Climate bill pending in House

WASHINGTON, May 26 (UPI) -- A federal climate bill is progressing in the U.S. House after being changed to lessen its economic consequence.

Greenwire reported Tuesday that, among other things, the legislation was tweaked to permit the emission of some greenhouse gas without penalty.

It was the free allowances to certain companies to pump a ton of greenhouse gases into the atmosphere that allowed the bill by Reps. Henry Waxman, D-Calif., and Ed Markey, D-Mass., to move out of the House Energy and Commerce Committee last week, Greenwire said.

The cap-and-trade plan would impose steadily tightening limits on greenhouse gas emissions.

Under the plan, companies whose emissions exceeded their caps would have to purchase emission allowances by doing such things as investing in rain forest preservation.