Democrats at the U.S. Energy and Commerce Committee have agreed on a renewable energy standard, greenhouse gas emissions cap and allowances distribution on the climate bill, Chairman Henry Waxman said yesterday evening.

We have resolved a good number of the issues, said Waxman, according to the Associated Press. Waxman expects to release the bill on Thursday and have the votes as early as next week.

Committee's democrats agreed utility companies will be required to generate 15 percent of their power from renewable sources by 2025. This is below a 25 percent requirement that was previously proposed.

The bill - known as the American Clean Energy and Security Act - calls for a cut of greenhouse gas emissions of 17 percent from 2005 levels by 2020. This cap is lower than the 20 percent initially proposed when the draft bill was released in March.

Critics say the new target misses the target other countries expected the United States to adopt.

Waxman said Democrats also agreed to distribute for free 35 percent of the allowances to emit greenhouse gases to local electricity distribution companies. Additional allowances will be given to manufacturing industries such as steel and cement, and some to auto manufacturers to help them develop cleaner cars, CQPolitics reports.

Details about the distribution of allowances has yet to be finalized. On Wednesday Waxman will discuss if free allowances will be given to refineries, CQPolitics reported.

President Obama has proposed that the allowances be sold by the government, with the revenue used to aid middle-class consumers and fund clean energy technologies.

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