WASHINGTON, March 2 (Reuters) – U.S. Senator Lindsey Graham said on Tuesday a proposed economy-wide cap-and-trade system for reducing emissions of carbon dioxide and other greenhouse gases was dead and would be replaced in a new bill.
Graham, a Republican, did not specify whether cap-and-trade might be used to control emissions in just one sector, such as utility companies, instead of earlier efforts for an economy-wide mechanism.
“The cap-and-trade bills in the House and Senate are dead. The concept of cap-and-trade is going to be replaced,” Graham said.
Democratic Senator John Kerry told reporters he hoped a compromise climate control bill could be put together this month, although many meetings still must be held. Graham told reporters it will be “weeks” before a bill is ready.
But Senator Joseph Lieberman, an independent working with Graham and Kerry, said a detailed outline of a bill could come within days.