U.S. Congress - Text of S.309 as Introduced in Senate Global Warming Pollution Reduction Act
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Donate NowS.309 - Global Warming Pollution Reduction Act
A bill to amend the Clean Air Act to reduce emissions of carbon dioxide, and for other purposes.
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S 309 ISCommentsClose CommentsPermalink
To amend the Clean Air Act to reduce emissions of carbon dioxide, and for other purposes.CommentsClose CommentsPermalink
January 16, 2007
Mr. SANDERS (for himself, Mrs. BOXER, Mr. KENNEDY, Mr. MENENDEZ, Mr. LAUTENBERG, Mr. LEAHY, Mr. REED, Mr. AKAKA, Mr. INOUYE, Mr. FEINGOLD, and Mr. WHITEHOUSE) introduced the following bill; which was read twice and referred to the Committee on Environment and Public WorksCommentsClose CommentsPermalink
To amend the Clean Air Act to reduce emissions of carbon dioxide, and for other purposes.CommentsClose CommentsPermalink
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink
SECTION 1. SHORT TITLE.
This Act may be cited as the `Global Warming Pollution Reduction Act'.CommentsClose CommentsPermalink
SEC. 2. GLOBAL WARMING POLLUTION EMISSION REDUCTIONS.
The Clean Air Act (
`TITLE VII--COMPREHENSIVE GLOBAL WARMING POLLUTION REDUCTIONS
`Sec. 701. Findings.CommentsClose CommentsPermalink
`Sec. 702. Purposes.CommentsClose CommentsPermalink
`Sec. 703. Definitions.CommentsClose CommentsPermalink
`Sec. 704. Global warming pollution emission reductions.CommentsClose CommentsPermalink
`Sec. 705. Conditions for accelerated global warming pollution emission reduction.CommentsClose CommentsPermalink
`Sec. 706. Use of allowances for transition assistance and other purposes.CommentsClose CommentsPermalink
`Sec. 707. Vehicle emission standards.CommentsClose CommentsPermalink
`Sec. 708. Emission standards for electric generation units.CommentsClose CommentsPermalink
`Sec. 709. Low-carbon generation requirement.CommentsClose CommentsPermalink
`Sec. 710. Geological disposal of global warming pollutants.CommentsClose CommentsPermalink
`Sec. 711. Research and development.CommentsClose CommentsPermalink
`Sec. 712. Energy efficiency performance standard.CommentsClose CommentsPermalink
`Sec. 713. Renewable portfolio standard.CommentsClose CommentsPermalink
`Sec. 714. Standards to account for biological sequestration of carbon.CommentsClose CommentsPermalink
`Sec. 715. Global warming pollution reporting.CommentsClose CommentsPermalink
`Sec. 716. Clean energy technology deployment in developing countries.CommentsClose CommentsPermalink
`Sec. 717. Paramount interest waiver.CommentsClose CommentsPermalink
`Sec. 718. Effect on other law.CommentsClose CommentsPermalink
`SEC. 701. FINDINGS.
`Congress finds that--CommentsClose CommentsPermalink
`(1) global warming poses a significant threat to the national security and economy of the United States, public health and welfare, and the global environment;CommentsClose CommentsPermalink
`(2) due largely to an increased use of energy from fossil fuels, human activities are primarily responsible for the release of carbon dioxide and other heat-trapping global warming pollutants that are accumulating in the atmosphere and causing surface air and subsurface ocean temperatures to rise;CommentsClose CommentsPermalink
`(3) as of the date of enactment of this title, atmospheric concentrations of carbon dioxide are 35 percent higher than those concentrations were 150 years ago, at 378 parts per million compared to 280 parts per million;CommentsClose CommentsPermalink
`(4) the United States emits more global warming pollutants than any other country, and United States carbon dioxide emissions have increased by an average of 1.3 percent annually since 1990;CommentsClose CommentsPermalink
`(5)(A) during the past 100 years, global temperatures have risen by 1.44 degrees Fahrenheit; andCommentsClose CommentsPermalink
`(B) from 1970 to the present, those temperatures have risen by almost 1 degree Fahrenheit;CommentsClose CommentsPermalink
`(6) 8 years during the 10-year period beginning January 1, 1996, and ending December 31, 2005, were among the 10 warmest years on record;CommentsClose CommentsPermalink
`(7) average temperatures in the Arctic have increased by 4 to 7 degrees Fahrenheit during the past 50 years;CommentsClose CommentsPermalink
`(8) global warming has caused--CommentsClose CommentsPermalink
`(A) ocean temperatures to increase, resulting in rising sea levels, extensive bleaching of coral reefs worldwide, and an increase in the intensity of tropical storms;CommentsClose CommentsPermalink
`(B) the retreat of Arctic sea ice by an average of 9 percent per decade since 1978;CommentsClose CommentsPermalink
`(C) the widespread thawing of permafrost in polar, subpolar, and mountainous regions;CommentsClose CommentsPermalink
`(D) the redistribution and loss of species; andCommentsClose CommentsPermalink
`(E) the rapid shrinking of glaciers;CommentsClose CommentsPermalink
`(9) the United States must adopt a comprehensive and effective national program of mandatory limits and incentives to reduce global warming pollution emissions into the atmosphere;CommentsClose CommentsPermalink
`(10) at the current rate of emission, global warming pollution concentrations in the atmosphere could reach more than 600 parts per million in carbon dioxide equivalent, and global average mean temperature could rise an additional 2.7 to 11 degrees Fahrenheit, by the end of the century;CommentsClose CommentsPermalink
`(11) although an understanding of all details of the Earth system is not yet complete, present knowledge indicates that potential future temperature increases could result in--CommentsClose CommentsPermalink
`(A) the further or complete melting of the Antarctic and Greenland ice sheets;CommentsClose CommentsPermalink
`(B) the disruption of the North-Atlantic Thermohaline Circulation (commonly known as the `Gulf Stream');CommentsClose CommentsPermalink
`(C) the extinction of species; andCommentsClose CommentsPermalink
`(D) large-scale disruptions of the natural systems that support life;CommentsClose CommentsPermalink
`(12) there exists an array of technological options for use in reducing global warming pollution emissions, and significant reductions can be attained using a portfolio of options that will not adversely impact the economy;CommentsClose CommentsPermalink
`(13) the ingenuity of the people of the United States will allow the Nation to become a leader in solving global warming; andCommentsClose CommentsPermalink
`(14) it should be a goal of the United States to achieve a reduction in global warming pollution emissions in the United States--CommentsClose CommentsPermalink
`(A) to ensure that the average global temperature does not increase by more than 3.6 degrees Fahrenheit (2 degrees Celsius); andCommentsClose CommentsPermalink
`(B) to facilitate the achievement of an average global atmospheric concentration of global warming pollutants that does not exceed 450 parts per million in carbon dioxide equivalent.CommentsClose CommentsPermalink
`SEC. 702. PURPOSES.
`The purposes of this title are--CommentsClose CommentsPermalink
`(1) to achieve a reduction in global warming pollution emissions compatible with ensuring that--CommentsClose CommentsPermalink
`(A) the average global temperature does not increase by more than 3.6 degrees Fahrenheit (2 degrees Celsius) above the preindustrial average; andCommentsClose CommentsPermalink
`(B) total average global atmospheric concentrations of global warming pollutants do not exceed 450 parts per million in carbon dioxide equivalent;CommentsClose CommentsPermalink
`(2) to reduce by calendar year 2050 the aggregate net level of global warming pollution emissions of the United States to a level that is 80 percent below the aggregate net level of global warming pollution emissions for calendar year 1990;CommentsClose CommentsPermalink
`(3) to allow for an acceleration of reductions in global warming pollution emissions to prevent--CommentsClose CommentsPermalink
`(A) average global temperature from increasing by more than 3.6 degrees Fahrenheit (2 degrees Celsius) above the preindustrial average; orCommentsClose CommentsPermalink
`(B) global atmospheric concentrations of global warming pollutants from exceeding 450 parts per million;CommentsClose CommentsPermalink
`(4) to establish a motor vehicle global warming pollution emission requirement;CommentsClose CommentsPermalink
`(5) to require electric generation units to meet a global warming pollution emission standard;CommentsClose CommentsPermalink
`(6) to establish rules for the safe geological sequestration of carbon dioxide;CommentsClose CommentsPermalink
`(7) to encourage energy efficiency and the use of renewable energy by establishing a renewable portfolio standard and an energy efficiency portfolio standard;CommentsClose CommentsPermalink
`(8) to provide for research relating to, and development of, the technologies to control global warming pollution emissions;CommentsClose CommentsPermalink
`(9) to position the United States as the world leader in reducing the risk of the potentially devastating, wide-ranging impacts associated with global warming; andCommentsClose CommentsPermalink
`(10) to promote, through leadership by the United States, accelerated reductions in global warming pollution from other countries with significant global warming pollution emissions.CommentsClose CommentsPermalink
`SEC. 703. DEFINITIONS.
`In this title:CommentsClose CommentsPermalink
`(1) ACADEMY- The term `Academy' means the National Academy of Sciences.CommentsClose CommentsPermalink
`(2) CARBON DIOXIDE EQUIVALENT- The term `carbon dioxide equivalent' means, for each global warming pollutant, the quantity of the global warming pollutant that makes the same contribution to global warming as 1 metric ton of carbon dioxide, as determined by the Administrator, taking into account the study and report described in section 705(a).CommentsClose CommentsPermalink
`(3) FACILITY- The term `facility' means all buildings, structures, or installations that are--CommentsClose CommentsPermalink
`(A) located on 1 or more contiguous or adjacent properties under common control of the same persons; andCommentsClose CommentsPermalink
`(B) located in the United States.CommentsClose CommentsPermalink
`(4) GLOBAL WARMING POLLUTANT- The term `global warming pollutant' means--CommentsClose CommentsPermalink
`(A) carbon dioxide;CommentsClose CommentsPermalink
`(B) methane;CommentsClose CommentsPermalink
`(C) nitrous oxide;CommentsClose CommentsPermalink
`(D) hydrofluorocarbons;CommentsClose CommentsPermalink
`(E) perfluorocarbons;CommentsClose CommentsPermalink
`(F) sulfur hexafluoride; andCommentsClose CommentsPermalink
`(G) any other anthropogenically-emitted gas that the Administrator, after notice and comment, determines to contribute to global warming.CommentsClose CommentsPermalink
`(5) GLOBAL WARMING POLLUTION- The term `global warming pollution' means any combination of 1 or more global warming pollutants emitted into the ambient air or atmosphere.CommentsClose CommentsPermalink
`(6) MARKET-BASED PROGRAM- The term `market-based program' means a program that places an absolute limit on the aggregate net global warming pollution emissions of 1 or more sectors of the economy of the United States, while allowing the transfer or sale of global warming pollution emission allowances.CommentsClose CommentsPermalink
`(7) NAS REPORT- The term `NAS report' means a report completed by the Academy under subsection (a) or (b) of section 705.CommentsClose CommentsPermalink
`SEC. 704. GLOBAL WARMING POLLUTION EMISSION REDUCTIONS.
`(a) Emission Reduction Goal- Congress declares that--CommentsClose CommentsPermalink
`(1) it shall be the goal of the United States, acting in concert with other countries that emit global warming pollutants, to achieve a reduction in global warming pollution emissions--CommentsClose CommentsPermalink
`(A) to ensure that the average global temperature does not increase by more than 3.6 degrees Fahrenheit (2 degrees Celsius); andCommentsClose CommentsPermalink
`(B) to facilitate the achievement of an average global atmospheric concentration of global warming pollutants that does not exceed 450 parts per million in carbon dioxide equivalent; andCommentsClose CommentsPermalink
`(2) in order to achieve the goal described in paragraph (1), the United States shall reduce the global warming pollution emissions of the United States by a quantity that is proportional to the share of the United States of the reductions that are necessary--CommentsClose CommentsPermalink
`(A) to ensure that the average global temperature does not increase more than 3.6 degrees Fahrenheit (2 degrees Celsius); andCommentsClose CommentsPermalink
`(B) to stabilize average global warming pollution concentrations globally at or below 450 parts per million in carbon dioxide equivalent.CommentsClose CommentsPermalink
`(b) Emission Reduction Milestones for 2020-CommentsClose CommentsPermalink
`(1) IN GENERAL- To achieve the goal described in subsection (a)(1), not later than 2 years after the date of enactment of this title, after an opportunity for public notice and comment, the Administrator shall promulgate any rules that are necessary to reduce, by not later than January 1, 2020, the aggregate net levels of global warming pollution emissions of the United States to the aggregate net level of those global warming pollution emissions during calendar year 1990.CommentsClose CommentsPermalink
`(2) ACHIEVEMENT OF MILESTONES- To the maximum extent practicable, the reductions described in paragraph (1) shall be achieved through an annual reduction in the aggregate net level of global warming pollution emissions of the United States of approximately 2 percent for each of calendar years 2010 through 2020.CommentsClose CommentsPermalink
`(c) Emission Reduction Milestones for 2030, 2040, and 2050- Except as described in subsection (d), not later than January 1, 2018, after an opportunity for public notice and comment, the Administrator shall promulgate any rules that are necessary to reduce the aggregate net levels of global warming pollution emissions of the United States--CommentsClose CommentsPermalink
`(1) by calendar year 2030, by 1/3 of 80 percent of the aggregate net level of global warming pollution emissions of the United States during calendar year 1990;CommentsClose CommentsPermalink
`(2) by calendar year 2040, by 2/3 of 80 percent of the aggregate net level of the global warming pollution emissions of the United States during calendar year 1990; andCommentsClose CommentsPermalink
`(3) by calendar year 2050, by 80 percent of the aggregate net level of global warming pollution emissions of the United States during calendar year 1990.CommentsClose CommentsPermalink
`(d) Accelerated Emission Reduction Milestones- If an NAS report determines that any of the events described in section 705(a)(2) have occurred, or are more likely than not to occur in the foreseeable future, not later than 2 years after the date of completion of the NAS report, the Administrator, after an opportunity for public notice and comment and taking into account the new information reported in the NAS report, may adjust the milestones under this section and promulgate any rules that are necessary--CommentsClose CommentsPermalink
`(1) to reduce the aggregate net levels of global warming pollution emissions from the United States on an accelerated schedule; andCommentsClose CommentsPermalink
`(2) to minimize the effects of rapid climate change and achieve the goals of this title.CommentsClose CommentsPermalink
`(e) Report on Achievement of Milestones- If an NAS report determines that a milestone under paragraph (1) or (2) of subsection (c) cannot be achieved because of technological infeasibility, the Administrator shall submit to Congress a notification of that determination.CommentsClose CommentsPermalink
`(f) Emission Reduction Policies-CommentsClose CommentsPermalink
`(1) IN GENERAL- In implementing subsections (a) through (e), the Administrator may establish 1 or more market-based programs.CommentsClose CommentsPermalink
`(2) MARKET-BASED PROGRAM POLICIES-CommentsClose CommentsPermalink
`(A) IN GENERAL- In implementing any market-based program, the Administrator shall allocate to households, communities, and other entities described in section 706(a) any global warming pollution emission allowances that are not allocated to entities covered under the emission limitation.CommentsClose CommentsPermalink
`(B) RECOGNITION OF EMISSION REDUCTIONS MADE IN COMPLIANCE WITH STATE AND LOCAL LAWS- A market-based program may recognize reductions of global warming pollution emissions made before the effective date of the market-based program if the Administrator determines that--CommentsClose CommentsPermalink
`(i)(I) the reductions were made in accordance with a State or local law;CommentsClose CommentsPermalink
`(II) the State or local law is at least as stringent as the rules established for the market-based program under paragraph (1); andCommentsClose CommentsPermalink
`(III) the reductions are at least as verifiable as reductions made in accordance with those rules; orCommentsClose CommentsPermalink
`(ii) for any given entity subject to the market-based program, the entity demonstrates that the entity has made entity-wide reductions of global warming pollution emissions before the effective date of the market-based program, but not earlier than calendar year 1992, that are at least as verifiable as reductions made in accordance with the rules established for the market-based program under paragraph (1).CommentsClose CommentsPermalink
`(C) PUBLICATION- If the Administrator determines that it is necessary to establish a market-based program, the Administrator shall publish notice of the determination in the Federal Register.CommentsClose CommentsPermalink
`(D) LIMITATIONS ON MARKET-BASED PROGRAMS-CommentsClose CommentsPermalink
`(i) DEFINITIONS- In this subparagraph:CommentsClose CommentsPermalink
`(I) ANNUAL ALLOWANCE PRICE- The term `annual allowance price' means the average market price of global warming pollution emission allowances for a calendar year.CommentsClose CommentsPermalink
`(II) DECLINING EMISSIONS CAP WITH A TECHNOLOGY-INDEXED STOP PRICE- The term `declining emissions cap with a technology-indexed stop price' means a feature of a market-based program for an industrial sector, or on an economy-wide basis, under which the emissions cap declines by a fixed percentage each calendar year or, during any year in which the annual allowance price exceeds the technology-indexed stop price, the emissions cap remains the same until the occurrence of the earlier of--CommentsClose CommentsPermalink
`(aa) the date on which the annual allowance price no longer exceeds the technology-indexed stop price; orCommentsClose CommentsPermalink
`(bb) the date on which a period of 3 years has elapsed during which the emissions cap has remained unchanged.CommentsClose CommentsPermalink
`(III) EMISSIONS CAP- The term `emissions cap' means the total number of global warming pollution emission allowances issued for a calendar year.CommentsClose CommentsPermalink
`(IV) TECHNOLOGY-INDEXED STOP PRICE- The term `technology-indexed stop price' means a price per ton of global warming pollution emissions determined annually by the Administrator that is not less than the technology-specific average cost of preventing the emission of 1 ton of global warming pollutants through commercial deployment of any available zero-carbon or low-carbon technologies. With respect to the electricity sector, those technologies shall consist of--CommentsClose CommentsPermalink
`(aa) wind-generated electricity;CommentsClose CommentsPermalink
`(bb) photovoltaic-generated electricity;CommentsClose CommentsPermalink
`(cc) geothermal energy;CommentsClose CommentsPermalink
`(dd) solar thermally-generated energy;CommentsClose CommentsPermalink
`(ee) wave-based forms of energy;CommentsClose CommentsPermalink
`(ff) any fossil fuel-based electric generating technology emitting less than 250 pounds per megawatt hour; andCommentsClose CommentsPermalink
`(gg) any zero-carbon-emitting electric generating technology that does not generate radioactive waste.CommentsClose CommentsPermalink
`(ii) IMPLEMENTATION- In implementing any market-based program under this Act, for the period prior to January 1, 2020, the Administrator shall consider the impact on the economy of the United States of implementing the program with a declining emissions cap through the use of a technology-indexed stop price.CommentsClose CommentsPermalink
`(iii) OTHER EMITTING SECTORS- The Administrator may consider the use of a declining emissions cap with a technology-indexed stop price, or similar approaches, for other emitting sectors based on low-carbon or zero-carbon technologies, including--CommentsClose CommentsPermalink
`(I) biofuels;CommentsClose CommentsPermalink
`(II) hydrogen power; andCommentsClose CommentsPermalink
`(III) other sources of energy and transportation fuel.CommentsClose CommentsPermalink
`(g) Cost-Effectiveness- In promulgating regulations under this section, the Administrator shall select the most cost-effective options for global warming pollution control and emission reduction strategies.CommentsClose CommentsPermalink
`SEC. 705. CONDITIONS FOR ACCELERATED GLOBAL WARMING POLLUTION EMISSION REDUCTION.
`(a) Report on Global Change Events by the Academy-CommentsClose CommentsPermalink
`(1) IN GENERAL- The Administrator shall offer to enter into a contract with the Academy under which the Academy, not later than 2 years after the date of enactment of this title, and every 3 years thereafter, shall submit to Congress and the Administrator a report that describes whether any of the events described in paragraph (2)--CommentsClose CommentsPermalink
`(A) have occurred or are more likely than not to occur in the foreseeable future; andCommentsClose CommentsPermalink
`(B) in the judgment of the Academy, are the result of anthropogenic climate change.CommentsClose CommentsPermalink
`(2) EVENTS- The events referred to in paragraph (1) are--CommentsClose CommentsPermalink
`(A) the exceedance of an atmospheric concentration of global warming pollutants of 450 parts per million in carbon dioxide equivalent; andCommentsClose CommentsPermalink
`(B) an increase of global average temperatures in excess of 3.6 degrees Fahrenheit (2 degrees Celsius) above the preindustrial average.CommentsClose CommentsPermalink
`(b) Technology Reports-CommentsClose CommentsPermalink
`(1) DEFINITION OF TECHNOLOGICALLY INFEASIBLE- In this subsection, the term `technologically infeasible', with respect to a technology, means that the technology--CommentsClose CommentsPermalink
`(A) will not be demonstrated beyond laboratory-scale conditions;CommentsClose CommentsPermalink
`(B) would be unsafe;CommentsClose CommentsPermalink
`(C) would not reliably reduce global warming pollution emissions; orCommentsClose CommentsPermalink
`(D) would prevent the activity to which the technology applies from meeting or performing its primary purpose (such as generating electricity or transporting goods or individuals).CommentsClose CommentsPermalink
`(2) REPORTS- The Administrator shall offer to enter into a contract with the Academy under which the Academy, not later than 2 years after the date of enactment of this title and every 3 years thereafter, shall submit to Congress and the Administrator a report that describes or analyzes--CommentsClose CommentsPermalink
`(A) the status of current global warming pollution emission reduction technologies, including--CommentsClose CommentsPermalink
`(i) technologies for capture and disposal of global warming pollutants;CommentsClose CommentsPermalink
`(ii) efficiency improvement technologies;CommentsClose CommentsPermalink
`(iii) zero-global-warming-pollution-emitting energy technologies; andCommentsClose CommentsPermalink
`(iv) above- and below-ground biological sequestration technologies;CommentsClose CommentsPermalink
`(B) whether any of the requirements under this title (including regulations promulgated under this title) mandate a level of emission control or reduction that, based on available or expected technology, will be technologically infeasible at the time at which the requirements become effective;CommentsClose CommentsPermalink
`(C) the projected date on which any technology determined to be technologically infeasible will become technologically feasible;CommentsClose CommentsPermalink
`(D) whether any technology determined to be technologically infeasible cannot reasonably be expected to become technologically feasible prior to calendar year 2050; andCommentsClose CommentsPermalink
`(E) the costs of available alternative global warming pollution emission reduction strategies that could be used or pursued in lieu of any technologies that are determined to be technologically infeasible.CommentsClose CommentsPermalink
`(3) REPORT EVALUATING 2050 MILESTONE- Not later than December 31, 2037, the Administrator shall offer to enter into a contract with the Academy under which, not later than December 31, 2039, the Academy shall prepare and submit to Congress and the Administrator a report on the appropriateness of the milestone described in section 704(c)(3), taking into consideration--CommentsClose CommentsPermalink
`(A) information that was not available as of the date of enactment of this title; andCommentsClose CommentsPermalink
`(B) events that have occurred since that date relating to--CommentsClose CommentsPermalink
`(i) climate change;CommentsClose CommentsPermalink
`(ii) climate change technologies; andCommentsClose CommentsPermalink
`(iii) national and international climate change commitments.CommentsClose CommentsPermalink
`(c) Additional Items in NAS Report- In addition to the information described in subsection (a)(1) that is required to be included in the NAS report, the Academy shall include in the NAS report--CommentsClose CommentsPermalink
`(1) an analysis of the trends in annual global warming pollution emissions by the United States and the other countries that collectively account for more than 90 percent of global warming pollution emissions (including country-specific inventories of global warming pollution emissions and facility-specific inventories of global warming pollution emissions in the United States);CommentsClose CommentsPermalink
`(2) an analysis of the trends in global warming pollution concentrations (including observed atmospheric concentrations of global warming pollutants);CommentsClose CommentsPermalink
`(3) a description of actual and projected global change impacts that may be caused by anthropogenic global warming pollution emissions, in addition to the events described in subsection (a)(2); andCommentsClose CommentsPermalink
`(4) such other information as the Academy determines to be appropriate.CommentsClose CommentsPermalink
`SEC. 706. USE OF ALLOWANCES FOR TRANSITION ASSISTANCE AND OTHER PURPOSES.
`(a) Regulations Governing Allocation of Allowances for Transition Assistance to Individuals and Entities-CommentsClose CommentsPermalink
`(1) IN GENERAL- In implementing any market-based program, the Administrator may promulgate regulations providing for the allocation of global warming pollution emission allowances to the individuals and entities, or for the purposes, specified in subsection (b).CommentsClose CommentsPermalink
`(2) REQUIREMENTS- Regulations promulgated under paragraph (1) may, as the Administrator determines to be necessary, provide for the appointment of 1 or more trustees--CommentsClose CommentsPermalink
`(A) to receive emission allowances for the benefit of households, communities, and other entities described in paragraph (1);CommentsClose CommentsPermalink
`(B) to sell the emission allowances at fair market value; andCommentsClose CommentsPermalink
`(C) to distribute the proceeds of any sale of emission allowances to the appropriate beneficiaries.CommentsClose CommentsPermalink
`(b) Allocation for Transition Assistance- The Administrator may allocate emission allowances, in accordance with regulations promulgated under subsection (a), to--CommentsClose CommentsPermalink
`(1) communities, individuals, and companies that have experienced disproportionate adverse impacts as a result of--CommentsClose CommentsPermalink
`(A) the transition to a lower carbon-emitting economy; orCommentsClose CommentsPermalink
`(B) global warming;CommentsClose CommentsPermalink
`(2) owners and operators of highly energy-efficient buildings, including--CommentsClose CommentsPermalink
`(A) residential users;CommentsClose CommentsPermalink
`(B) producers of highly energy-efficient products; andCommentsClose CommentsPermalink
`(C) entities that carry out energy-efficiency improvement projects pursuant to section 712 that result in consumer-side reductions in electricity use;CommentsClose CommentsPermalink
`(3) entities that will use the allowances for the purpose of carrying out geological sequestration of carbon dioxide produced by an anthropogenic global warming pollution emission source in accordance with requirements established by the Administrator;CommentsClose CommentsPermalink
`(4) such individuals and entities as the Administrator determines to be appropriate, for use in carrying out projects to reduce net carbon dioxide emissions through above-ground and below-ground biological carbon dioxide sequestration (including sequestration in forests, forest soils, agricultural soils, rangeland, or grassland in the United States);CommentsClose CommentsPermalink
`(5) such individuals and entities (including fish and wildlife agencies) as the Administrator determines to be appropriate, for use in carrying out projects to protect and restore ecosystems (including fish and wildlife) affected by climate change; andCommentsClose CommentsPermalink
`(6) manufacturers producing consumer products that result in substantially reduced global warming pollution emissions, for use in funding rebates for purchasers of those products.CommentsClose CommentsPermalink
`SEC. 707. VEHICLE EMISSION STANDARDS.
`(a) Vehicles Under 10,000 Pounds-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than January 1, 2010, the Administrator shall promulgate regulations requiring each fleet of automobiles sold by a manufacturer in the United States beginning in model year 2016 to meet the standards for global warming pollution emissions described in paragraph (2).CommentsClose CommentsPermalink
`(2) EMISSION STANDARDS- The average global warming pollution emissions of a vehicle fleet described in paragraph (1) shall not exceed--CommentsClose CommentsPermalink
`(A) 205 carbon dioxide equivalent grams per mile for automobiles with--CommentsClose CommentsPermalink
`(i) a gross vehicle weight of not more than 8,500 pounds; andCommentsClose CommentsPermalink
`(ii) a loaded vehicle weight of not more than 3,750 pounds;CommentsClose CommentsPermalink
`(B) 332 carbon dioxide equivalent grams per mile for--CommentsClose CommentsPermalink
`(i) automobiles with--CommentsClose CommentsPermalink
`(I) a gross vehicle weight of not more than 8,500 pounds; andCommentsClose CommentsPermalink
`(II) a loaded vehicle weight of more than 3,750 pounds; andCommentsClose CommentsPermalink
`(ii) medium-duty passenger vehicles; andCommentsClose CommentsPermalink
`(C) 405 carbon dioxide equivalent grams per mile for vehicles--CommentsClose CommentsPermalink
`(i) with a gross vehicle weight of between 8,501 pounds and 10,000 pounds; andCommentsClose CommentsPermalink
`(ii) that are not medium-duty passenger vehicles.CommentsClose CommentsPermalink
`(3) HEIGHTENED STANDARDS- After model year 2016, the Administrator may promulgate regulations that increase the stringency of emission standards described in paragraph (2) as necessary to meet the emission reduction goal described in section 704(e)(3).CommentsClose CommentsPermalink
`(b) Highway Vehicles Over 10,000 Pounds-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than January 1, 2010, the Administrator shall promulgate regulations requiring each fleet of highway vehicles over 10,000 pounds sold by a manufacturer in the United States beginning in model year 2020 to meet the standards for global warming pollution emissions described in paragraph (2).CommentsClose CommentsPermalink
`(2) EMISSION STANDARDS- The average global warming pollution emissions of a vehicle fleet described in paragraph (1) shall not exceed--CommentsClose CommentsPermalink
`(A) 850 carbon dioxide equivalent grams per mile for highway vehicles with a gross vehicle weight rating between 10,001 pounds and 26,000 pounds; andCommentsClose CommentsPermalink
`(B) 1,050 carbon dioxide equivalent grams per mile for highway vehicles with a gross vehicle weight rating of more than 26,000 pounds.CommentsClose CommentsPermalink
`(3) HEIGHTENED STANDARDS- After model year 2020, the Administrator may promulgate regulations that increase the stringency of emission standards described in paragraph (2) as necessary to meet the emission reduction goal described in section 704(a)(1).CommentsClose CommentsPermalink
`(c) Adjustment of Requirements- Taking into account appropriate lead times for vehicle manufacturers, if the Academy determines, pursuant to an NAS report, that a vehicle emission standard under this section is or will be technologically infeasible as of the effective date of the standard, the Administrator may, by regulation, modify the requirement to take into account the determination of the Academy.CommentsClose CommentsPermalink
`(d) Study-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than January 1, 2008, the Administrator shall enter into a contract with the Academy under which the Academy shall conduct a study of, and submit to the Administrator a report on, the potential contribution of the non-highway portion of the transportation sector toward meeting the emission reduction goal described in section 704(a)(1).CommentsClose CommentsPermalink
`(2) REQUIREMENTS- The study shall analyze--CommentsClose CommentsPermalink
`(A) the technological feasibility and cost-effectiveness of global warming pollution reductions from the non-highway sector; andCommentsClose CommentsPermalink
`(B) the overall potential contribution of that sector in terms of emissions, in meeting the emission reduction goal described in section 704(a)(1).CommentsClose CommentsPermalink
`SEC. 708. EMISSION STANDARDS FOR ELECTRIC GENERATION UNITS.
`(a) Initial Standard-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than 2 years after the date of enactment of this title, the Administrator shall, by regulation, require each unit that is designed and intended to provide electricity at a unit capacity factor of at least 60 percent and that begins operation after December 31, 2011, to meet the standard described in paragraph (2).CommentsClose CommentsPermalink
`(2) STANDARD- Beginning on December 31, 2015, a unit described in paragraph (1) shall meet a global warming pollution emission standard that is not higher than the emission rate of a new combined cycle natural gas generating unit.CommentsClose CommentsPermalink
`(3) MORE STRINGENT REQUIREMENTS- For the period beginning on January 1 of the calendar year following the effective date of the regulation described in paragraph (1) and ending on December 31, 2029, the Administrator may increase the stringency of the global warming pollution emission standard described in paragraph (1) with respect to electric generation units described in that paragraph.CommentsClose CommentsPermalink
`(b) Final Standard- Not later than December 31, 2030, the Administrator shall require each electric generation unit, regardless of when the unit began to operate, to meet the applicable emission standard under subsection (a).CommentsClose CommentsPermalink
`(c) Adjustment of Requirements- If the Academy determines, pursuant to section 705, that a requirement of this section is or will be technologically infeasible at the time at which the requirement becomes effective, the Administrator, may, by regulation, adjust or delay the effective date of the requirement as is necessary to take into consideration the determination of the Academy.CommentsClose CommentsPermalink
`SEC. 709. LOW-CARBON GENERATION REQUIREMENT.
`(a) Definitions- In this section:CommentsClose CommentsPermalink
`(1) BASE QUANTITY OF ELECTRICITY- The term `base quantity of electricity' means the total quantity of electricity produced for sale by a covered generator during the calendar year immediately preceding a compliance year from coal, petroleum coke, lignite, or any combination of those fuels.CommentsClose CommentsPermalink
`(2) COVERED GENERATOR- The term `covered generator' means an electric generating unit that--CommentsClose CommentsPermalink
`(A) has a rated capacity of 25 megawatts or more; andCommentsClose CommentsPermalink
`(B) has an annual fuel input at least 50 percent of which is provided by coal, petroleum coke, lignite, or any combination of those fuels.CommentsClose CommentsPermalink
`(3) LOW-CARBON GENERATION- The term `low-carbon generation' means electric energy generated from an electric generating unit at least 50 percent of the annual fuel input of which, in any year--CommentsClose CommentsPermalink
`(A) is provided by coal, petroleum coke, lignite, biomass, or any combination of those fuels; andCommentsClose CommentsPermalink
`(B) results in an emission rate into the atmosphere of not more than 250 pounds of carbon dioxide per megawatt-hour (after adjustment for carbon dioxide from the electric generating unit that is geologically sequestered in a geological repository approved by the Administrator pursuant to subsection (e)).CommentsClose CommentsPermalink
`(4) PROGRAM- The term `program' means the low-carbon generation credit trading program established under subsection (d)(1).CommentsClose CommentsPermalink
`(b) Requirement-CommentsClose CommentsPermalink
`(1) CALENDAR YEARS 2015 THROUGH 2020- Of the base quantity of electricity produced for sale by a covered generator for a calendar year, the covered generator shall provide a minimum percentage of that base quantity of electricity for the calendar year from low-carbon generation, as specified in the following table:CommentsClose CommentsPermalink
---------------------------------------------------------CommentsClose CommentsPermalink
---------------------------------------------------------CommentsClose CommentsPermalink
`Calendar year: Minimum annual percentage: CommentsClose CommentsPermalink
2015 0.5 CommentsClose CommentsPermalink
2016 1.0 CommentsClose CommentsPermalink
2017 2.0 CommentsClose CommentsPermalink
2018 3.0 CommentsClose CommentsPermalink
2019 4.0 CommentsClose CommentsPermalink
2020 5.0 CommentsClose CommentsPermalink
---------------------------------------------------------CommentsClose CommentsPermalink
`(2) CALENDAR YEARS 2021 THROUGH 2025- For each of calendar years 2021 through 2025, the Administrator may increase the minimum percentage of the base quantity of electricity from low-carbon generation described in paragraph (1) by up to 2 percentage points from the previous year, as the Administrator determines to be necessary to achieve the emission reduction goal described in section 704(a)(1).CommentsClose CommentsPermalink
`(3) CALENDAR YEARS 2026 THROUGH 2030- For each of calendar years 2026 through 2030, the Administrator may increase the minimum percentage of the base quantity of electricity from low-carbon generation described in paragraph (1) by up to 3 percentage points from the previous year, as the Administrator determines to be necessary to achieve the emission reduction goal described in section 704(a)(1).CommentsClose CommentsPermalink
`(c) Means of Compliance- An owner or operator of a covered generator shall comply with subsection (b) by--CommentsClose CommentsPermalink
`(1) generating electric energy using low-carbon generation;CommentsClose CommentsPermalink
`(2) purchasing electric energy generated by low-carbon generation;CommentsClose CommentsPermalink
`(3) purchasing low-carbon generation credits issued under the program; orCommentsClose CommentsPermalink
`(4) undertaking a combination of the actions described in paragraphs (1) through (3).CommentsClose CommentsPermalink
`(d) Low-Carbon Generation Credit Trading Program-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than January 1, 2008, the Administrator shall establish, by regulation after notice and opportunity for comment, a low-carbon generation trading program to permit an owner or operator of a covered generator that does not generate or purchase enough electric energy from low-carbon generation to comply with subsection (b) to achieve that compliance by purchasing sufficient low-carbon generation credits.CommentsClose CommentsPermalink
`(2) REQUIREMENTS- As part of the program, the Administrator shall--CommentsClose CommentsPermalink
`(A) issue to producers of low-carbon generation, on a quarterly basis, a single low-carbon generation credit for each kilowatt hour of low-carbon generation sold during the preceding quarter; andCommentsClose CommentsPermalink
`(B) ensure that a kilowatt hour, including the associated low-carbon generation credit, shall be used only once for purposes of compliance with subsection (b).CommentsClose CommentsPermalink
`(e) Enforcement- An owner or operator of a covered generator that fails to comply with subsection (b) shall be subject to a civil penalty in an amount equal to the product obtained by multiplying--CommentsClose CommentsPermalink
`(1) the number of kilowatt-hours of electric energy sold to electric consumers in violation of subsection (b); andCommentsClose CommentsPermalink
`(2) the greater of--CommentsClose CommentsPermalink
`(A) 2.5 cents (as adjusted under subsection (g)); orCommentsClose CommentsPermalink
`(B) 200 percent of the average market value of those low-carbon generation credits during the year in which the violation occurred.CommentsClose CommentsPermalink
`(f) Exemption- This section shall not apply for any calendar year to an owner or operator of a covered generator that sold less than 40,000 megawatt-hours of electric energy produced from covered generators during the preceding calendar year.CommentsClose CommentsPermalink
`(g) Inflation Adjustment- Not later than December 31, 2008, and annually thereafter, the Administrator shall adjust the amount of the civil penalty for each kilowatt-hour calculated under subsection (e)(2) to reflect changes for the 12-month period ending on the preceding November 30 in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.CommentsClose CommentsPermalink
`(h) Technological Infeasibility- If the Academy determines, pursuant to section 705, that the schedule for compliance described in subsection (b) is or will be technologically infeasible for covered generators to meet, the Administrator may, by regulation, adjust the schedule as the Administrator determines to be necessary to take into account the consideration of the determination of the Academy.CommentsClose CommentsPermalink
`(i) Termination of Authority- This section and the authority provided by this section terminate on December 31, 2030.CommentsClose CommentsPermalink
`SEC. 710. GEOLOGICAL DISPOSAL OF GLOBAL WARMING POLLUTANTS.
`(a) Geological Carbon Dioxide Disposal Deployment Projects-CommentsClose CommentsPermalink
`(1) IN GENERAL- The Administrator shall establish a competitive grant program to provide grants to 5 entities for the deployment of projects to geologically dispose of carbon dioxide (referred to in this subsection as `geological disposal deployment projects').CommentsClose CommentsPermalink
`(2) LOCATION- Each geological disposal deployment project shall be conducted in a geologically distinct location in order to demonstrate the suitability of a variety of geological structures for carbon dioxide disposal.CommentsClose CommentsPermalink
`(3) COMPONENTS- Each geological disposal deployment project shall include an analysis of--CommentsClose CommentsPermalink
`(A) mechanisms for trapping the carbon dioxide to be geologically disposed;CommentsClose CommentsPermalink
`(B) techniques for monitoring the geologically disposed carbon dioxide;CommentsClose CommentsPermalink
`(C) public response to the geological disposal deployment project; andCommentsClose CommentsPermalink
`(D) the permanency of carbon dioxide storage in geological reservoirs.CommentsClose CommentsPermalink
`(4) REQUIREMENTS-CommentsClose CommentsPermalink
`(A) IN GENERAL- The Administrator shall establish--CommentsClose CommentsPermalink
`(i) appropriate conditions for environmental protection with respect to geological disposal deployment projects to protect public health and the environment; andCommentsClose CommentsPermalink
`(ii) requirements relating to applications for grants under this subsection.CommentsClose CommentsPermalink
`(B) RULEMAKING- The establishment of requirements under subparagraph (A) shall not require a rulemaking.CommentsClose CommentsPermalink
`(C) MINIMUM REQUIREMENTS- At a minimum, each application for a grant under this subsection shall include--CommentsClose CommentsPermalink
`(i) a description of the geological disposal deployment project proposed in the application;CommentsClose CommentsPermalink
`(ii) an estimate of the quantity of carbon dioxide to be geologically disposed over the life of the geological disposal deployment project; andCommentsClose CommentsPermalink
`(iii) a plan to collect and disseminate data relating to each geological disposal deployment project to be funded by the grant.CommentsClose CommentsPermalink
`(5) PARTNERS- An applicant for a grant under this subsection may carry out a geological disposal deployment project under a pilot program in partnership with 1 or more public or private entities.CommentsClose CommentsPermalink
`(6) SELECTION CRITERIA- In evaluating applications under this subsection, the Administrator shall--CommentsClose CommentsPermalink
`(A) consider the previous experience of each applicant with similar projects; andCommentsClose CommentsPermalink
`(B) give priority consideration to applications for geological disposal deployment projects that--CommentsClose CommentsPermalink
`(i) offer the greatest geological diversity from other projects that have previously been approved;CommentsClose CommentsPermalink
`(ii) are located in closest proximity to a source of carbon dioxide;CommentsClose CommentsPermalink
`(iii) make use of the most affordable source of carbon dioxide;CommentsClose CommentsPermalink
`(iv) are expected to geologically dispose of the largest quantity of carbon dioxide;CommentsClose CommentsPermalink
`(v) are combined with demonstrations of advanced coal electricity generation technologies;CommentsClose CommentsPermalink
`(vi) demonstrate the greatest commitment on the part of the applicant to ensure funding for the proposed demonstration project and the greatest likelihood that the demonstration project will be maintained or expanded after Federal assistance under this subsection is completed; andCommentsClose CommentsPermalink
`(vii) minimize any adverse environmental effects from the project.CommentsClose CommentsPermalink
`(7) PERIOD OF GRANTS-CommentsClose CommentsPermalink
`(A) IN GENERAL- A geological disposal deployment project funded by a grant under this subsection shall begin construction not later than 3 years after the date on which the grant is provided.CommentsClose CommentsPermalink
`(B) TERM- The Administrator shall not provide grant funds to any applicant under this subsection for a period of more than 5 years.CommentsClose CommentsPermalink
`(8) TRANSFER OF INFORMATION AND KNOWLEDGE- The Administrator shall establish mechanisms to ensure that the information and knowledge gained by participants in the program under this subsection are published and disseminated, including to other applicants that submitted applications for a grant under this subsection.CommentsClose CommentsPermalink
`(9) SCHEDULE-CommentsClose CommentsPermalink
`(A) PUBLICATION- Not later than 180 days after the date of enactment of this title, the Administrator shall publish in the Federal Register, and elsewhere as appropriate, a request for applications to carry out geological disposal deployment projects.CommentsClose CommentsPermalink
`(B) DATE FOR APPLICATIONS- An application for a grant under this subsection shall be submitted not later than 180 days after the date of publication of the request under subparagraph (A).CommentsClose CommentsPermalink
`(C) SELECTION- After the date by which applications for grants are required to be submitted under subparagraph (B), the Administrator, in a timely manner, shall select, after peer review and based on the criteria under paragraph (6), those geological disposal deployment projects to be provided a grant under this subsection.CommentsClose CommentsPermalink
`(b) Interim Standards- Not later than 3 years after the date of enactment of this title, the Administrator, in consultation with the Secretary of Energy, shall, by regulation, establish interim geological carbon dioxide disposal standards that address--CommentsClose CommentsPermalink
`(1) site selection;CommentsClose CommentsPermalink
`(2) permitting processes;CommentsClose CommentsPermalink
`(3) monitoring requirements;CommentsClose CommentsPermalink
`(4) public participation; andCommentsClose CommentsPermalink
`(5) such other issues as the Administrator and the Secretary of Energy determine to be appropriate.CommentsClose CommentsPermalink
`(c) Final Standards- Not later than 6 years after the date of enactment of this title, taking into account the results of geological disposal deployment projects carried out under subsection (a), the Administrator shall, by regulation, establish final geological carbon dioxide disposal standards.CommentsClose CommentsPermalink
`(d) Considerations- In developing standards under subsections (b) and (c), the Administrator shall consider the experience in the United States in regulating--CommentsClose CommentsPermalink
`(1) underground injection of waste;CommentsClose CommentsPermalink
`(2) enhanced oil recovery;CommentsClose CommentsPermalink
`(3) short-term storage of natural gas; andCommentsClose CommentsPermalink
`(4) long-term waste storage.CommentsClose CommentsPermalink
`(e) Termination of Authority- This section and the authority provided by this section terminate on December 31, 2030.CommentsClose CommentsPermalink
`SEC. 711. RESEARCH AND DEVELOPMENT.
`(a) In General- The Administrator shall carry out a program to perform and support research on global climate change standards and processes, with the goals of--CommentsClose CommentsPermalink
`(1) providing scientific and technical knowledge applicable to the reduction of global warming pollutants; andCommentsClose CommentsPermalink
`(2) facilitating implementation of section 704.CommentsClose CommentsPermalink
`(b) Research Program-CommentsClose CommentsPermalink
`(1) IN GENERAL- The Administrator shall carry out, directly or through the use of contracts or grants, a global climate change standards and processes research program.CommentsClose CommentsPermalink
`(2) RESEARCH-CommentsClose CommentsPermalink
`(A) CONTENTS AND PRIORITIES- The specific contents and priorities of the research program shall be determined in consultation with appropriate Federal agencies, including--CommentsClose CommentsPermalink
`(i) the National Oceanic and Atmospheric Administration;CommentsClose CommentsPermalink
`(ii) the National Aeronautics and Space Administration; andCommentsClose CommentsPermalink
`(iii) the Department of Energy.CommentsClose CommentsPermalink
`(B) TYPES OF RESEARCH- The research program shall include the conduct of basic and applied research--CommentsClose CommentsPermalink
`(i) to develop and provide the enhanced measurements, calibrations, data, models, and reference material standards necessary to enable the monitoring of global warming pollution;CommentsClose CommentsPermalink
`(ii) to assist in establishing a baseline reference point for future trading in global warming pollutants (including the measurement of progress in emission reductions);CommentsClose CommentsPermalink
`(iii) for international exchange as scientific or technical information for the stated purpose of developing mutually-recognized measurements, standards, and procedures for reducing global warming pollution; andCommentsClose CommentsPermalink
`(iv) to assist in developing improved industrial processes designed to reduce or eliminate global warming pollution.CommentsClose CommentsPermalink
`(3) ABRUPT CLIMATE CHANGE RESEARCH-CommentsClose CommentsPermalink
`(A) DEFINITION OF ABRUPT CLIMATE CHANGE- In this paragraph, the term `abrupt climate change' means a change in climate that occurs so rapidly or unexpectedly that humans or natural systems may have difficulty adapting to the change.CommentsClose CommentsPermalink
`(B) RESEARCH- The Administrator shall carry out a program of scientific research on potential abrupt climate change that is designed--CommentsClose CommentsPermalink
`(i) to develop a global array of terrestrial and oceanographic indicators of paleoclimate in order to identify and describe past instances of abrupt climate change;CommentsClose CommentsPermalink
`(ii) to improve understanding of thresholds and nonlinearities in geophysical systems relating to the mechanisms of abrupt climate change;CommentsClose CommentsPermalink
`(iii) to incorporate those mechanisms into advanced geophysical models of climate change; andCommentsClose CommentsPermalink
`(iv) to test the output of those models against an improved global array of records of past abrupt climate changes.CommentsClose CommentsPermalink
`(c) Sense of the Senate- It is the sense of the Senate that Federal funds for clean, low-carbon energy research, development, and deployment should be increased by at least 100 percent for each year during the 10-year period beginning on the date of enactment of this title.CommentsClose CommentsPermalink
`SEC. 712. ENERGY EFFICIENCY PERFORMANCE STANDARD.
`(a) Definitions- In this section:CommentsClose CommentsPermalink
`(1) ELECTRICITY SAVINGS-CommentsClose CommentsPermalink
`(A) IN GENERAL- The term `electricity savings' means reductions in end-use electricity consumption relative to consumption by the same customer or at the same new or existing facility in a given year, as defined in regulations promulgated by the Administrator under subsection (e).CommentsClose CommentsPermalink
`(B) INCLUSIONS- The term `savings' includes savings achieved as a result of--CommentsClose CommentsPermalink
`(i) installation of energy-saving technologies and devices; andCommentsClose CommentsPermalink
`(ii) the use of combined heat and power systems, fuel cells, or any other technology identified by the Administrator that recaptures or generates energy solely for onsite customer use.CommentsClose CommentsPermalink
`(C) EXCLUSION- The term `savings' does not include savings from measures that would likely be adopted in the absence of energy-efficiency programs, as determined by the Administrator.CommentsClose CommentsPermalink
`(2) RETAIL ELECTRICITY SALES- The term `retail electricity sales' means the total quantity of electric energy sold by a retail electricity supplier to retail customers during the most recent calendar year for which that information is available.CommentsClose CommentsPermalink
`(3) RETAIL ELECTRICITY SUPPLIER- The term `retail electricity supplier' means a distribution or integrated utility, or an independent company or entity, that sells electric energy to consumers.CommentsClose CommentsPermalink
`(b) Energy Efficiency Performance Standard- Each retail electricity supplier shall implement programs and measures to achieve improvements in energy efficiency and peak load reduction, as verified by the Administrator.CommentsClose CommentsPermalink
`(c) Targets- For calendar year 2008 and each calendar year thereafter, the Administrator shall ensure that retail electric suppliers annually achieve electricity savings and reduce peak power demand and electricity use by retail customers by a percentage that is not less than the applicable target percentage specified in the following table:CommentsClose CommentsPermalink
-------------------------------------------------------------------------------- CommentsClose CommentsPermalink
Calendar Year Reduction in peak demand Reduction in electricity use CommentsClose CommentsPermalink
-------------------------------------------------------------------------------- CommentsClose CommentsPermalink
2008 .25 percent .25 percent CommentsClose CommentsPermalink
2009 .75 percent .75 percent CommentsClose CommentsPermalink
2010 1.75 percent 1.5 percent CommentsClose CommentsPermalink
2011 2.75 percent 2.25 percent CommentsClose CommentsPermalink
2012 3.75 percent 3.0 percent CommentsClose CommentsPermalink
2013 4.75 percent 3.75 percent CommentsClose CommentsPermalink
2014 5.75 percent 4.5 percent CommentsClose CommentsPermalink
2015 6.75 percent 5.25 percent CommentsClose CommentsPermalink
2016 7.75 percent 6.0 percent CommentsClose CommentsPermalink
2017 8.75 percent 6.75 percent CommentsClose CommentsPermalink
2018 9.75 percent 7.5 percent CommentsClose CommentsPermalink
2019 10.75 percent 8.25 percent CommentsClose CommentsPermalink
2020 and each calendar year thereafter 11.75 percent 9.0 percent CommentsClose CommentsPermalink
-------------------------------------------------------------------------------- CommentsClose CommentsPermalink
`(d) Beginning Date- For the purpose of meeting the targets established under subsection (c), electricity savings shall be calculated based on the sum of--CommentsClose CommentsPermalink
`(1) savings realized as a result of actions taken by the retail electric supplier during the specified calendar year; andCommentsClose CommentsPermalink
`(2) cumulative savings realized as a result of electricity savings achieved in all previous calendar years (beginning with calendar year 2006).CommentsClose CommentsPermalink
`(e) Implementing Regulations-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than 1 year after the date of enactment of this title, the Administrator shall promulgate regulations to implement the targets established under subsection (c).CommentsClose CommentsPermalink
`(2) REQUIREMENTS- The regulations shall establish--CommentsClose CommentsPermalink
`(A) a national credit system permitting credits to be awarded, bought, sold, or traded by and among retail electricity suppliers;CommentsClose CommentsPermalink
`(B) a fee equivalent to not less than 4 cents per kilowatt hour for retail energy suppliers that do not meet the targets established under subsection (c); andCommentsClose CommentsPermalink
`(C) standards for monitoring and verification of electricity use and demand savings reported by the retail electricity suppliers.CommentsClose CommentsPermalink
`(3) CONSIDERATION OF TRANSMISSION AND DISTRIBUTION EFFICIENCY- In developing regulations under this subsection, the Administrator shall consider whether savings, in whole or part, achieved by retail electricity suppliers by improving the efficiency of electric distribution and use should be eligible for credits established under this section.CommentsClose CommentsPermalink
`(f) Compliance With State Law- Nothing in this section shall supersede or otherwise affect any State or local law requiring or otherwise relating to reductions in total annual electricity consumption, or peak power consumption, by electric consumers to the extent that the State or local law requires more stringent reductions than those required under this section.CommentsClose CommentsPermalink
`(g) Voluntary Participation- The Administrator may--CommentsClose CommentsPermalink
`(1) pursuant to the regulations promulgated under subsection (e)(1), issue a credit to any entity that is not a retail electric supplier if the entity implements electricity savings; andCommentsClose CommentsPermalink
`(2) in a case in which an entity described in paragraph (1) is a nonprofit or educational organization, provide to the entity 1 or more grants in lieu of a credit.CommentsClose CommentsPermalink
`SEC. 713. RENEWABLE PORTFOLIO STANDARD.
`(a) Renewable Energy-CommentsClose CommentsPermalink
`(1) IN GENERAL- The Administrator, in consultation with the Secretary of Energy, shall promulgate regulations defining the types and sources of renewable energy generation that may be carried out in accordance with this section.CommentsClose CommentsPermalink
`(2) INCLUSIONS- In promulgating regulations under paragraph (1), the Administrator shall include of all types of renewable energy (as defined in section 203(b) of the Energy Policy Act of 2005 (
`(A) municipal solid waste;CommentsClose CommentsPermalink
`(B) wood contaminated with plastics or metals; orCommentsClose CommentsPermalink
`(C) tires.CommentsClose CommentsPermalink
`(b) Renewable Energy Requirement- Of the base quantity of electricity sold by each retail electric supplier to electric consumers during a calendar year, the quantity generated by renewable energy sources shall be not less than the following percentages:CommentsClose CommentsPermalink
------------------------------------------------------------CommentsClose CommentsPermalink
------------------------------------------------------------CommentsClose CommentsPermalink
`Calendar year: Minimum annual percentage: CommentsClose CommentsPermalink
2008 through 2009 5 CommentsClose CommentsPermalink
2010 through 2014 10 CommentsClose CommentsPermalink
2015 through 2019 15 CommentsClose CommentsPermalink
2020 and subsequent years 20 CommentsClose CommentsPermalink
------------------------------------------------------------CommentsClose CommentsPermalink
`(c) Renewable Energy Credit Program- Not later than 1 year after the date of enactment of this title, the Administrator shall establish--CommentsClose CommentsPermalink
`(1) a program to issue, establish the value of, monitor the sale or exchange of, and track renewable energy credits; andCommentsClose CommentsPermalink
`(2) penalties for any retail electric supplier that does not comply with this section.CommentsClose CommentsPermalink
`(d) Prohibition on Double Counting- A renewable energy credit issued under subsection (c)--CommentsClose CommentsPermalink
`(1) may be counted toward meeting the requirements of subsection (b) only once; andCommentsClose CommentsPermalink
`(2) shall vest with the owner of the system or facility that generates the renewable energy that is covered by the renewable energy credit, unless the owner explicitly transfers the renewable energy credit.CommentsClose CommentsPermalink
`(e) Sale Under Purpa Contract- If the Administrator, after consultation with the Secretary of Energy, determines that a renewable energy generator is selling electricity to comply with this section to a retail electric supplier under a contract subject to section 210 of the Public Utilities Regulatory Policies Act of 1978 (
`(f) State Programs- Nothing in this section precludes any State from requiring additional renewable energy generation under any State renewable energy program.CommentsClose CommentsPermalink
`(g) Voluntary Participation- The Administrator may issue a renewable energy credit pursuant to subsection (c) to any entity that is not subject to this section only if the entity applying for the renewable energy credit meets the terms and conditions of this section to the same extent as retail electric suppliers subject to this section.CommentsClose CommentsPermalink
`SEC. 714. STANDARDS TO ACCOUNT FOR BIOLOGICAL SEQUESTRATION OF CARBON.
`(a) In General- Not later than 2 years after the date of enactment of title, the Secretary of Agriculture, with the concurrence of the Administrator, shall establish standards for accrediting certified reductions in the emission of carbon dioxide through above-ground and below-ground biological sequestration activities.CommentsClose CommentsPermalink
`(b) Requirements- The standards shall include--CommentsClose CommentsPermalink
`(1) a national biological carbon storage baseline or inventory; andCommentsClose CommentsPermalink
`(2) measurement, monitoring, and verification guidelines based on--CommentsClose CommentsPermalink
`(A) measurement of increases in carbon storage in excess of the carbon storage that would have occurred in the absence of a new management practice designed to achieve biological sequestration of carbon;CommentsClose CommentsPermalink
`(B) comprehensive carbon accounting that--CommentsClose CommentsPermalink
`(i) reflects sustained net increases in carbon reservoirs; andCommentsClose CommentsPermalink
`(ii) takes into account any carbon emissions resulting from disturbance of carbon reservoirs in existence as of the date of commencement of any new management practice designed to achieve biological sequestration of carbon;CommentsClose CommentsPermalink
`(C) adjustments to account for--CommentsClose CommentsPermalink
`(i) emissions of carbon that may result at other locations as a result of the impact of the new biological sequestration management practice on timber supplies; orCommentsClose CommentsPermalink
`(ii) potential displacement of carbon emissions to other land owned by the entity that carries out the new biological sequestration management practice; andCommentsClose CommentsPermalink
`(D) adjustments to reflect the expected carbon storage over various time periods, taking into account the likely duration of the storage of carbon in a biological reservoir.CommentsClose CommentsPermalink
`(c) Updating of Standards- Not later than 3 years after the date of establishment of the standards under subsection (a), and every 3 years thereafter, the Secretary of Agriculture shall update the standards to take into account the most recent scientific information.CommentsClose CommentsPermalink
`SEC. 715. GLOBAL WARMING POLLUTION REPORTING.
`(a) In General- Not later than 2 years after the date of enactment of this title, and annually thereafter, any entity considered to be a major stationary source (as defined in section 169A(g)) shall submit to the Administrator a report describing the emissions of global warming pollutants from the entity for the preceding calendar year.CommentsClose CommentsPermalink
`(b) Voluntary Reporting- An entity that is not described in subsection (a) may voluntarily report the emissions of global warming pollutants from the entity to the Administrator.CommentsClose CommentsPermalink
`(c) Requirements for Reports-CommentsClose CommentsPermalink
`(1) EXPRESSION OF MEASUREMENTS- Each global warming pollution report submitted under this section shall express global warming pollution emissions in--CommentsClose CommentsPermalink
`(A) metric tons of each global warming pollutant; andCommentsClose CommentsPermalink
`(B) metric tons of the carbon dioxide equivalent of each global warming pollutant.CommentsClose CommentsPermalink
`(2) ELECTRONIC FORMAT- The information contained in a report submitted under this section shall be reported electronically to the Administrator in such form and to such extent as may be required by the Administrator.CommentsClose CommentsPermalink
`(3) DE MINIMIS EXEMPTION- The Administrator may specify the level of global warming pollution emissions from a source within a facility that shall be considered to be a de minimis exemption from the requirement to comply with this section.CommentsClose CommentsPermalink
`(d) Public Availability of Information- Not later than March 1 of the year after which the Administrator receives a report under this subsection from an entity, and annually thereafter, the Administrator shall make the information reported under this section available to the public through the Internet.CommentsClose CommentsPermalink
`(e) Protocols and Methods- The Administrator shall, by regulation, establish protocols and methods to ensure completeness, consistency, transparency, and accuracy of data on global warming pollution emissions submitted under this section.CommentsClose CommentsPermalink
`(f) Enforcement- Regulations promulgated under this section may be enforced pursuant to section 113 with respect to any person that--CommentsClose CommentsPermalink
`(1) fails to submit a report under this section; orCommentsClose CommentsPermalink
`(2) otherwise fails to comply with those regulations.CommentsClose CommentsPermalink
`SEC. 716. CLEAN ENERGY TECHNOLOGY DEPLOYMENT IN DEVELOPING COUNTRIES.
`(a) Definitions- In this section:CommentsClose CommentsPermalink
`(1) CLEAN ENERGY TECHNOLOGY- The term `clean energy technology' means an energy supply or end-use technology that, over the lifecycle of the technology and compared to a similar technology already in commercial use in any developing country--CommentsClose CommentsPermalink
`(A) is reliable; andCommentsClose CommentsPermalink
`(B) results in reduced emissions of global warming pollutants.CommentsClose CommentsPermalink
`(2) DEVELOPING COUNTRY-CommentsClose CommentsPermalink
`(A) IN GENERAL- The term `developing country' means any country not listed in Annex I of the United Nations Framework Convention on Climate Change, done at New York on May 9, 1992.CommentsClose CommentsPermalink
`(B) INCLUSION- The term `developing country' may include a country with an economy in transition, as determined by the Secretary.CommentsClose CommentsPermalink
`(3) TASK FORCE- The term `Task Force' means the Task Force on International Clean, Low-Carbon Energy Cooperation established under subsection (b)(1).CommentsClose CommentsPermalink
`(b) Task Force-CommentsClose CommentsPermalink
`(1) ESTABLISHMENT- Not later than 90 days after the date of enactment of this title, the President shall establish a task force to be known as the `Task Force on International Clean, Low Carbon Energy Cooperation'.CommentsClose CommentsPermalink
`(2) COMPOSITION- The Task Force shall be composed of--CommentsClose CommentsPermalink
`(A) the Administrator and the Secretary of State, who shall serve jointly as Co-Chairpersons; andCommentsClose CommentsPermalink
`(B) representatives, appointed by the head of the respective Federal agency, of--CommentsClose CommentsPermalink
`(i) the Department of Commerce;CommentsClose CommentsPermalink
`(ii) the Department of the Treasury;CommentsClose CommentsPermalink
`(iii) the United States Agency for International Development;CommentsClose CommentsPermalink
`(iv) the Export-Import Bank;CommentsClose CommentsPermalink
`(v) the Overseas Private Investment Corporation;CommentsClose CommentsPermalink
`(vi) the Office of United States Trade Representative; andCommentsClose CommentsPermalink
`(vii) such other Federal agencies as are determined to be appropriate by the President.CommentsClose CommentsPermalink
`(c) Duties-CommentsClose CommentsPermalink
`(1) INITIAL STRATEGY-CommentsClose CommentsPermalink
`(A) IN GENERAL- Not later than 1 year after the date of enactment of this title, the Task Force shall develop and submit to the President an initial strategy--CommentsClose CommentsPermalink
`(i) to support the development and implementation of programs and policies in developing countries to promote the adoption of clean, low-carbon energy technologies and energy-efficiency technologies and strategies, with an emphasis on those developing countries that are expected to experience the most significant growth in global warming pollution emissions over the 20-year period beginning on the date of enactment of this title; andCommentsClose CommentsPermalink
`(ii)(I) open and expand clean, low-carbon energy technology markets; andCommentsClose CommentsPermalink
`(II) facilitate the export of that technology to developing countries.CommentsClose CommentsPermalink
`(B) SUBMISSION TO CONGRESS- On receipt of the initial strategy from the Task Force under subparagraph (A), the President shall submit the initial strategy to Congress.CommentsClose CommentsPermalink
`(2) FINAL STRATEGY- Not later than 2 years after the date of submission of the initial strategy under paragraph (1), and every 2 years thereafter--CommentsClose CommentsPermalink
`(A) the Task Force shall--CommentsClose CommentsPermalink
`(i) review and update the initial strategy; andCommentsClose CommentsPermalink
`(ii) report the results of the review and update to the President; andCommentsClose CommentsPermalink
`(B) the President shall submit to Congress a final strategy.CommentsClose CommentsPermalink
`(3) PERFORMANCE CRITERIA- The Task Force shall develop and submit to the Administrator performance criteria for use in the provision of assistance under this section.CommentsClose CommentsPermalink
`(d) Provision of Assistance- The Administrator may--CommentsClose CommentsPermalink
`(1) provide assistance to developing countries for use in carrying out activities that are consistent with the priorities established in the final strategy; andCommentsClose CommentsPermalink
`(2) establish a pilot program that provides financial assistance for qualifying projects (as determined by the Administrator) in accordance with--CommentsClose CommentsPermalink
`(A) the final strategy submitted under subsection (c)(2)(B); andCommentsClose CommentsPermalink
`(B) any performance criteria developed by the Task Force under subsection (c)(3).CommentsClose CommentsPermalink
`SEC. 717. PARAMOUNT INTEREST WAIVER.
`(a) In General- If the President determines that a national security emergency exists and, in light of information that was not available as of the date of enactment of this title, that it is in the paramount interest of the United States to modify any requirement under this title to minimize the effects of the emergency, the President may, after opportunity for public notice and comment, temporarily adjust, suspend, or waive any regulations promulgated pursuant to this title to achieve that minimization.CommentsClose CommentsPermalink
`(b) Consultation- In making an emergency determination under subsection (a), the President shall, to the maximum extent practicable, consult with and take into account any advice received from--CommentsClose CommentsPermalink
`(1) the Academy;CommentsClose CommentsPermalink
`(2) the Secretary of Energy; andCommentsClose CommentsPermalink
`(3) the Administrator.CommentsClose CommentsPermalink
`(c) Judicial Review- An emergency determination under subsection (a) shall be subject to judicial review under section 307.CommentsClose CommentsPermalink
`SEC. 718. EFFECT ON OTHER LAW.
`Nothing in this title--CommentsClose CommentsPermalink
`(1) affects the ability of a State to take State actions to further limit climate change (except that section 209 shall apply to standards for vehicles); andCommentsClose CommentsPermalink
`(2) except as expressly provided in this title--CommentsClose CommentsPermalink
`(A) modifies or otherwise affects any requirement of this Act in effect on the day before the date of enactment of this title; orCommentsClose CommentsPermalink
`(B) relieves any person of the responsibility to comply with this Act.'.CommentsClose CommentsPermalink
SEC. 3. RENEWABLE CONTENT OF GASOLINE.
Section 211(o) of the Clean Air Act (as amended by section 1501 of the Energy Policy Act of 2005 (
(1) in paragraph (1)--CommentsClose CommentsPermalink
(A) by redesignating subparagraph (B) as subparagraph (E); andCommentsClose CommentsPermalink
(B) by inserting after subparagraph (A) the following:CommentsClose CommentsPermalink
`(B) LOW-CARBON RENEWABLE FUEL- The term `low-carbon renewable fuel' means renewable fuel the use of which, on a full fuel cycle, per-mile basis, and as compared with the use of gasoline, achieves a reduction in global warming pollution emissions of 75 percent or more.'; andCommentsClose CommentsPermalink
(2) in paragraph (2)--CommentsClose CommentsPermalink
(A) in subparagraph (A)(i), by inserting `and low-carbon renewable fuel' after `renewable fuel'; andCommentsClose CommentsPermalink
(B) in subparagraph (B)--CommentsClose CommentsPermalink
(i) in clause (iv), by striking `(iv) MINIMUM APPLICABLE VOLUME- For the purpose of subparagraph (A), the applicable volume' and inserting the following:CommentsClose CommentsPermalink
`(iv) MINIMUM APPLICABLE VOLUME OF RENEWABLE FUEL- For the purpose of subparagraph (A), the minimum applicable volume of renewable fuel'; andCommentsClose CommentsPermalink
(ii) by adding at the end the following:CommentsClose CommentsPermalink
`(v) MINIMUM APPLICABLE VOLUME OF LOW-CARBON RENEWABLE FUEL- For the purpose of subparagraph (A), the minimum applicable volume of low-carbon renewable fuel for calendar year 2015 and each calendar year thereafter shall be 5,000,000,000 gallons.'.CommentsClose CommentsPermalink
SEC. 4. ENFORCEMENT AND JUDICIAL REVIEW.
(a) Federal Enforcement- Section 113 of the Clean Air Act (
(1) in subsection (a)(3), by striking `or title VI,' and inserting `title VI, or title VII,';CommentsClose CommentsPermalink
(2) in subsection (b)(2), by striking `or title VI,' and inserting `title VI, or title VII,';CommentsClose CommentsPermalink
(3) in subsection (c)--CommentsClose CommentsPermalink
(A) in the first sentence of paragraph (1), by striking `or title VI (relating to stratospheric ozone control),' and inserting `title VI (relating to stratospheric ozone control), or title VII (relating to global warming pollution emission reductions),'; andCommentsClose CommentsPermalink
(B) in the first sentence of paragraph (3), by striking `or VI' and inserting `VI, or VII';CommentsClose CommentsPermalink
(4) in subsection (d)(1)(B), by striking `or VI' and inserting `VI, or VII'; andCommentsClose CommentsPermalink
(5) in the first sentence of subsection (f), by striking `or VI' and inserting `VI, or VII'.CommentsClose CommentsPermalink
(b) Establishment of Standards- Section 202 of the Clean Air Act (
(1) by redesignating the second subsection (f) (as added by section 207(b) of
(2) by inserting after subsection (n) (as redesignated by paragraph (1)) the following:CommentsClose CommentsPermalink
`(o) Global Warming Pollution Emission Reductions-CommentsClose CommentsPermalink
`(1) IN GENERAL- Not later than January 1, 2010, the Administrator shall promulgate regulations in accordance with subsection (a) and section 707 to require manufacturers of motor vehicles to meet the vehicle emission standards established under subsections (a) and (b) of section 707.CommentsClose CommentsPermalink
`(2) EFFECTIVE DATE- The regulations promulgated under paragraph (1) shall take effect with respect to motor vehicles sold by a manufacturer beginning in model year 2016.'.CommentsClose CommentsPermalink
(c) Administrative Proceedings and Judicial Review- Section 307 of the Clean Air Act (
(1) in subsection (b)(1)--CommentsClose CommentsPermalink
(A) in the first sentence--CommentsClose CommentsPermalink
(i) by striking `section 111,,' and inserting `section 111,'; andCommentsClose CommentsPermalink
(ii) by inserting `any emission standard or requirement issued pursuant to title VII,' after `under section 120,'; andCommentsClose CommentsPermalink
(B) in the second sentence, by striking `section 112,,' and inserting `section 112,'; andCommentsClose CommentsPermalink
(2) in subsection (d)(1)--CommentsClose CommentsPermalink
(A) in subparagraph (T), by striking `, and' at the end;CommentsClose CommentsPermalink
(B) in subparagraph (U), by striking the period at the end and inserting `; and'; andCommentsClose CommentsPermalink
(C) by adding at the end the following:CommentsClose CommentsPermalink
`(V) the promulgation or revision of any regulation under title VII (relating to global warming pollution).'.CommentsClose CommentsPermalink
SEC. 5. FEDERAL FLEET FUEL ECONOMY.
`(3) NEW VEHICLES-CommentsClose CommentsPermalink
`(A) IN GENERAL- Except as provided in subparagraph (B), each passenger vehicle purchased, or leased for a period of at least 60 consecutive days, by an Executive agency after the date of enactment of this paragraph shall be as fuel-efficient as practicable.CommentsClose CommentsPermalink
`(B) WAIVER- In an emergency situation, an Executive agency may submit to Congress a written request for a waiver of the requirement under paragraph (1).'.CommentsClose CommentsPermalink
SEC. 6. INTERNATIONAL NEGOTIATIONS AND TRADE RESTRICTIONS.
It is the sense of the Senate that the United States should act to reduce the health, environmental, economic, and national security risks posed by global climate change, and foster sustained economic growth through a new generation of technologies, by--CommentsClose CommentsPermalink
(1) participating in negotiations under the United Nations Framework Convention on Climate Change, done at New York May 9, 1992, and leading efforts in other international forums, with the objective of securing participation of the United States in agreements that--CommentsClose CommentsPermalink
(A) advance and protect the economic and national security interests of the United States;CommentsClose CommentsPermalink
(B) establish mitigation commitments by all countries that are major emitters of global warming pollution, in accordance with the principle of `common but differentiated responsibilities';CommentsClose CommentsPermalink
(C) establish flexible international mechanisms to minimize the cost of efforts by participating countries; andCommentsClose CommentsPermalink
(D) achieve a significant long-term reduction in global warming pollution emissions; andCommentsClose CommentsPermalink
(2) establishing a bipartisan Senate observation group, the members of which should be designated by the Chairman and Ranking Member of the Committee on Foreign Relations of the Senate, and which should include the Chairman and Ranking Member of the Committee on Environment and Public Works of the Senate--CommentsClose CommentsPermalink
(A) to monitor any international negotiations on climate change; andCommentsClose CommentsPermalink
(B) to ensure that the advice and consent function of the Senate is exercised in a manner to facilitate timely consideration of any applicable treaty submitted to the Senate.CommentsClose CommentsPermalink
SEC. 7. REPORT ON TRADE AND INNOVATION EFFECTS.
Not later than 2 years after the date of enactment of this Act, and annually thereafter, the Secretary of Commerce, in consultation with the United States Trade Representative, the Secretary of the Treasury, the Secretary of Agriculture, the Secretary of Energy, and the Administrator of the Environmental Protection Agency (referred to in this section as the `Secretary'), shall prepare and submit to Congress a report on the trade, economic, and technology innovation effects of the failure of the United States to adopt measures that require or result in a reduction in total global warming pollution emissions in the United States, in accordance with the goals for the United States under the United Nations Framework Convention on Climate Change, done at New York on May 9, 1992.CommentsClose CommentsPermalink
SEC. 8. CLIMATE CHANGE IN ENVIRONMENTAL IMPACT STATEMENTS.
In any case in which a Federal agency prepares an environmental impact statement or similar analysis required under the National Environmental Policy Act of 1969 (
(1) the impact that the Federal action or project necessitating the statement or analysis would have in terms of net changes in global warming pollution emissions; andCommentsClose CommentsPermalink
(2) the ways in which climate changes may affect the action or project in the short term and the long term.CommentsClose CommentsPermalink
SEC. 9. CORPORATE ENVIRONMENTAL DISCLOSURE OF CLIMATE CHANGE RISKS.
(a) Regulations- Not later than 2 years after the date of enactment of this Act, the Securities and Exchange Commission (referred to in this section as the `Commission') shall promulgate regulations in accordance with section 13 of the Securities Exchange Act of 1934 (
(1) the financial exposure of the issuer because of the net global warming pollution emissions of the issuer; andCommentsClose CommentsPermalink
(2) the potential economic impacts of global warming on the interests of the issuer.CommentsClose CommentsPermalink
(b) Uniform Format for Disclosure- In carrying out subsection (a), the Commission shall enter into an agreement with the Financial Accounting Standards Board, or another appropriate organization that establishes voluntary standards, to develop a uniform format for disclosing to securities investors information on the risks described in subsection (a).CommentsClose CommentsPermalink
(c) Interim Interpretive Release-CommentsClose CommentsPermalink
(1) IN GENERAL- As soon as practicable after the date of enactment of this Act, the Commission shall issue an interpretive release clarifying that under items 101 and 303 of Regulation S-K of the Commission under part 229 of title 17, Code of Federal Regulations (as in effect on the date of enactment of this Act)--CommentsClose CommentsPermalink
(A) the commitments of the United States to reduce emissions of global warming pollution under the United Nations Framework Convention on Climate Change, done at New York on May 9, 1992, are considered to be a material effect; andCommentsClose CommentsPermalink
(B) global warming constitutes a known trend.CommentsClose CommentsPermalink
(2) PERIOD OF EFFECTIVENESS- The interpretive release issued under paragraph (1) shall remain in effect until the effective date of the final regulations promulgated under subsection (a).CommentsClose CommentsPermalink
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