The likelihood of the US adopting binding emission targets and a nationwide cap-and-trade scheme took a major step forward yesterday after presidential nominee John McCain outlined a comprehensive plan for tackling global warming.

In a speech at the Vestas wind turbine manufacturing plant in Oregon, the Republican Senator sought to distance himself from the Bush administration's sceptical stance on global warming, insisting that if elected he would "not permit eight long years to pass without serious action on serious challenges".

In a move likely to infuriate some of the climate sceptics within his own party, McCain insisted urgent action was required to curb carbon emissions.

"Instead of idly debating the precise extent of global warming or the precise timeline of global warming, we need to deal with the central facts of rising temperatures, rising waters and all the endless troubles that global warming will bring," he said.

"We stand warned by serious and credible scientists across the world that time is short and the dangers are great. The most relevant question now is whether our own government is equal to the challenge."

He outlined plans for a US cap-and-trade scheme designed to reward those firms that limit emissions and provide financial incentives for investment in renewable energy.

"As never before, the market would reward any person or company that seeks to invent, improve or acquire alternatives to carbon-based energy," he said.

The scheme would also feature binding emission caps – a policy repeatedly rejected by President Bush – that would seek a return to 2005 levels of emissions by 2012, a return to 1990 levels of emissions by 2020 and a 60 per cent cut in emissions by 2050.

The proposals make the introduction of a US cap-and-trade scheme all but inevitable, following as it does similar commitments from Democratic presidential candidates Barack Obama and Hillary Clinton.

However, both Democratic candidates have outlined plans for cap-and-trade schemes that would deliver an 80 per cent cut in emissions by 2050 and were swift to condemn McCain's plans as being based on outdated science.

"Senator McCain's proposal simply does not go far enough to address the growing threat that the climate crisis poses to our children and grandchildren, " Clinton said in a statement, adding that while his proposals "may be improvement on President Bush's, that's not saying much".

Obama also raised questions over McCain's environmental track record, noting that he has repeatedly voted against measures to stimulate investment in renewable energy.

However, international negotiators currently seeking to broker a successor to the Kyoto Protocol were likely to be encouraged by McCain's speech after he said he would support "meaningful environmental protocols" that included China and India.

He also signalled that he would be willing to impose tough trade tariffs on the countries if they refused to sign up to an agreement, outlining plans to work with the EU and other countries to "to develop a cost equalisation mechanism to apply to those countries that decline to enact a similar cap".