Financial Times FT.com

Cap and trade or coach and horses

Published: May 18 2009 19:47 | Last updated: May 18 2009 19:47

Whether a climate change bill emerges from the US Congress this year is much in doubt. Most Republicans still oppose the very idea of reducing emissions of greenhouse gases. Democrats are less than united in their commitment to it, once forced to consider the implications. The signs are that if a bill does somehow pass, it will be ugly.

A subcommittee of the House of Representatives has taken the lead in drafting a cap-and-trade plan – the approach promised by Barack Obama – but its initial efforts give one pause.

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