration ($60 billion), electric and other advanced technology vehicles ($20 billion), and basic scientific research and development ($20 billion).
• Mandates new energy-saving standards for buildings, appliances, and industry.
• Reduces carbon emissions from major U.S. sources by 17% by 2020 and over 80% by 2050 compared to 2005 levels.
• Protects consumers from energy price increases.

The Congressional Budget Office has estimated that if passed by the Senate  the bill would cost an average of $175 a year per household.  As I blogged about recently, according to a recent survey of 2,164 Americans conducted  by researchers at George Mason and Yale Universities, a large majorities of Americans support policies for addressing climate change and renewable energy.  And they are willing to put their money where their mouth is.   Most of the respondents said that they were prepared to pay more to support renewable energy policies.  For example, 72 percent supported a renewable portfolio standard that would require electric utilities to produce at least 20 percent of their electricity from wind, solar, or other renewable energy sources, even if it cost the average household an extra $100 a year.