Free CO2 Credits Beat Out Auctions In Congress

Law360, New York (May 8, 2009, 12:00 AM EDT) -- Though President Barack Obama projected in February that the government would take in $646 billion over 10 years from the sale of allowances under a cap-and-trade program, it now appears that, at least initially, most allowances will be handed out for free.

Until May, a draft version of the main U.S. climate bill, the American Clean Energy and Security Act, did not address the allowance allocation issue.

But during a markup session, the U.S. House of Representatives Energy and Commerce Committee decided to give away 57...
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