Current Co-Sponsors
Co-Sponsor
H.R. 4067 April '04 (108th Congress)
(1)
Co-Sponsor
H.R. 4067 March '04 (108th Congress)
(1)
(2)
Co-Sponsor HR 759 Dear Colleague, Feb 05
BILL
SUMMARY
Purpose:
Starting in 2010, the bill would cap U.S.
aggregate greenhouse gas (GHG) emissions
for the covered sectors at the 2000
level.
GHG emissions covered:
carbon dioxide, methane, nitrous oxide,
hydrofluorocarbons, perfluorocarbons, and
sulfur hexafluoride
Covered Sectors:
electricity generation, transportation,
industrial, and commercial economic
sectors (agricultural and residential
sectors are exempt).
Entities that must meet reduction
target:
An entity that is in a covered sector, or
that produces or imports synthetic GHGs
(hydroflourocarbons, perflourocarbons, and
sulfur hexaflourides), would be subject to
the requirements of this bill if it:
(a) owns at least one facility
that annually emits more than 10,000
metric tons of GHGs (measured in metric
tons of carbon dioxide equivalents -
MTCO2E);
(b) produces or imports petroleum
products that, when combusted, would
emit more than 10,000 MTCO2E; or
(c) produces or imports synthetic GHGs
that, when used, would emit more than
10,000 MTCO2E.
How the Cap Works:
- Beginning in 2010, each covered entity
would be required to submit to the
Environmental Protection Agency (EPA) one
tradable allowance for each MTCO2E emitted
directly, emitted through the combustion
of petroleum products, and emitted through
the use of synthetic GHGs.
- Non-covered entities (including those in
the agricultural sector) would be allowed
to register with the EPA, and sell, its
sequestration and GHG emission reductions
achieved since 1990.
Allocation of Tradable
Allowances:
- The Secretary of Commerce would
determine the amount of allowances to be
given away or "grandfathered" to covered
entities and the amount to be
auctioned.
- The Secretary's determination would be
subject to a number of allocation factors
identified in the bill.
- Proceeds from the auction would be used
to reduce energy costs of consumers and
assist disproportionately affected workers
and industries.
Flexibility Mechanisms:
- In addition to the allowances
grandfathered to them, covered entities
could acquire additional allowances from
other covered entities, if necessary.
- Also, any entity could satisfy up to 15%
of its total allowance requirements by
submitting:
(a) tradable allowances from
another capped nation's market in
GHGs;
(b) a registered net increase in
sequestration (through agricultural
practices, reforestation, etc);
(c) a GHG emission reduction registered
by a non-covered entity;
(d) a GHG emission reduction registered
by a non-covered entity; and
(e) allowances borrowed against future
reductions.
- A covered entity agreeing to emit no
more than its 1990 levels by 2010 would
be allowed to meet up to 20% of its
requirement through (a), (b), and (d).
Penalty:
Any covered entity would be fined for each
ton of GHGs emitted without a tradable
allowance at the rate of three times the
market value of a ton of GHGs.
Climate Change Effects on Coastal and
Oceanic Resources:
- The bill would require the National
Oceanic and Atmospheric Administration
(NOAA) to report periodically on the
possible and projected impacts of climate
change on coastal communities and oceanic
and coastal ecosystems.
- It would also require the Department of
Commerce to identify and estimate the
costs of potential adaptation measures to
protect these resources.
Research: The bill would establish
an abrupt climate change research program
at the Commerce Department and a program
at the National Institute of Standards and
Technology in climate change-relevant
standards and measurement
technologies.
