Washington, D.C. - On Friday evening, the American Clean Energy and Security Act, championed by Chairmen Henry Waxman and Edward Markey, passed in the House by a vote of 219 to 212. This is a step towards creating national cap and trade legislation in the U.S. and establishing ambitious goals for emissions cuts for industry. Specifically, it calls for emissions reductions of 17 per cent (from 2005 levels) by 2020 for large emitters, and 83 per cent by 2050.

On the floor, Speaker Nancy Pelosi said: "No matter how long this Congress wants to talk about it, we cannot hold back the future. And so, in order to move on with the future, I want to yield back my time, submit my statement for the record, and urge my colleagues to vote for this important legislation. And when you do, just remember these four words for what this legislation means: jobs, jobs, jobs, and jobs. Let's vote for jobs."

The Alliance for Climate Protection Chair, and former Vice-President Al Gore, enthusiastically endorsed the passage of the bill.

"The American Clean Energy Security (ACES) Act is one of the most important pieces of legislation Congress will ever pass," he said. "This comprehensive legislation will make meaningful reductions in global warming pollution, spur investment in clean energy technology, create jobs and reduce our reliance on foreign oil.

"The next step is passage of this legislation by the Senate to help restore America's leadership in the world and begin, at long last, to put in place a truly global solution to the climate crisis."

The Senate is unlikely to move on this within the year. It was originally working on its own bill, but that has yet to come to fruition.

For more about how this legislation might affect Canadian companies, click here. And watch for more reaction on the bill next week on the Green Business website.

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