Senate Offers Alternative Climate Bill

Two U.S. Senators are offering an alternative climate bill that they say will cap planet-warming emissions but reduce the role of Wall Street in carbon markets. Democrat Maria Cantwell and Republican Susan Collins introduced the “cap and dividend” legislation.

Instead of placing carbon limits on most major polluters, the bill would focus only on producers and importers of fossil fuels such as coal mining companies. Companies covered by their legislation would be required to buy permits for their carbon emissions in monthly auctions. Most of the money from the auctions would be refunded back to consumers to offset higher energy costs while the rest would go to clean energy development.

The senators say the scheme would achieve the goal of reducing carbon emissions but would be more streamlined and predictable than ‘cap and trade.’

Bolivia Demands Financial Aid

Bolivia is demanding financial aid from rich countries to deal with the effects of climate change.

The country says poor nations like them are suffering the most from global warming, a problem they say developed nations have created.

Glaciers in the Andes, which have long provided water and electricity to the region, continue to disappear at an alarming rate.

Millions of residents are at risk of being displaced because of water scarcity. Scientists say a well-designed reservoir could help.

Figuring out how rich nations can help compensate poor nations for the affects of global warming is a major topic at the climate talks in Copenhagen.

The European Union has made an initial pledge of $3.5 billion annually for three years to help poor countries cope with climate issues.

Economists predict the total cost to be $100 billion or more.