Summary of the Climate Security Act by Center for American Progress

The Center for American Progress, a Washington DC-based think tank, recently summarized the Lieberman-Warner Climate Security Act. The Act would create a cap and trade system that captures the cost of emitting carbon dioxide. According to the Center the bill would

"require carbon dioxide emitters to have 'allowances' for every ton of pollution they emit. Firms that reduce their emissions would need fewer allowances and those that don't would need to purchase more allowances."

The article outlines the details of the granting and auctioning of allowances and the potential economic and environmental impacts. The article can be found here.