Proposed Climate Legislation Comparison Chart

Lieberman-Warner Climate Security Act
Bill Number S. 2191
Cosponsors Sens. Joe Lieberman (I-Conn.), John Warner (R-Va.), Ben Cardin (D-Md.), Robert Casey (D-Pa.), Norm Coleman (R-Minn.), Susan Collins (R-Maine), Elizabeth Dole (R-N.C.), Tom Harkin (D-Iowa), Amy Klobuchar (D-Minn.), Bill Nelson (D-Fla.), Ron Wyden (D-Ore.).
Overview An economy-wide cap-and-trade bill that covers the six-primary U.S. greenhouse gas emissions (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulfur hexafluoride). Approved 11-8 by the Senate Environment and Public Works Committee on Dec. 5, 2007.
Regulated Industries Power plants and large manufacturing and commercial facilities would face mandatory regulations, as well as transportation fuels at the refinery or the import terminal. Separate caps for HFC consumption.
Limits Emissions would be capped from at 4 percent below 2005 levels in 2012; 19 percent below 2005 levels in 2020; 37 percent below 2005 levels in 2030; 55 percent below 2005 levels in 2040; and 70 percent below 2005 levels in 2050.
Key Support Groups Statements praising the EPW Committee upon the bill's passage came from NRDC, Environmental Defense, the Nature Conservancy, Environment America and Oxfam.
Auction and allowance allocations Auction increases from 26.5 percent in 2012 to 69.6 percent from 2031-2050. Some sector-specific free allowances at the program's start, including 19 percent for power plants, 10 percent for manufacturers (reaches zero in 2031), 11 percent for states, 9 percent to load serving entities. There's also a 5 percent set-aside for domestic agriculture and forestry.
Offsets Companies can generate credits when they fund no-till farming practices, reforestation efforts, or climate-friendly projects in developing countries, akin to Kyoto Protocol's Clean Development Mechanism program. Limit of 15 percent for domestic offsets; 15 percent on international allowances.
Cost control and flexibility Creates a Carbon Market Efficiency Board to track carbon trading much like the Federal Reserve monitors the U.S. economy. The board would monitor prices and allow industry a flexible option if compliance prices stay too high for too long.
Extras Amendment added in committee establishes a California-like Low Carbon Fuel Standard that would gradually reduce the amount of carbon in the nation's fuel mix. Also 5 percent of allowances set aside in 2012 for companies that made reductions well before launch of the U.S. law. Free allowances phase out in 2017. Also creates bonus allowances for carbon capture and storage, funds and incentives for technology, adaptation and dampening effects on the poor. The National Academy of Sciences would be charged with conducting a three-year review to ensure limits comply with scientific warnings.

 

Safe Climate Act of 2007
Bill Number H.R. 1590
Cosponsors Rep. Henry Waxman (D-Calif.) and 141 cosponsors, as of Sept. 20., 2007
Overview Most aggressive of the House proposals. Calls on U.S. EPA to set up a market-based, cap-and-trade system that would allow industrial sources of emissions to buy and sell credits to comply with the new law. And motor vehicles would face new emission requirements at least as strong as current rules in place in California. Also requires the Energy Department to set a renewable energy standard that would grow every year until 2020. At that point, 20 percent of retail electricity sold in the United States must be generated by renewables.
Regulated Industries Leaves many decisions to EPA. Sectors with the "largest emissions" and the "most cost-effective opportunities to reduce emissions."
Limits Calls for U.S. emissions to drop more than 80 percent from current levels by mid-century. Emissions must fall 2 percent per year in 2011 so that by 2020, U.S. emissions are no larger than 1990 levels. Emissions starting in 2021 must fall another 5 percent per year.
Key Support Groups Several major environmental groups, including Sierra Club and U.S. PIRG.
Auction and allowance allocations Allowances to be distributed through an auction. Specifics left to president, EPA.
Offsets N/A
Cost control and flexibility N/A
Extras Creates a "Climate Reinvestment Fund" for auction revenue in U.S. Treasury. Funds used to help offset energy costs to consumers, transition assistance to workers and regions affected by the new policy, for new energy technologies.

 

Climate Stewardship and Innovation Act
Bill Number S. 280
Cosponsors Sens. Joe Lieberman (I-Conn.), John McCain (R-Ariz.), Blanche Lincoln (D-Ark.), Olympia Snowe (R-Maine), Barack Obama (D-Ill.), Susan Collins (R-Maine), Tom Carper (D-Del.), Hillary Rodham Clinton (D-N.Y.), Dick Durbin (D-Ill.), Norm Coleman (R-Minn.) and Amy Klobuchar (D-Minn.).
Overview Earlier versions of this bill have twice received Senate floor votes: 43-55 in 2003 and 38-60 in 2005. The measure creates a cap-and-trade program covering 85 percent of U.S. greenhouse gas emissions (carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, perfluorocarbons and sulfur hexafluoride).
Regulated Industries Power plants and large manufacturing and commercial facilities would face mandatory regulations, as well as transportation fuels at the refinery or the import terminal. Covered units must release more than 10,000 metric tons of greenhouse gases per year.
Limits Emissions would be capped from the four industrial sectors at 2004 levels by 2012. In 2020, emissions would fall 14 percent from 2004 levels. The 2030 cap is 33 percent from 2004 levels. And in 2050, emissions drop about 67 percent below 2004 levels.
Key Support Groups National Wildlife Federation, Environmental Defense, and the Pew Center on Global Climate Change.
Auction and allowance allocations Sets guidelines for U.S. EPA to decide how much to auction and how much to give for free to companies. Auction done by a newly established Climate Change Credit Corporation. Proceeds from the auction go toward stimulation of low-carbon technology, to help consumers and workers who are hurt from the program's costs. Funds also go toward climate-related habitat restoration.
Offsets Companies can generate credits when they fund no-till farming practices, reforestation efforts, or climate-friendly projects in developing countries, akin to Kyoto Protocol's Clean Development Mechanism program.
Cost control and flexibility Unlimited trading across industrial sectors. Unlimited banking to put extra credits away for future years' compliance. Borrowing from future targets, with a 5-year term limit and an interest rate.
Extras Programs to spur deployment of integrated gasification combined cycle power plants with capability to capture and sequester carbon dioxide emissions, large scale solar power facilities, nuclear capacity, cellulosic biomass plants. Requires nationwide inventory of sequestration potential, new guidelines to insure against leakage. Boost energy efficient building practices. Helps the National Science Foundation better prepare teachers on climate change. Adaptation research and coordination.

 

Global Warming Pollution Reduction Act
Bill Number S. 309
Cosponsors Sens. Bernie Sanders (I-Vt.), Barbara Boxer (D-Calif.), Daniel Akaka (D-Hawaii), Russell Feingold (D-Wis.), Daniel Inouye (D-Hawaii), Edward Kennedy (D-Mass.), Frank Lautenberg (D-N.J.), Patrick Leahy (D-Vt.), Robert Menendez (D-N.J.), Jack Reed (D-R.I.), Sheldon Whitehouse (D-R.I.), Joe Biden (D-Del.), Ben Cardin (D-Md.), Bob Casey (D-Pa.), Hillary Rodham Clinton (D-N.Y.), Dick Durbin (D-Ill.), Amy Klobuchar (D-Minn.), Barbara Mikulski (D-Md.), and Barack Obama (D-Ill.)
Overview This climate change bill would be a new title to the Clean Air Act. It would have the most sweeping effect of any piece of global warming legislation, with multiple programs designed to curb "dangerous interference" with the Earth's climate. Sets a global goal to keep average temperatures from rising no more than 3.6 degrees Fahrenheit by stabilizing global concentrations of CO2 at 450 parts per million.
Regulated Industries Economy-wide, most major sectors of U.S. economy, including power plants and transportation.
Limits The bill first sets broad emission goals, with cuts of 2 percent each year between 2010-2020. Then a 27 percent cut below 1990 levels by 2030, and 53 percent below 1990 levels by 2040. Cuts emissions 80 percent below 1990 levels by 2050. New power plants that start operating after 2012 must meet strict emission limits, equal to a natural gas combined cycle unit. Sets up a renewable portfolio standard of 5 percent by 2008, 10 percent by 2010, 15 percent by 2015 and 20 percent by 2020. It establishes a global warming regulation for new automobiles of all sizes equal to current standards in California. Mandates major increase in renewable content for fuels. Establishes energy efficiency targets.
Key Support Groups Earth Day Network, Earthjustice, Environmental & Energy Study Institute, Friends of the Earth, Greenpeace, League of Conservation Voters, National Audubon Society, National Environmental Trust, Natural Resources Defense Council, Physicians for Social Responsibility, Public Citizen, Sierra Club, Union of Concerned Scientists, U.S. PIRG.
Auction and allowance allocations Decided by U.S. EPA. Cap-and-trade permitted, but there is no requirement. Allocations would include transition help for consumers, businesses.
Offsets Silent.
Cost control and flexibility Up to the U.S. EPA, president.
Extras Sets up new carbon sequestration programs, including grants to demonstrate effectiveness in five regions of the country. Puts United States back into international global warming negotiations. Requires report on trade, economic and technological barriers if the United States does not adopt measures to cut its emissions. Mandates climate change consideration in all federal environmental impact statements. Calls for new Securities and Exchange Commission rules for reporting on financial exposure from global warming.

 

Electric Utility Cap-and-Trade Act
Bill Number S. 317
Cosponsors Sens. Dianne Feinstein (D-Calif.) and Tom Carper (D-Del.)
Overview The first of what is expected to be five bills to reduce greenhouse gas emissions. This bill sets up a cap-and-trade program only for power plants.
Regulated Industries Electric utilities.
Limits Power plants must reach 2006 levels in 2011. By 2015, emissions must fall to 2001 levels. After that, emissions fall 1 percent per year between 2016-2019. From 2020 and beyond, emissions fall 1.5 percent per year. The U.S. EPA can speed up reductions after 2019 if scientific data shows more cuts are needed.
Key Support Groups Calpine, Entergy, Exelon, Florida Power & Light, PG&E Corp., Public Service Enterprise Group.
Auction and allowance allocations Starts with 15 percent of credits auctioned, and 85 percent allocated based on electricity output. Auction steadily increases to 57 percent of credits in 2025 and 100 percent by 2036. Eighty percent of revenue goes to low- and zero-carbon electricity generation technology research, development and deployment. Twenty percent of revenue goes to habitat protection and adaptation.
Offsets Unlimited access to farming, wetland, and reforestation credits. For 25 percent of compliance, existing power plants can also fund international projects akin to Kyoto.
Cost control and flexibility EPA can allow companies to borrow some emission credits or to increase the use of international offsets up to 50 percent if the price gets too high; the borrowed credits must be repaid with interest.
Extras Research programs on abrupt climate change, new emission measurement technologies, public land sequestration and sea level rise from polar ice sheet melting.

 

Low Carbon Economy Act
Bill Number S. 1766
Cosponsors Sens. Jeff Bingaman (D-N.M.), Arlen Specter (R-Pa.), Ted Stevens (R-Alaska), Daniel Akaka (D-Hawaii), Lisa Murkowski (R-Alaska), Tom Harkin (D-Iowa) and Bob Casey (D-Pa.).
Overview Effort to gain bipartisan support for climate legislation. A byproduct of recommendations from the National Commission on Energy Policy.
Regulated Industries Most sectors of the U.S. economy. Emissions from petroleum and natural gas are regulated "upstream" at or close to the point of fuel production. Emissions from coal are regulated "downstream," meaning coal-fired power plants must hold the allowances. Other regulated industries include natural gas processing plants, importers of petroleum products, coal, coke or natural gas liquids. Also nonfuel related sources of greenhouse gases, such as adipic acid production.
Limits By 2020, U.S. emissions must return to 2006 levels. A decade later, emissions would drop to 1990 levels -- or about a 20 percent cut from the 2006 level.
Key Support Groups From industry, Duke Energy Corp., Exelon Corp., American Electric Power. From labor, the AFL-CIO, International Brotherhood of Electric Workers, the United Mine Workers of America and the United Auto Workers.
Auction and allowance allocations A mix. At the program's start in 2012, more than 50 percent of the credits grandfathered to industry for free. That figure is gradually lowered every year and eventually reached 25 percent free allowances by 2030. Eight percent of allowances set aside every year for carbon-capture and storage technologies, 5 percent to agriculture sequestration, 1 percent for 'early actors' and 9 percent to states for use at their discretion. Also in 2012, 24 percent of allowances are auctioned, with revenue directed to energy R&D, adaptation and assistance to low-income households. Auctioned permits increase every year, eventually reaching 53 percent by 2030.
Offsets Domestic and international credits OK, including industries not covered by the cap-and-trade plan, geologic sequestration, landfill methane, animal waste projects, projects to destroy hydrofluorcarbons.
Cost control and flexibility Price limit, or "safety valve," on carbon set at $12 per ton. It then rises 5 percent per year above the rate of inflation. Every five years, the president and Congress may review emission reduction progress of major U.S. trade partners and other large emitting nations. If countries by 2020 are not taking sufficient action to lower their own emissions, the president can order developing countries to buy U.S. credits if they want to import carbon-intensive goods.
Extras Up to $25 billion a year set aside to support technology development and adaptation.

 

Climate Stewardship Act
Bill Number H.R. 620
Cosponsors As of Aug. 31, 2007, 129 cosponsors. Early cosponsors include Reps. John Olver (D-Mass.), Wayne Gilchrest (R-Md.), Dennis Cardoza (D-Calif.), Michael Castle (R-Del.), Elijah Cummings (D-Md.), Diana DeGette (D-Colo.), Norm Dicks (D-Wash.), Phil Hare (D-Ill.), Jane Harman (D-Calif.), Maurice Hinchey (D-N.Y.), Jay Inslee (D-Wash.), Mark Kirk (R-Ill.), Betty McCollum (D-Minn.), Jim Saxton (R-N.J.), Christopher Shays (R-Conn.), Hilda Solis (D-Calif.), Mike Thompson (D-Calif.) and James Walsh (R-N.Y.).
Overview The House version of Lieberman-McCain global warming legislation with some differences, including a more aggressive set of emission cuts by 2050 and no title aimed specifically at promoting new energy technologies. Covers 85 percent of the U.S. economy.
Regulated Industries Power plants and large manufacturing and commercial facilities would face mandatory regulations, as well as transportation fuels at the refinery or the import terminal. Covered units must release more than 10,000 million tons of greenhouse gases per year.
Limits Emissions would be capped from the four industrial sectors at 2006 levels by 2012. Between 2013 and 2020, emissions fall 1 percent per year. Between 2021 and 2030, emissions fall 3 percent per year. Between 2031 and 2050, emissions cut 5 percent per year. That means a 70 percent cut below 1990 levels in 2050.
Key Support Groups N/A
Auction and allowance allocations Sets guidelines for EPA to decide how much to auction and how much to give for free to companies. Auction done by a newly established Climate Change Credit Corporation. Proceeds from the auction go toward stimulation of low-carbon technology, to help consumers who are hurt from the program's costs, and for communities and workers that face economic hardships from the new limits. Funds also go toward climate-related habitat restoration.
Offsets Companies can generate up to 15 percent of their credits when they fund no-till farming practices, reforestation efforts, or climate-friendly projects in developing countries, akin to Kyoto Protocol's Clean Development Mechanism program.
Cost control and flexibility Unlimited trading across industrial sectors. Unlimited banking to put extra credits away for future years' compliance. Borrowing from future targets, with a 5-year term limit and an interest rate.
Extras Establishes a national greenhouse gas database to monitor emissions, emission cuts and sequestration. Stimulates research on abrupt climate change, new emission measuring technologies, technology development and climate change's effects on coastal areas.

 

Global Warming Reduction Act
Bill Number S. 485
Cosponsors Sens. John Kerry (D-Mass.), Olympia Snowe (R-Maine) and Ted Kennedy (D-Mass.).
Overview The second offering of climate legislation from Kerry and Snowe. This bill is similar in many ways to the Sanders-Boxer approach, with a long-term goal to stabilize greenhouse gas concentrations at 450 parts per million.
Regulated Industries Covers all six greenhouse gases and multiple sectors of the U.S. economy. The bill leaves it up to U.S. EPA to determine which specific industries would be regulated.
Limits The bill calls for a return to 1990 emission levels by 2020. Between 2021 and 2030, emissions must be cut 2.5 percent per year. Between 2031 and 2050, emissions must be reduced another 3.5 percent per year. Other provisions include: all new passenger vehicles must meet emission-reduction requirements at least as strong as new California laws; renewable portfolio standard of 20 percent by 2020; and an increase in the renewable fuel content of gasoline to 60 billion gallons by 2030. Also, all gas stations in the country by 2016 would be required to have at least one pump selling fuel 85 percent blended with ethanol, also known as E85 fuel.
Key Support Groups National Wildlife Federation and National Environmental Trust.
Auction and allowance allocations The bill gives the president the authority to develop an allocation plan and decide how to split up distribution via auctions or free allowances.
Offsets The Agriculture secretary must issue rules to cover biological sequestration.
Cost control and flexibility N/A
Extras Includes "Sense of the Senate" measure for 100 percent increase in federal funding for low-carbon energy research and development every year for 10 years. Also includes tax breaks for purchase and manufacture of low carbon motor vehicles, such as plug-in hybrids. The Securities and Exchange Commission must issue rules requiring climate risk disclosure. Establishes a National Climate Change Vulnerability and Resilience Program to help communities assess their vulnerability to climatic changes and shorter term climatic variations -- including changes and variations resulting from human activities -- and better prepare for it.

 

Clean Air Planning Act
Bill Number S. 1177
Cosponsors Sens. Tom Carper (D-Del.), Joe Biden (D-Del.), Bob Casey (D-Pa.), Susan Collins (R-Maine), Chris Dodd (D-Conn.), Dianne Feinstein (D-Calif.), Judd Gregg (R-N.H.), Joe Lieberman (I-Conn.), Blanche Lincoln (D-Ark.), Charles Schumer (D-N.Y.) and John Sununu (R-N.H.).
Overview Aimed at power plants, which produce about a third of the U.S. total for greenhouse gas emissions. This proposal first appeared in 2002-03 during debate over President Bush's "Clear Skies" initiative to reduce electric utility emissions.
Regulated Industries Deals solely with power plant pollution of nitrogen oxides, sulfur dioxide, mercury and carbon dioxide.
Limits The bill calls for reductions in SO2 emissions by 82 percent by 2015 (from 11 million tons to a cap of 2 million tons), reductions in NOx by 68 percent by 2015 (from 5 million tons to a cap of 1.6 million tons), and reductions in mercury of 90 percent by 2015. For CO2, emissions capped at current levels in 2012 and 2001 levels in 2015. After 2015, power plants would reduce CO2 emissions annually through 2050, when emission levels will be at least 25 percent below 1990 levels.
Key Support Groups Support from American Lung Association, National Parks Conservation Association and Environmental Defense. It also has the backing of the Clean Energy Group, a coalition of power companies with heavy portfolios of nuclear power, including Calpine Corp., Entergy Corp., Florida Power and Light Co., and PG&E Corp.
Auction and allowance allocations About 85 percent of the credits given to power plants for free based on their energy use. This system, known as an output-based approach, rewards gas companies, nuclear power plants and "clean coal" plants that run more efficiently and produce fewer tons of CO2. Free allocations gone after about 20 years, turning into an auction with revenue geared toward technology development and adaptation.
Offsets Available offsets from farmers adopting low-till practices, landfill operations, agriculture manure projects, forest-based projects, reduction in emission of sulfur hexafluoride projects, energy efficiency projects, wastewater treatment facilities, coal mining operations, natural gas transmission and distribution systems, electrical transmission and distribution systems, and fossil fuel combustion at commercial and residential buildings. EPA can also add additional project categories to the program.
Cost control and flexibility Offsets are the primary cost-control mechanism.
Extras Sets up an extra reserve of CO2 allowances to encourage clean-coal technologies. Also prohibits allocations to any coal-fired power plant that enters operation on January 1, 2007, or later unless powered by qualifying advanced clean-coal technology.

 

Clean Air/Climate Change Act
Bill Number S. 1168
Cosponsors Sens. Lamar Alexander (R-Tenn.) and Joe Lieberman (I-Conn.).
Overview Aimed at power plants, which produce about a third of the U.S. total for greenhouse gas emissions. With this proposal, Alexander split with Sen. Tom Carper (D-Del.) over the method for distributing emission allowances.
Regulated Industries Power plants.
Limits The bill calls for more than 80 percent reductions in SO2 by 2015 and nearly 70 percent cuts in NOx. It also requires a 90 percent reduction in mercury. For CO2, emissions cuts must reach 2006 levels in 2011 and then fall to 1.5 billion metric tons by 2025.
Key Support Groups N/A
Auction and allowance allocations 75 percent of the credits given to electric utilities for free through an "input" system that favors historic fuel use.
Offsets Offsets allowed in five categories, including methane capture, sulfur hexafluoride projects, efficiency and forest sequestration.
Cost control and flexibility No provisions for price control.
Extras New source performance standards for CO2 emissions from electric power plants.

 

Clean Power Act
Bill Number S. 1201
Cosponsors Sens. Bernie Sanders (I-Vt.), Joe Lieberman (I-Conn.), Patrick Leahy (D-Vt.), Russ Feingold (D-Wis.).
Overview Also designed just for power plant emissions. This bill was modelled after a proposal pitched in 2006 by then-Sen. Jim Jeffords (I-Vt.).
Regulated Industries Power plants.
Limits Power plants must reduce their toxic mercury emissions to 5 tons, with specific requirements that every utility in the country capture at least 90 percent. Also would force more aggressive reductions in nitrogen oxides and sulfur dioxides when compared with the Bush administration's Clean Air Interstate Rule. To address global warming, the measure would freeze CO2 emissions at their current levels by 2011 before phasing in a series of cuts over the next two decades. The bill's CO2 target culminates in 2025 with a 17 percent reduction below 1990 levels.
Key Support Groups U.S. PIRG, National Environmental Trust, the American Lung Association and National Wildlife Federation.
Auction and allowance allocations Calls for U.S. EPA to set up a trading program. At least 50 percent of the CO2 allowances must be auctioned in 2020. Eventually the auction reaches 100 percent by 2035. EPA can allocate additional allowances, giving special preference to limiting the financial burdens on energy consumers. Allowances for NOx and SO2 would be distributed for free to industry until 2012 and then at EPA's discretion after.
Offsets Requires Agriculture Department to establish offset standards for biological sequestration.
Cost control and flexibility No specific provision for price controls.
Extras The legislation also acknowledges the prospect that Congress might only address greenhouse gases from power plants. Under the Sanders bill, electric utilities would be forced to cut their emissions an additional 3 percent per year beginning in 2012 if Congress and the president have not approved legislation addressing 85 percent of man-made emissions. The requirement would not end until global concentrations of greenhouse gases stabilize at 450 parts per million.

 

America's Climate Security Act
Bill Number Lieberman-Warner draft
Cosponsors Sens. Joe Lieberman (I-Conn.) and John Warner (R-Va.)
Overview An attempt to forge compromise among two moderate voices on the Senate Environment and Public Works Committee. The proposal is expected to come out in legislative form by mid-September.
Regulated Industries Economy wide.
Limits Electric utilities, major industrial manufacturers and petroleum refiners and importers would be required to limit their emissions to 2005 levels beginning in 2012. Those sources must then cut their greenhouse gases 10 percent by 2020, with an end target of a 70 percent reduction in 2050.
Key Support Groups N/A
Auction and allowance allocations More than half of the annual pollution credits would be distributed for free to the power companies and manufacturers most directly confronted with new requirements. A newly created Climate Change Credit Corporation also would oversee an auction for the distribution of 24 percent of the credits. Over time, the free allowances for the electric utility industry would be slowly phased out. By 2035, power companies would have to purchase their credits through an auction. Auction revenue every year would go toward a variety of efforts, including 20 percent to a public-private partnership working on the commercialization of low and zero-greenhouse gas electricity sources. Another 20 percent would go solely to the deployment of a power plant that can capture and store carbon dioxide underground in deep geologic formations.
Offsets To limit costs, the proposal would set up a seven-member Carbon Market Efficiency Board that tracks the cap-and-trade system much like the Federal Reserve monitors the U.S. economy. The board would track prices for carbon dioxide in the emerging U.S. market and allow industry a flexible option if compliance prices stay too high for too long.
Cost control and flexibility Allows industry to meet up to 15 percent of its emission requirements through the purchase of carbon offsets, such as sound farming and forestry practices and methane capture. The formal legislation, the senators said, would include "detailed, rigorous requirements" to make sure the offsets represent "real, additional, verifiable and permanent emissions reductions."
Extras U.S. trading partners must purchase pollution credits for their carbon-intensive exports if they do not have sufficient global warming policies in place. The president of the United States would have to impose the trade restrictions within eight years of the start of the U.S. program.

 

Save Our Climate Act
Bill Number H.R. 2069
Cosponsors Reps. Pete Stark (D-Calif.) and Jim McDermott (D-Wash.).
Overview Takes an alternative regulatory approach for climate change through a carbon tax.
Regulated Industries n/a
Limits The bill would tax coal, petroleum and natural gas at $10 per ton of carbon content when the fuel is either extracted or imported. The tax would increase $10 every year until the Energy Department and Internal Revenue Service determine U.S. carbon dioxide emissions have dropped 80 percent from 1990 levels.
Key Support Groups No specific endorsements, though advocates for a carbon tax include former Vice President Al Gore and Democratic presidential candidate Sen. Chris Dodd (Conn.).
Auction and allowance allocations No allocations or auction, though the tax concept is equal to a 100 percent auction. Revenues would go to the U.S. Treasury
Offsets N/A
Cost control and flexibility Tax refunds would be available for fuels used in the processes that sequster carbon dioxide, such as carbon capture and storage or plastics manufacturing.
Extras N/A