On Friday night, after a day of heated debate, the climate change bill endorsed by Senators Waxman and Markey managed to pass through the US House of Representatives by a very narrow vote: 219 were in favour, including 8 Republicans, and 212 against, including 44 Democrats. The bill, which sets up a national cap and trade from 2012 and mandates a 17 percent reduction in US GHGs compared to 2005 levels by 2020, has been at the centre of delicate negotiations and had received the endorsement of the American President Barack Obama earlier this week. Last minute negotiations translated in the inclusion in the bill of some recognition for voluntary offset programs such as the Chicago Climate Exchange. Moreover, the agriculture and forestry sectors are excluded from the bill’s caps and the US Department of Agriculture instead of the US Environment Protection Agency will oversee agricultural offset projects in response to lobbying from house members representing agricultural districts. The Waxman-Markey bill will now face the Senate, with a vote likely to take place in the fall. President Obama declared he hopes to sign the bill into law before the Conference of Parties takes place in Copenhagen this December.

• This news is extracted from the Emission Trading Monitor : a weekly column that summarises the latest news on international climate change agreements, the updates on the carbon market and the energy and technology updates in the realm of climate change. Go to the web page and see all previous issues.
• This week: MS lawsuit against EC could backfire…or not?, Landmark vote: climate bill wins House support, Swiss carbon tax to triple, Draft report shows MEF potential commitment, Emissions rise in 2008 but less than in 2007, and the carbon market. Download June 22-26 2009 issue [pdf – 157 Kb]: