John Kerry and Joe Lieberman unveiled their climate change legislation today, and the Huffington Post lays out some key provisions:
- Offshore drilling: In the wake of the Deepwater Horizon disaster, states would be allowed to ban drilling up to 75 miles off their coastline. And 37.5% of revenues are earmarked for shoreline environmental protection.
- Carbon price: Polluters would have to buy carbon emission permits on an open marketplace, with emissions going for between $12 and $25 per ton. "Restrictions would take effect in 2013 for power plants and transportation fuels and in 2016 for manufacturers."