Latest on the climate bill and new economic study of ‘energy-only’ approach

On E2, Senate Democrats are ready to get to work on a comprehensive energy plan. This news

“comes a day after a Senate Democratic caucus meeting that, according to several lawmakers, revealed a strong interest among members in pressing ahead with legislation this year to boost alternative energy and reduce emissions.”

E2 also has a new study by the Center for American Progress warning that an “energy-only” bill will increase the budget deficit while a comprehensive approach would actually reduce the deficit. Study author and senior fellow Daniel J. Weiss notes that

“proposed global warming legislation…would actually generate enough revenue to reduce the deficit, prevent major price increases on consumers, and still invest in clean energy technologies. These bills would generate billions of dollars in revenue from the auction of ‘pollution allowances’ that the largest emitters must hold for every ton of greenhouse gas pollution emitted annually.”

Green Inc. asks “Is it energy’s turn now?” The answer seems to be yes, especially after the successful Democratic caucus on Thursday and the willingness of the President to throw his support behind the issue.

“President Obama hoped to give the matter a boost this week by calling a bipartisan group of senators to the White House for a pep talk, but he canceled at the last minute to deal with a crisis in his military leadership in Afghanistan. The president is now planning to host the energy meeting on Tuesday.”