The Environmental Protection Agency will debut draft regulations on Monday to cut carbon emissions from power plants 30 percent from 2005 levels by 2030, according to multiple sources briefed on the proposal.
The Wall Street Journal first reported details of the climate rule on Sunday, saying that EPA will seek a 25 percent overall carbon cut by 2020. It will ratchet that requirement up to 30 percent by 2030.
Another source cautioned, however, that the 30 percent reduction may be one of several targets proposed by the EPA.
The agency plans to set varying reduction targets by state. And states will be able to chose from a menu of options to comply. This includes adding renewable power generation to the grid, spurring energy-efficiency gains and implementing market-based approaches to rein in emissions such as cap-and-trade.
The rule is expected to be finalized by June 2015, and states will have until June 2016 to submit plans for achieving the standard.
The regulation stands as the centerpiece of the administration’s effort to address global warming. Once finalized, it will help shore up the president’s legacy on climate change. The White House also hopes the rule will pave the way for the U.S. to extract substantial commitments from nations like China and India to rein in carbon emissions.
Here’s the big political news of the Sunday/Monday news cycle: The Obama administration via the EPA is proposing to promulgate major greenhouse gas emission standards. This is a big deal. Meanwhile, back at the ranch, Senate Minority Leader Mitch McConnell shocks everyone in the Washington press corp by asserting that limiting greenhouse gases will be a “jobs killer.” Economists familiar with the details of the proposed regulations project that as many as three oil company CEOs could be forced into retirement to the Bahamas by as early as 2015 if these Draconian rules are allowed to go forward. What a tragedy that would be for all of humanity. KL