Wednesday, November 14, 2012
The U.S. Congress today passed the final version of the legislation prohibiting U.S. carriers from complying with the EU ETS. The House of Representatives had passed an earlier draft in 2011, but needed to approve changes that had been made in the Senate's version of the bill. President Obama has yet to give any indication whether or not he will sign the bill, and environmental groups are hoping a veto will initiate a strong second term effort to combat climate change. As a result of the recently announced one-year ETS suspension, the short-term consequences of the President's decision will be largely political.