The idea of imposing a broad cap-and-trade system to cut America’s greenhouse gas emissions is dead and will be replaced with a new approach, an influential Republican senator said Tuesday. Lindsey Graham, one of three senators working against daunting odds to produce a compromise climate bill, has recently turned against imposing the kind of cap-and-trade system used in Europe, which involves companies buying and selling pollution permits.
Graham did not specify whether another mechanism or some sort of cap-and-trade would be used more narrowly, such as to control emissions in the power utility sector.
“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.