The Environmental Protection Agency proposed a rule earlier this week to mandate a wide range of industries to monitor and measure their greenhouse gas emissions. The plan would establish a federal accounting of all of the heat trapping gases, including carbon dioxide, methane and nitrous oxide at factories, power plants and other major facilities. The major industries that would need to comply are oil refineries, cement plants, utilities, automotive and pulp and paper manufacturers.

The plan is now open for public comment, with the hopes for a ruling this fall, and implementation of monitoring for 2010 and reporting by 2011. The monitoring and reporting function will become the foundation for the national carbon cap and trade initiative that is expected to come this year.

You can read more about this initiative in this story at the New York Times.

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