The bill, introduced by Sen. Barbara Boxer of California, chair of the Senate Environment and Public Works Committee, and Sen. John Kerry of Massachusetts, calls for the U.S. to reduce its emissions by 20 percent below 2005 levels by 2020, and 83 percent below 2005 levels by 2050.
That's a slightly steeper short-term cut than the one passed in a controversial House bill in June, which called for 17 percent reduction by 2020. The bills require equal levels of cuts by 2050.
Both bills would establish a cap-and-trade system that would limit greenhouse gas emissions by issuing pollution offsets. Power plants, factories and others could buy and sell those offsets in a regulated market. The number would be reduced over time, reducing the total amount of greenhouse gas emissions.
"We know clean energy is the ticket to strong, sustainable economic growth," Boxer said at a rally to introduce the bill.
Most environmental lobbyists said they were pleased with the legislation.
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