The passage of the Waxman-Markey Bill by the House of Representatives late last month was a monumental step forward in the nation's effort to fight climate change. As New York Times Columnist Thomas Friedman noted on Wednesday: "This bill is the first comprehensive attempt by the U.S. to mitigate climate change by putting a price on carbon emissions." 

Congressmen Henry Waxman and Edward MarkeyThe legislation introduces a cap-and-trade system that limits national carbon dioxide emissions through the use of a tradable permit system, modeled after the successful system implemented in Europe.

Some environmental groups opposed the bill, arguing that too many concessions were made to special interests in order to achieve it's passage. We at NYLCV believe that achieving a solid cap-and-trade federal policy was better than having a perfect one remain absent from U.S. law.

The House vote is as symbolic as it is practically important. The Senate's failure to ratify Kyoto remains a stain on American claims to be environmental stewards of the earth. Looking forward to Copenhagen, the United States needs to set an example to bring polluters like China and India on board for an international accord. Passage of the Waxman-Markey bill was a vital step on this path.