Congress is getting serious about global warming.

A bipartisan bill in the Senate could signal the approaching end of industry spewing greenhouse gases unabated. The legislation, which aims to limit emissions and establish a system of carbon allowances, could put a stop to polluting for profit.

For too long, business strategies that are bad for the environment have been good for the bottom line. Previous efforts to cut carbon dioxide and other heat-trapping gases have been rebuked, but with Democrats now in the majority on Capitol Hill, the sands are shifting.

Presidential contenders John McCain and Barack Obama have joined forces to propose this much-needed plan. Sen. Joe Lieberman, I-Conn., also is a sponsor, and other lawmakers are pushing their own versions of global warming legislation.

Though the prospect of a presidential veto still looms large, these proposals illustrate that it's possible to protect the environment and the country's economic interests. Ten CEOs of major corporations, including utilities and chemical firms, have even joined the fight, urging President Bush to support limits on emissions.

The bipartisan legislation takes an aggressive approach, seeking to reduce greenhouse gases by two-thirds by 2050. But the cuts would be phased in, and companies would have the option of reducing emissions or purchasing carbon credits to comply with the rules.

This important legislation could make clean-air measures more appealing to businesses. And it could force utilities to begin weaning themselves from fossil fuels.