CITIZEN POWER ALLIANCE

Representative Edward J. Markey, the chairman of the special House committee on global warming, today unveiled sweeping legislation to cut greenhouse gas emissions and raise billions of dollars to create alternative sources of energy.

The bill - the culmination of more than 40 hearings by Markey's committee - marks the starting point for a new legislative battle against global warming, a centerpiece of congressional Democrats' agenda for the immediate future.

Markey, a Malden Democrat, described the legislation, which would take effect in 2012, as the most aggressive plan yet for arresting global climate change, mandating an 85 percent cut in greenhouse gases over the next four decades. Markey expects to file his bill next week when Congress returns from its Memorial Day break, according to the Associated Press.

The most controversial part of the plan would be the so-called cap-and-trade plan under which major polluters would have to purchase licenses through a government auction to cover the amount of carbon dioxide they produce.

Under the system, the government would cap the total level of pollution allowed each year and sell licenses allowing companies to release carbons into the atmosphere only up to that level. The cost of the licenses would vary depending on the market - with prices dropping as the country comes closer to meeting its goals for eliminating carbons.

The proceeds from these auctions - estimated to be as much as $8 trillion between 2012 and 2050 - would be "recycled" to pay for the development of new low-carbon technologies and to help offset the painful increases in energy prices for American consumers.

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