The American Clean Energy and Security Act of 2009
passed the US House of Representatives on 26 June 2009 by just 219
votes to 212. The legislation aims to "create clean energy
jobs, achieve energy independence, reduce global warming pollution
and transition to a clean energy economy". Most importantly,
this is the first Bill to propose that the US government cap and
regulate greenhouse gases (GHGs), with the first
cap to be imposed in 2012. The Bill proposes a reduction in GHG
emissions from capped sources of 17% from 2005 levels by 2020, 42%
by 2030 and 83% by 2050.
Critics argue that the Waxman-Markey Bill (as it is identified
by reference to its two main proponents) spells economic disaster
for the US. Anadarko Petroleum Corporation Chief Executive Officer
Jim Hackett claims the changes will lead to higher prices and job
losses. President Barack Obama counters this viewpoint stating that
"the nation that leads in the creation of a clean energy
economy will be the
