House OKs Renewable Energy Bill

The House passed a broad-based clean energy bill yesterday that redirects $16 billion in tax incentives from big oil and gas companies to renewable energy sources like wind and solar power. Democrats hailed the legislation as the first big step toward making the US a more environmentally friendly nation, but Republicans say the bill will increase dependence on foreign oil.

The bill, which faces a likely veto, calls for utility companies to generate 15% of their electricity from renewable sources by 2020 in an effort to reduce CO2 emissions. "This is the historic break with the fossel-fuel past," said Ed Markey. But the bill put off including more controversial measures like tightening auto fuel efficiency standards till later this year.