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The Congressional Energy and Commerce Committee has unveiled a draft of a new bill that could supersede the northeast carbon cap and trade agreement in the northeast, known as  RGGI.

The goal of the federal proposal is to reduce carbon emissions that contribute to global warming by 17 percent by 2020. The bill is expected to place limits on carbon emissions from a wide variety of sources. The Regional Greenhouse Gas Initiative, which has been in effect since September, limits emissions only from power generators.   Like RGGI, the nation-wide plan is expected to require polluters to purchase carbon allowances.  Under RGGI Connecticut has received about 14 million dollars in revenue from the auction of carbon allowances. The state has invested about ten million of that into energy efficiency and about three million into renewable energy. If a national plan is approved RGGI is likely to end. Some state officials and environmentalists want to make sure that under the federal plan Connecticut would continue to receive revenue for efficiency and renewables. Paul Farrell is with the Department of Environmental Protection

“One of our most significant concerns would be that we would see auction revenue of allowances sales diminished as a result of federal legislation.”

The Congressional Energy and Commerce Committee is expected to debate the bill next week with a goal of voting it out of the committee before Memorial Day.