The opening salvo of debate on the Lieberman-Warner Climate Security Act (S.3036) begins today in the Senate. The bill proposes a cap-and-trade system, which aims to slow global warming by creating emission allowances. Each allowance is essentially a certificate that permits a company to produce a certain amount of greenhouse gases. A limited number of allowances will be issued, and gradually decreased in number over the next few decades. Companies can trade and lend allowances among themselves in order to meet the emissions targets for the economy as a whole. If enacted, the bill would be an exciting and strong commitment for the United States to undertake – Time magazine has called it “by far the most serious attempt by the federal government to reduce America’s greenhouse gas emissions.”

In introducing the legislation, Senator Lieberman shared a startling projection: the Climate Security Act could reduce American carbon emissions by as much as 63% by 2050. This exciting prospect has triggered a great deal of interest in the bill, among both political and private-sector leaders. The United States Climate Action Partnership (USCAP), a coalition of corporations committed to the establishment of a cap-and-trade system, has called the Lieberman-Warner bill “a welcome step in a process that we hope will lead to the enactment of an environmentally effective, economically sustainable and fair climate change program.” (Read the USCAP letter here.) Members of USCAP include Alcoa, BP, ConocoPhillips, Dow Chemical, GE, and PG&E.

The Climate Security Act is not without opponents, and it must overcome a procedural hurdle today on the Senate floor in order to receive a thorough consideration. However, one thing is for certain: this new bill is a far smarter approach than the Bush Administration’s strategy of voluntary reporting and stalling when it comes to the monumental business of reversing climate change.