Sens. John Kerry, D-Mass., and Joseph Lieberman, I-Conn., at a news conference, with industry leaders, announcing their climate change bill on Capitol Hill in Washington, Wednesday, May 12, 2010.(AP Photo/Harry Hamburg)

If you want the complete rundown on the latest climate legislation — the newly introduced Kerry-Lieberman American Power Act, don’t miss this lengthy analysis by Darren Samuelsohn of Greenwire, via The New York Times.

The story has a rundown of all of the major provisions, as well as early reactions from various intrest groups. The bottom line:

The Kerry-Lieberman legislation will call for a 17 percent reduction in carbon pollution from 2005 levels by 2020; 42 percent by 2030 and 83 percent by 2050. Power plants will face the first restrictions, followed six years later by energy-intensive manufacturers.

The official summary released today includes this section titled “Ensuring Coal’s Future”:

— We empower the U.S. to lead the world in the deployment of clean coal technologies through annual incentives of $2 billion per year for researching and developing effective carbon capture and sequestration methods and devices.

— We also provide significant incentives for the commercial deployment of 72 GW of carbon capture and sequestration.

Let the debate begin …