Climate Bill Passes the House

The Waxman-Markey climate bill narrowly passed the House today. The vote was  219 to 212.

As we've noted, the bill's cap and trade approach is promising in many respects but might create a dangerous market in carbon derivatives (or not). Even before it was watered down and porked-up with gifts to biofuels industry, it never achieved the kind of emissions cuts that scientists and European governments say are needed to avert catastrophic climate change. Recent polls had shown that most people believe in the need to regulate emissions, yet the Obama administration framed the issue as a jobs bill, apparently believing the environmental message wouldn't stand up to attack. Environmental groups were deeply divided over the bill, and Greenpeace ultimately opposed it.

It now heads to the Senate, where it is likely to find more support from moderate Republicans than in the polarized House. Even so, I've been told by some environmental campaigners that the Senate isn't any more likely to strengthen the bill.

• The War Over Waxman-Markey

  Pass a flawed climate bill now, or wait for a better one later?

• The Most Important Number on Earth

  We're way past the carbon tipping point. It's time to freak out—and get to work.

• Could Cap and Trade Cause Another Market Meltdown?

  Wall Street wants to open up a massive carbon derivatives market. Here we go again.