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The U.S. Senate’s latest attempt to deal with global warming is a skillfully constructed set of nesting boxes—deals tucked inside of compromises hidden inside of deals. Enthusiastic carpentry of this kind is necessary if the climate bill hopes to muster the 60 votes needed to pass. (Few give it much chance, but that’s another blog entry.)

John Kerry himself concedes that it is not the bill he would write in a perfect world. Well, the world isn’t perfect and neither is the bill–but it is well worth supporting, because it would accomplish two crucial objectives that America has for years been unable to do: set a mandatory declining cap on greenhouse gas emissions and establish a price for carbon—the moves necessary to accelerate the Great Energy Transition and put the U.S. on a high-growth, low-carbon path.