Carbon emissions to be slashed by 20% under Senate climate legislation:

Sens. Barbara Boxer, D-Calif., and John Kerry, D-Mass., unveiled legislation that seeks a 20% reduction in greenhouse gases emitted by U.S. refineries, power plants and other industrial sources by 2020 -- a bigger cut than the 17% target in a House-approved bill. The measure uses 2005 as a base year and aims to establish a market for businesses to sell and purchase pollution permits. The bill, which also calls for a drop in emissions exceeding 80% by 2050, will help the U.S. "reinvent" its energy use to bolster national security and other interests, Kerry said.

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