The U.S. House of Representatives on Friday passed a bill that would cap greenhouse gas emission and permit the trade of greenhouse gas credits, reported Reuters.
The Associate Press reported that the bill allows the government to issue a number of permits to businesses. These businesses could then sell the credits to each other as per need. The government would begin to shrink the number of credits hoping to reduce carbon emissions by 17 percent by 2020 and by 83 percent by 2050, compared to emissions levels from 2005.
The bill was passed by a small margin, 219-212, reported the Associated Press; The “razor-thin vote in the House spells doom in the Senate,” said Sen. James Inhofe, R-Okla., the top Republican on the Senate’s environment panel.
Rep. John Boehner, the House Republican leader, presented the House with a one-hour speech before the final vote, in which he warned of unintentional consequences in what he said was a “defining bill,” reported the Buffalo News. Rep. Boehner called the bill a “bureaucratic nightmare” that would cost jobs and lower real estate prices.
“This bill doesn’t solve every problem, but passage today means that we build momentum for the debate coming up in the Senate and negotiations for the treaty talks in December which will put in place a global solution to the climate crisis,” climate change advocate and former Vice President Al Gore said.