WASHINGTON, March 31 (Reuters) - Leading Democrats in the U.S. House of Representatives on Tuesday offered a climate change and energy efficiency bill that would give industry up to 2 billion tonnes in “offsets” to help them meet requirements for cutting greenhouse gas emissions.
The legislation by top Democrats in the House Energy and Commerce Committee also would give industry “rebates” so that U.S. firms can remain competitive with overseas competitors.
The legislation, according to the committee, also would give the president the power to establish a “border adjustment” program if those rebates are not sufficient. “Under that program, foreign manufacturers and importers would be required to pay for and hold special allowances to ‘cover’ the carbon contained in U.S.-bound products,” the committee said.
Reporting by Richard Cowan