The US Congress is under pressure to design and pass a climate bill by end-2009, an unlikely prospect considers CA Cheuvreux. The threat of full auctioning has faded and all sectors, except transport fuels, are set to receive generous free allocations out to 2025, thereby preventing sectors such as steel, cement, chemicals and paper producers from facing significant CO2 costs. The carbon price signal to emerge from such a scheme is expected to remain under US$20/t out to 2020. However, though encouraging the emissions reduction target defined by the US is considered much too weak by Europe and emerging countries.