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S 2191 ISRS

110th CONGRESS Calendar No. 740

1st 110th CONGRESS

2d Session

S. 2191

[Report No. 110-337]

To direct the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, and for other purposes.

IN THE SENATE OF THE UNITED STATES

October 18, 2007

Mr. LIEBERMAN (for himself, Mr. WARNER, Mr. HARKIN, Mr. COLEMAN, Mrs. DOLE, Ms. COLLINS, Mr. CARDIN, Ms. KLOBUCHAR, Mr. CASEY, Mr. NELSON of Florida, Mr. WYDEN, and Mr. CASEYSCHUMER) introduced the following bill; which was read twice and referred to the Committee on Environment and Public Works

May 20, 2008

Reported by Mrs. BOXER, with an amendment

[Strike out all after the enacting clause and insert the part printed in italic]


A BILL

To direct the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

-------------------------------------------------------------------------------- 
                                          Calendar Year Number of Emission Allowances (in Millions) 
-------------------------------------------------------------------------------- 
 [Struck out->] 2012 [<-Struck out]                                        5,200 
 [Struck out->] 2013 [<-Struck out]                                        5,104 
 [Struck out->] 2014 [<-Struck out]                                        5,008 
 [Struck out->] 2015 [<-Struck out]                                        4,912 
 [Struck out->] 2016 [<-Struck out]                                        4,816 
 [Struck out->] 2017 [<-Struck out]                                        4,720 
 [Struck out->] 2018 [<-Struck out]                                        4,624 
 [Struck out->] 2019 [<-Struck out]                                        4,528 
 [Struck out->] 2020 [<-Struck out]                                        4,432 
 [Struck out->] 2021 [<-Struck out]                                        4,336 
 [Struck out->] 2022 [<-Struck out]                                        4,240 
 [Struck out->] 2023 [<-Struck out]                                        4,144 
 [Struck out->] 2024 [<-Struck out]                                        4,048 
 [Struck out->] 2025 [<-Struck out]                                        3,952 
 [Struck out->] 2026 [<-Struck out]                                        3,856 
 [Struck out->] 2027 [<-Struck out]                                        3,760 
 [Struck out->] 2028 [<-Struck out]                                        3,664 
 [Struck out->] 2029 [<-Struck out]                                        3,568 
 [Struck out->] 2030 [<-Struck out]                                        3,472 
 [Struck out->] 2031 [<-Struck out]                                        3,376 
 [Struck out->] 2032 [<-Struck out]                                        3,280 
 [Struck out->] 2033 [<-Struck out]                                        3,184 
 [Struck out->] 2034 [<-Struck out]                                        3,088 
 [Struck out->] 2035 [<-Struck out]                                        2,992 
 [Struck out->] 2036 [<-Struck out]                                        2,896 
 [Struck out->] 2037 [<-Struck out]                                        2,800 
 [Struck out->] 2038 [<-Struck out]                                        2.704 
 [Struck out->] 2039 [<-Struck out]                                        2,608 
 [Struck out->] 2040 [<-Struck out]                                        2,512 
 [Struck out->] 2041 [<-Struck out]                                        2,416 
 [Struck out->] 2042 [<-Struck out]                                        2,320 
 [Struck out->] 2043 [<-Struck out]                                        2,224 
 [Struck out->] 2044 [<-Struck out]                                        2,128 
 [Struck out->] 2045 [<-Struck out]                                        2,032 
 [Struck out->] 2046 [<-Struck out]                                        1,936 
 [Struck out->] 2047 [<-Struck out]                                        1,840 
 [Struck out->] 2048 [<-Struck out]                                        1,744 
 [Struck out->] 2049 [<-Struck out]                                        1,646 
 [Struck out->] 2050 [<-Struck out]                                        1,560 
-------------------------------------------------------------------------------- 

-------------------------------------------------------------------------------- 
                                          Calendar Year Percentage of Emission Allowance Account Allocated to the Corporation 
-------------------------------------------------------------------------------- 
 [Struck out->] 2012 [<-Struck out]                                                                     18 
 [Struck out->] 2013 [<-Struck out]                                                                     21 
 [Struck out->] 2014 [<-Struck out]                                                                     24 
 [Struck out->] 2015 [<-Struck out]                                                                     27 
 [Struck out->] 2016 [<-Struck out]                                                                     28 
 [Struck out->] 2017 [<-Struck out]                                                                     31 
 [Struck out->] 2018 [<-Struck out]                                                                     33 
 [Struck out->] 2019 [<-Struck out]                                                                     35 
 [Struck out->] 2020 [<-Struck out]                                                                     37 
 [Struck out->] 2021 [<-Struck out]                                                                     39 
 [Struck out->] 2022 [<-Struck out]                                                                     41 
 [Struck out->] 2023 [<-Struck out]                                                                     43 
 [Struck out->] 2024 [<-Struck out]                                                                     45 
 [Struck out->] 2025 [<-Struck out]                                                                     47 
 [Struck out->] 2026 [<-Struck out]                                                                     49 
 [Struck out->] 2027 [<-Struck out]                                                                     51 
 [Struck out->] 2028 [<-Struck out]                                                                     53 
 [Struck out->] 2029 [<-Struck out]                                                                     55 
 [Struck out->] 2030 [<-Struck out]                                                                     57 
 [Struck out->] 2031 [<-Struck out]                                                                     59 
 [Struck out->] 2032 [<-Struck out]                                                                     61 
 [Struck out->] 2033 [<-Struck out]                                                                     63 
 [Struck out->] 2034 [<-Struck out]                                                                     65 
 [Struck out->] 2035 [<-Struck out]                                                                     67 
 [Struck out->] 2036 [<-Struck out]                                                                     73 
 [Struck out->] 2037 [<-Struck out]                                                                     73 
 [Struck out->] 2038 [<-Struck out]                                                                     73 
 [Struck out->] 2039 [<-Struck out]                                                                     73 
 [Struck out->] 2040 [<-Struck out]                                                                     73 
 [Struck out->] 2041 [<-Struck out]                                                                     73 
 [Struck out->] 2042 [<-Struck out]                                                                     73 
 [Struck out->] 2043 [<-Struck out]                                                                     73 
 [Struck out->] 2044 [<-Struck out]                                                                     73 
 [Struck out->] 2045 [<-Struck out]                                                                     73 
 [Struck out->] 2046 [<-Struck out]                                                                     73 
 [Struck out->] 2047 [<-Struck out]                                                                     73 
 [Struck out->] 2048 [<-Struck out]                                                                     73 
 [Struck out->] 2049 [<-Struck out]                                                                     73 
 [Struck out->] 2050 [<-Struck out]                                                                     73 
-------------------------------------------------------------------------------- 

-----------------------------------------------------------------------------
                                                   Year Bonus Allowance Rate 
-----------------------------------------------------------------------------
 [Struck out->] 2012 [<-Struck out]                   4.5 
 [Struck out->] 2013 [<-Struck out]                   4.5 
 [Struck out->] 2014 [<-Struck out]                   4.5 
 [Struck out->] 2015 [<-Struck out]                   4.5 
 [Struck out->] 2016 [<-Struck out]                   4.5 
 [Struck out->] 2017 [<-Struck out]                   4.5 
 [Struck out->] 2018 [<-Struck out]                   4.2 
 [Struck out->] 2019 [<-Struck out]                   3.9 
 [Struck out->] 2020 [<-Struck out]                   3.6 
 [Struck out->] 2021 [<-Struck out]                   3.3 
 [Struck out->] 2022 [<-Struck out]                   3.0 
 [Struck out->] 2023 [<-Struck out]                   2.7 
 [Struck out->] 2024 [<-Struck out]                   2.4 
 [Struck out->] 2025 [<-Struck out]                   2.1 
 [Struck out->] 2026 [<-Struck out]                   1.8 
 [Struck out->] 2027 [<-Struck out]                   1.5 
 [Struck out->] 2028 [<-Struck out]                   1.3 
 [Struck out->] 2029 [<-Struck out]                   1.1 
 [Struck out->] 2030 [<-Struck out]                   0.9 
 [Struck out->] 2031 [<-Struck out]                   0.7 
 [Struck out->] 2032 [<-Struck out]                   0.5 
 [Struck out->] 2033 [<-Struck out]                   0.5 
 [Struck out->] 2034 [<-Struck out]                   0.5 
 [Struck out->] 2035 [<-Struck out]                   0.5 
 [Struck out->] 2036 [<-Struck out]                   0.5 
 [Struck out->] 2037 [<-Struck out]                   0.5 
 [Struck out->] 2038 [<-Struck out]                   0.5 
 [Struck out->] 2039 [<-Struck out]                   0.5 
-----------------------------------------------------------------------------

-------------------------------------------------------------------------------- 
                                               Calendar Percentage of Emission Allowance Account Allocated to the Electric Power Sector Percentage of Emission Allowance Account Allocated to the Industrial Sector 
-------------------------------------------------------------------------------- 
 [Struck out->] 2012 [<-Struck out]                                                                                                                                                           20 
 [Struck out->] 2013 [<-Struck out]                                                                                                                                                           20 
 [Struck out->] 2014 [<-Struck out]                                                                                                                                                           20 
 [Struck out->] 2015 [<-Struck out]                                                                                                                                                           20 
 [Struck out->] 2016 [<-Struck out]                                                                                                                                                           20 
 [Struck out->] 2017 [<-Struck out]                                                                                                                                                           19 
 [Struck out->] 2018 [<-Struck out]                                                                                                                                                           18 
 [Struck out->] 2019 [<-Struck out]                                                                                                                                                           17 
 [Struck out->] 2020 [<-Struck out]                                                                                                                                                           16 
 [Struck out->] 2021 [<-Struck out]                                                                                                                                                           15 
 [Struck out->] 2022 [<-Struck out]                                                                                                                                                           14 
 [Struck out->] 2023 [<-Struck out]                                                                                                                                                           13 
 [Struck out->] 2024 [<-Struck out]                                                                                                                                                           12 
 [Struck out->] 2025 [<-Struck out]                                                                                                                                                           11 
 [Struck out->] 2026 [<-Struck out]                                                                                                                                                           10 
 [Struck out->] 2027 [<-Struck out]                                                                                                                                                            9 
 [Struck out->] 2028 [<-Struck out]                                                                                                                                                            8 
 [Struck out->] 2029 [<-Struck out]                                                                                                                                                            7 
 [Struck out->] 2030 [<-Struck out]                                                                                                                                                            6 
 [Struck out->] 2031 [<-Struck out]                                                                                                                                                            5 
 [Struck out->] 2032 [<-Struck out]                                                                                                                                                            4 
 [Struck out->] 2033 [<-Struck out]                                                                                                                                                            3 
 [Struck out->] 2034 [<-Struck out]                                                                                                                                                            2 
 [Struck out->] 2035 [<-Struck out]                                                                                                                                                            1 
-------------------------------------------------------------------------------- 

-------------------------------------------------------------------------------- 
-------------------------------------------------------------------------------- 
              [Struck out->] Energy Assistance Fund [<-Struck out]  20 
 [Struck out->] Climate Change Worker Training Fund [<-Struck out]   5 
                     [Struck out->] Adaptation Fund [<-Struck out]  20 
-------------------------------------------------------------------------------- 

-------------------------------------------------------------------------------- 
`Boiler Type Requirements                                             Minimum Annual Fuel Utilization Efficiency                                                                     Design 
-------------------------------------------------------------------------------- 
 [Struck out->] Gas hot water [<-Struck out]                                       82 percent No constant burning pilot, automatic means for adjusting water temperature 
 [Struck out->] Gas steam [<-Struck out]                                           80 percent                                                  No constant burning pilot 
 [Struck out->] Oil hot water [<-Struck out]                                       84 percent                                  Automatic means for adjusting temperature 
 [Struck out->] Oil steam [<-Struck out]                                           82 percent                                                                       None 
 [Struck out->] Electric hot water [<-Struck out]                                        None                                  Automatic means for adjusting temperature 
 [Struck out->] Electric steam [<-Struck out]                                            None                                                                       None 
-------------------------------------------------------------------------------- 

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title- This Act may be cited as the `America'sLieberman-Warner Climate Security Act of 2007'.

    (b) Table of Contents- The table of contents of this Act is as follows:

      Sec. 1. Short title; table of contents.

      Sec. 2. Findings.

      Sec. 3. Purposes.

      Sec. 4. Definitions.

TITLE I--CAPPING GREENHOUSE GAS EMISSIONS

Subtitle A--Tracking Emissions

      Sec. 1101. Purpose.

      Sec. 1102. Definitions.

      Sec. 1103. Reporting requirements.

      Sec. 1104. Data quality and verification.

      Sec. 1105. Federal greenhouse gas registry.

      Sec. 1106. Enforcement.

Subtitle B--Reducing Emissions

      Sec. 1201. Emission allowance account.

      Sec. 1202. Compliance obligation.

      Sec. 1203. Penalty for noncompliance.

      Sec. 1204. Rulemaking.

TITLE II--MANAGING AND CONTAINING COSTS EFFICIENTLY

Subtitle A--Trading

      Sec. 2101. Sale, exchange, and retirement of emission allowances.

      Sec. 2102. No restriction on transactions.

      Sec. 2103. Allowance transfer system.

      Sec. 2104. Allowance tracking system.

Subtitle B--Banking

      Sec. 2201. Indication of calendar year.

      Sec. 2202. Effect of time.

Subtitle C--Borrowing

      Sec. 2301. Regulations.

      Sec. 2302. Term.

      Sec. 2303. Repayment with interest.

Subtitle D--Offsets

      Sec. 2401. Outreach initiative on revenue enhancement for agricultural producers.

      Sec. 2402. Establishment of domestic offset program.

      Sec. 2403. agricultural and forestry Eligible offset project types.

      Sec. 2404. Project initiation and approval.

      Sec. 2405. Offset verification and issuance of allowances for agricultural and forestry projects.

      Sec. 2406. Tracking of reversals for sequestration projects.

      Sec. 2407. Examinations.

      Sec. 2408. Timing and the provision of offset allowances.

      Sec. 2409. Offset registry.

      Sec. 2410. Environmental considerations.

      Sec. 2411. Program review.

      Sec. 2412. Retail carbon offsets.

Subtitle E--International CreditEmission Allowances

      Sec. 2501. Use of international allowances or creditemission allowances.

      Sec. 2502. Regulations.

      Sec. 2503. Facility certification.

Subtitle F--Carbon Market Efficiency Board

      Sec. 2601. Purposes.

      Sec. 2602. Establishment of Carbon Market Efficiency Board.

      Sec. 2603. Duties.

      Sec. 2604. Powers.

      Sec. 2605. Estimate of costs to economy of limiting greenhouse gas emissions.

TITLE III--ALLOCATING AND DISTRIBUTING ALLOWANCES

Subtitle A--Early Auctions

      Sec. 3101. Allocation for early auctions.

      Subtitle B--Annual Auctionsec. 3102Sec. 3201. Allocation for annual auctions.

Subtitle CB--Early Action

      Sec. 33201. Allocation.

      Sec. 33202. Distribution.

Subtitle D--StatesC--States

      Sec. 34Sec. 3301. Allocation for energy savings.

      Sec. 34302. Allocation for States with programs that exceed Federal emission reduction targets.

      Sec. 34303. General allocation.

      Sec. 3304. Allocation for mass transit.

Subtitle E--ElectricityD--Electricity Consumers

      Sec. 3401. Allocation.Sec. 3402. Distribution.Sec. 3403. Use.Sec. 3404. Reporting.

Subtitle E--Natural Gas Consumers

      Sec. 3501. Allocation.

      Sec. 3502. Distribution.

      Sec. 3503. Use.

      Sec. 3504. Reporting.

Subtitle F--Bonus Allowances for Carbon Capture and Geological Sequestration

      Sec. 3601. Allocation.

      Sec. 3602. Qualifying projects.

      Sec. 3603. Distribution.

      Sec. 3604. 10-Year limit.

      Sec. 3605. Exhaustion of bonus allowance account.

Subtitle G--Domestic Agriculture and Forestry

      Sec. 3701. Allocation.

      Sec. 3702. Agricultural and forestry greenhouse gas management research.

      Sec. 3703. Distribution.

Subtitle H--International Forest Protection

      Sec. 3801. Findings.

      Sec. 3802. Definition of forest carbon activities.

      Sec. 3803. Allocation.

      Sec. 3804. Definition and eligibility requirements.

      Sec. 3805. International forest carbon activities.

      Sec. 3806. Reviews and discount.

Subtitle I--Covered FacilitiesTransition Assistance

      Sec. 3901. AllocaGeneral allocation and distribution.

      Sec. 3902. Distribution systemng emission allowances to owners and operators of fossil fuel-fired electric power generating facilities.

      Sec. 3903. Distributing additional emission allowances within theto rural electric power sectorcooperatives.

      Sec. 3904. Distributing emission allowances within the industrial sectorto owners and operators of energy intensive manufacturing facilities.

      Sec. 3905. Distributing emission allowances to owners and operators of facilities and other entities that produce or import petroleum-based fuel.

      Sec. 3906. Distributing emission allowances to hydrofluorocarbon producers and importers.

Subtitle J--Reducing Methane Emissions From Landfills and Coal Mines

      Sec. 3907. Allocation.

      Sec. 3908. Distribution.

TITLE IV--AUCTIONS AND USES OF AUCTION PROCEEDS

Subtitle A--Funds

      Sec. 4101. Establishment.

      Sec. 4102. Amounts in Sec. 4103. Transfers to Funds.Funds.

Subtitle B--Climate Change Credit Corporation

      Sec. 4201. Establishment.

      Sec. 4202. Applicable laws.

      Sec. 4203. Board of directors.

      Sec. 4204. Review and audit by Comptroller General.

Subtitle C--Auctions

      Sec. 4301. Early auctions.

      Sec. 4302. Annual auctions.

Subtitle D--Energy Technology Deployment

      Sec. 4401. In generalGeneral allocations.

      Sec. 4402. Zero- or low-carbon energy technologies deployment.

      Sec. 4403. Advanced coal and sequestration technologies program.

      Sec. 4404. Fuel from cellulosic biomass.

      Sec. 4405. Advanced technology vehicles manufacturing incentive program.

      Sec. 4406. Sustainable energy program.

Subtitle E--Energy Consumers

      Sec. 4501. Proportions of funding availability.

      Sec. 4502. Rural energy assistance program.

Subtitle F--Climate Change Worker Training Program

      Sec. 4601. Funding.

      Sec. 4602. Purposes.

      Sec. 4603. Establishment.

      Sec. 4604. Grants to StatActivities.

      Sec. 4605. Types of assistanceWorker protections and nondiscrimination requirements.

      Sec. 4606. Workforce training and safety.

Subtitle G--Adaptation Program for Natural Resources in United States and Territories

      Sec. 4701. Definitions.

      Sec. 4702. Adaptation fund.

Subtitle H--International Climate Change Adaptation and National Security Program

      Sec. 4801. Interagency Climate Change and National Security CouncilFindings.

      Sec. 4802. Purposes.

      Sec. 4803. Establishment.

      Sec. 4804. Funding.

Subtitle I--AuditEmergency Firefighting Programs

      Sec. 4901. Review and audit by Comptroller GeneralFindings.

      Sec. 4902. Bureau of the United StatesLand Management emergency firefighting program.

      Sec. 4903. Forest Service emergency firefighting program.

TITLE V--ENERGY EFFICIENCY

Subtitle A--Appliance Efficiency

      Sec. 5101. Residential boilers.

      Sec. 5102. Regional variations in heating or cooling standards.

Subtitle B--Building Efficiency

      Sec. 5201. Updating State building energy efficiency codes.

      Sec. 5202. Conforming amendment.

TITLE VI--GLOBAL EFFORT TO REDUCE GREENHOUSE GAS EMISSIONS

      Sec. 6001. Definitions.

      Sec. 6002. Purposes.

      Sec. 6003. International negotiations.

      Sec. 6004. Interagency review.

      Sec. 6005. Presidential determinations.

      Sec. 6006. International reserve allowance program.

      Sec. 6007. Adjustment of international reserve allowance requirements.

TITLE VII--REVIEWS AND RECOMMENDATIONS

      Sec. 7001. National Academy of Sciences Reviews.

      Sec. 7002. Transportation sectorEnvironmental Protection Agency review.

      Sec. 7003. Environmental Protection Agency recommendations.

      Sec. 7004. Presidential recommendations.

      Sec. 7005. Adaptation reviewassessments and plan.

      Sec. 7006. Study by Administrator of aviation sector greenhouse gas emissions.

TITLE VIII--FRAMEWORK FOR GEOLOGICAL SEQUESTRATION OF CARBON DIOXIDE

      Sec. 8001. National drinking water regulations.

      Sec. 8002. Assessment of geological storage capacity for carbon dioxide.

      Sec. 8003. Study of the feasibility relating to construction of pipelines and geological carbon dioxide sequestration activities.

      Sec. 8004. Liabilities for closed geological storage sites.

TITLE IX--MISCELLANEOUS

      Sec. 9001. Paramount interest waiver.

      Sec. Corporate environmental disclosure of climate change risks.Sec. 9003. 9002. Administrative procedure and judicial review.

      Sec. 90043. Retention of State authority.

      Sec. 90054. Tribal authority.

      Sec. 9005. Rocky Mountain Centers for Study of Coal Utilization.

      Sec. 9006. Sun grant center research on compliance with Clean Air Act.

      Sec. 9007. Authorization of appropriations.

TITLE X--CONTROL OF HYDROFLUOROCARBON CONSUMPTION

      Sec. 10001. Applicability.Sec. 10002. Definitions.Sec. 10003. Cap on hydrofluorocarbon consumption and importation into United States.Sec. 10004. Hydrofluorocarbon consumption allowance account.Sec. 10005. Allocation of hydrofluorocarbon consumption allowances.Sec. 10006. Compliance obligation.Sec. 10007. Sale, exchange, and other uses of hydrofluorocarbon consumption allowances.Sec. 10008. Allowance transfer system.Sec. 10009. Banking and borrowing.Sec. 10010. Hydrofluorocarbon destruction allowances.

TITLE XI--AMENDMENTS TO CLEAN AIR ACT

      Sec. 11001. National recycling and emission reduction program.Sec. 11002. Servicing of motor vehicle air conditioners.Sec. 11003. Carbon dioxide reduction.

SEC. 2. FINDINGS.

    Congress finds that--

      (1) unchecked global warming poses a significant threat to--

        (A) the national security and economy of the United States;

        (B) public health and welfare in the United States;

        (C) the well-being of other countries; and

        (D) the global environment;

      (2) under the United Nations Framework Convention on Climate Change, done at New York on May 9, 1992, the United States is committed to stabilizing greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous anthropogenic interference with the climate system;

      (3) according to the Fourth Assessment Report of the Intergovernmental Panel on Climate Change, stabilizing greenhouse gas concentrations in the atmosphere at a level that will prevent dangerous interference with the climate system will require a global effort to reduce anthropogenic greenhouse gas emissions worldwide by 50 to 85 percent below 2000 levels by 2050;

      (4) prompt, decisive action is critical, since global warming pollutants can persist in the atmosphere for more than a century;

      (5) the ingenuity of the people of the United States will allow the United States to become a leader in curbing global warming;

      (6) it is possible and desirable to cap greenhouse gas emissions, from sources that together account for the majority of those emissions in the United States, at or slightly below the current level in 2012, and to lower the cap each year between 2012 and 2050, on the condition that the system includes--

        (A) cost containment measures;

        (B) periodic review of requirements;

        (C) an aggressive program for deploying advanced energy technology;

        (D) programs to assist low- and middle-income energy consumers; and

        (E) programs to mitigate the impacts of any unavoidable global climate change;

      (7) Congress may need to update the emissions caps in order to account for continuing scientific data and steps taken, or not taken, by foreign countries;

      (8) accurate emission data and timely compliance with the requirements of the greenhouse gas emission reduction and trading program established under this Act are needed to ensure that reductions are achieved and to provide equity, efficiency, and openness in the market for allowances subject to the program;

      and(9) additional policies external to a cap-and-trade program may be required, including with respect to--

        (A) the transportation sector, where reducing greenhouse gas emissions requires changes in the vehiclevehicles, the in fuels, and in consumer behavior; and

        (B) the built environment, where reducing direct and indirect greenhouse gas emissions requires changes in buildings, appliances, lighting, heating, cooling, and consumer behavior;

      (10) significant and sustained domestic investments are required to support an aggressive program for developing and deploying advanced technologies to reduce greenhouse gas emissions;

      (11) all, or virtually all, emissions of greenhouse gases from the combustion of natural gas in the United States should be reduced through the inclusion in a cap-and-trade system of entities that sell natural gas in the United States;

      (12) including natural gas in a cap-and-trade system in the United States should be carried out in a way that minimizes, to the extent feasible, the number of entities required to submit emission allowances for the natural gas sold by the entities;

      (13) including natural gas in a cap-and-trade system in the United States promotes substantial reductions in total United States greenhouse gas emissions while also minimizing, to the extent feasible, the activities within the industrial sector that necessitate the submission of emission allowances;

      (14) emissions of sulfur dioxide, nitrogen oxides, and mercury to the atmosphere from coal-fired electric power generating facilities in the United States inflicts harm on the public health, economy, and natural resources of the United States;

      (15) fossil fuel-fired electric power generating facilities emit approximately 67 percent of the total sulfur dioxide emissions, 23 percent of the total nitrogen oxide emissions, 40 percent of the total carbon dioxide emissions, and 40 percent of the total mercury emissions in the United States;

      (16) while the reductions in emissions of sulfur dioxide, nitrogen oxides, and mercury that will occur in the presence of a declining cap on the greenhouse gas emissions from coal-fired electric power generating facilities are larger than those that would occur in the absence of such a cap, new, stricter Federal limits on emissions of sulfur dioxide, nitrogen oxides, and mercury may still be needed to protect public health; and

      (17) many existing fossil fuel-fired electric power generating facilities were exempted by Congress from emissions limitations applicable to new and modified units based on an expectation by Congress that, over time, the units would be retired or updated with new pollution control equipment, but many of the exempted facilities nevertheless continue to operate and emit pollutants at relatively high rates and without new pollution control equipment.

SEC. 3. PURPOSES.

    The purposes of this Act are--

      (1) to establish the core of a Federal program that will reduce United States greenhouse gas emissions substantially enough between 2007 and 2050 to avert the catastrophic impacts of global climate change; and

      (2) to accomplish that purpose while preserving robust growth in the United States economy, creating new jobs, and avoiding the imposition of hardship on United States citizens.

SEC. 4. DEFINITIONS.

    In this Act:

      (1) ADDITIONAL AND (1) ADDITIONAL; ADDITIONALITY- The terms `additional' and `additionality' mean the extent to which reductions in greenhouse gas emissions or increases in sequestration are incremental to business-as-usual, measured as the difference between--

        (A) baseline greenhouse gas fluxes of an offset project; and

        (B) greenhouse gas fluxes of the offset project.

      (2) ADMINISTRATOR- The term `Administrator' means the Administrator of the Environmental Protection Agency.

      (3) BASELINE- The term `baseline' means the greenhouse gas flux or carbon stock that would have occurred in the absence of an offset allowance.project.

      (4) BIOLOGICAL SEQUESTRATION; BIOLOGICALLY SEQUESTERED- The terms `biological sequestration' and `biologically sequestered' mean--

        (A) the removal of greenhouse gases from the atmosphere terrestrial by biological means, such as by growing plants; and

        (B) the storage of those greenhouse without reversal gases i