Congress is getting serious about global warming but approaches being considered will hasten environmental calamity.

The full Senate is about to take up the Warner-Lieberman Bill. It would limit U.S. greenhouse gas (GHG) emissions in 2012 to 2005 levels, and reduce those by 70% in 2050.

Unfortunately, by encouraging U.S. energy-intensive industries to flee to developing countries, it would penalize U.S. businesses that could contribute importantly to reducing GDG emissions and accelerate global warming.

The Kyoto Protocol, implemented in 2005 without the U.S., commits virtually all other industrialized countries to reducing GHG emissions to 6-8% below 1990 levels. Developing countries are generally absolved, and industrialized countries may avoid some emission reductions by sponsoring clean-up and reforestation projects in them.

CO₂ emissions account for more than four fifths of U.S. GHG emissions and a larger share of those susceptible to government regulation. CO₂ is created by processing and burning fossil fuels, and cutting emissions requires slashing their use.

To reduce emissions, EU governments require fossil fuel producing and using industries to obtain emission allowances. Governments issue limited allowances, and businesses buy and sell these in a private market. Purchasing allowances raises costs for fossil fuel-intensive activities like electrical generation, manufacturing and driving.

Warner-Lieberman would impose a similar cap-and-trade regime in the U.S.

Large developing countries like China and India show little inclination to adopt comparable effective strategies, and the EU regime encourages carbon-intensive industries, like steel, aluminum and automobiles, to move to those locations. Warner-Lieberman would encourage a similar exodus of U.S. manufacturers.

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