3 percent by 2012; 17 percent by 2020; 42 percent by 2030; 83 percent by 2050. All cuts are from 2005 levels.

Greenhouse gases covered are: carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, hydrofluorocarbons (HFCs) emitted as a byproduct, perfluorocarbons, and nitrogen trifluoride. EPA administrator may also designate more manmade greenhouse gases by regulation. Special consideration on HFC regulations allowed for NASA space flight safety.

EPA must have an active greenhouse gas registry within six months of enactment. Reporting would begin in 2011 for the years 2007-2010; with quarterly reporting in 2011.

The electric utility industry would receive 35 percent of the allowances for free.

Of the 35 percent, state-regulated local electric-distribution companies will get 30 percent of the credits and must use the funds to protect consumers from electricity price increases. Merchant coal and long-term power producers will get the remaining 5 percent of the allowances. All of the utility sector credits will be distributed according to a formula suggested by the industry, split along historic emission levels and retail sales. Credits will be phased out between 2026 and 2030.

Local natural gas distribution companies would get 9 percent of the allowances, and state-regulated firms must use the funds to protect consumers from natural gas price increases. The free allowances will be phased out between 2026 and 2030.

States would get 1.5 percent of the allowances for programs to benefit users of home heating oil and propane. The free allowances will be phased out between 2026 and 2030.

Auctioning begins with 15 percent of the allowances around 2011, with the proceeds directed toward low- and moderate-income families. The funds would be distributed via tax credits, direct payments and electronic benefit payments. Unlike the free credits, the payments will not phase out. EPA would have one year to set up the program following enactment, with the first compliance auction beginning in 2012.

Energy-intensive industries would receive 15 percent of the allowances for free starting in 2014, phasing down by about 2 percent per year and phased out after 2025. EPA must determine which industries are eligible for the allowances. The president would have authority to continue the free allowances and impose tariffs on carbon-intensive goods from developing countries.

Oil refiners will get 2 percent allowances for free, starting in 2014 and ending in 2016. Grants an additional 0.25 percent of the emissions allowances to so-called small business refiners specifically between 2014 and 2026, over and above the 2 percent provided to the refining sector overall.

Separately sets aside some allowances for the small refiners to purchase at auctions for the average auction price to help with compliance in a given year.

Carbon capture and storage efforts would get 2 percent of the allowances from 2014 to 2017 and 5 percent from 2018 and beyond.

States would get free allowances to invest in renewables and energy efficiency: 10 percent from 2012 to 2015, 7.5 percent from 2016 to 2017, 6.5 percent from 2018 to 2021, and 5 percent after that. The bill establishes State Energy and Environment Development (SEED) accounts to manage and account for allowances used for renewable energy and efficiency programs. Sets aside a portion of these state allowances for tribal renewable energy and efficiency programs.

The auto industry would get 3 percent of the allowances through 2017 and 1 percent from 2018 to 2025 to be used for increased production of electric and advanced vehicles.

Dedicates 1.05 percent to the Advanced Research Projects Agency - Energy and 0.45 percent to several energy innovation "hubs."

Efforts to prevent tropical deforestation would see 5 percent of the allowances from 2012 to 2025, 3 percent from 2026 to 2030, and 2 percent from 2031 and beyond.

Domestic adaptation efforts would get 2 percent of the allowances from 2012 through 2021, increasing to 4 percent between 2022 and 2026 and to 8 percent in 2027 and beyond. Half of the allowances will go toward wildlife and natural resource protection, while the other half are directed to other areas, such as public health.

International adaptation and clean technology transfer would get 2 percent of the allowances from 2012 to 2021, increasing to 4 percent from 2022 to 2026 and then to 8 percent in 2027 and beyond. The allowances would be split 50-50 between the two goals.

Worker assistance and job training would get 0.5 percent of the allowances from 2012 to 2021, increasing to 1 percent after that.

State-issued allowances -- from California, the Northeastern Regional Greenhouse Gas Initiative, and Western Climate Initiative -- can be exchanged for federal credits so long as they were issued before Dec. 31, 2011.

Sets aside 0.75 percent of allowances in 2012 and 2013 for an Energy Efficiency and Renewable Energy Worker Training Fund.

Dedicates 0.75 percent of 2012 allowances to registered emission reduction projects that took place between Jan. 1, 2001, and Jan. 1, 2009.

Allocates 0.5 percent of allowances to small electricity local distribution companies from 2012 to 2025 for energy efficiency, renewable electricity and low-income assistance programs. The allowances phase out between 2026 and 2030.

Sends 0.14 percent of allowances from 2012 to 2016 to supplemental agriculture and renewable energy incentives.

The remaining, unallocated allowances will be auctioned off, with the revenue directed to the Treasury to ensure the bill is deficit neutral. Any additional allowances beyond that would be used for consumer protection.

Local distribution companies are prohibited from receiving allowances worth more than their direct and indirect costs of complying with the legislation.

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Unlimited banking of allowances for use in future compliance years. Sets up a two-year rolling compliance period to borrow an unlimited number of allowances. Firms can satisfy up to 15 percent of their compliance obligations with borrowed allowances two to five years into the future, but must pay an 8 percent premium in allowances.

Establishes a $10 per ton price floor.

Sets up a "strategic reserve" of 2.5 billion metric tons of emission allowances in the event carbon prices rise faster than expected or reach unexpectedly high levels at auction. The initial starting trigger price for 2012 is $28. For 2013 and 2014, the minimum auction price would be the previous year's price increased by 5 percent plus the rate of inflation (as measured by the Consumer Price Index for all urban consumers). After three years, the "trigger" price is set as 60 percent above the 36 month average price.

Directs USDA within one year of enactment to establish list of eligible offsets, issue regulations to ensure projects are verifiable, additional and permanent. Describes eligible types of offset projects, quantification, scientific uncertainty. USDA must conduct random, ongoing audits of offset projects, credits and third-party verifier practices.

Sets up a USDA Greenhouse Gas Emission Reduction and Sequestration Advisory Committee. The nine-person committee will provide scientific and technical advice on establishing, implementing, and ensuring the overall environmental integrity of the domestic offset program for agriculture and forestry.

Requires all international offset credits to meet same domestic criteria, with some exceptions. United States must be party to a bilateral or multilateral agreement with the country hosting the offset project.

Limit of 2 billion tons annually for domestic and international offsets. International offsets only worth 80 percent of an allowance starting in 2018.

Offset credits acceptable for projects used under any regulatory or voluntary climate program established by state or tribal law prior to Jan. 1, 2009. Offset projects must meet certain criteria, including public registration of credits, third-party or state verification.

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The president must impose an import tax on countries that do not meet U.S. standards of emission reduction. Also, while the president may determine that a tariff is not in the "environmental interest" of the country, he would still require a joint resolution from Congress to lift it. The president may also use the border adjustment for industrial sectors that are not energy intensive and trade exposed.

Directs EPA to produce report to Congress every four years on latest climate science, monitoring and verification capacity, worldwide and domestic efforts to curb emissions.

Requires National Academy of Sciences report every four years on clean energy technologies, climate impacts, monitoring, verification and additional emission reduction possibilities.

Orders EPA to set greenhouse gas standards for major industrial sources not covered by the cap-and-trade program.

Prohibits EPA from listing greenhouse gases as criteria air pollutants or hazardous air pollutants under the Clean Air Act. Also exempts greenhouse gases from New Source Review and Title V permit requirements.

Pre-empts states and regions from implementing their own cap-and-trade programs from 2012-2017. Doesn't cover policies other than cap-and-trade, such as automobile emission limits or fuel standards. States are also still allowed to adopt or enforce standards on air pollution.

Regulates the production and consumption of HFCs under a separate program aside from the cap-and-trade plan. HFC consumption to be phased down to 15 percent of baseline by 2032. Allowances distributed via annual auction and no-auction sales. Offsets can be obtained through the destruction of chlorofluorocarbons.

Directs EPA to report on existing efforts to curb domestic black carbon pollution and to use existing authority to get further cuts.

Directs EPA to study the effect of CO2 reductions on emissions of mercury, sulfur dioxide and nitrogen oxides.

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The Federal Energy Regulatory Commission would oversee the cash allowance market for carbon. Establishes default Commodity Futures Trading Commission authority to regulate allowance derivative markets, but also creates a new interagency working group to make recommendations about how this market should ultimately be operated and overseen.

Requires the president to review the offset and derivatives rules promulgated under the law to determine if the regulations adequately protect the U.S. financial system from systemic risk.

Expands FERC power by providing "cease and desist" authority in electricity, gas and carbon markets.

Establishes an Office of Consumer Advocacy within FERC that would would bring complaints on behalf of or represent consumers before federal agencies and courts, monitor customer complaints, investigate utilities' rates and services, and establish a consumer advocacy committee of stakeholders.

Expands CFTC regulation of energy commodity market, including new controls on over-the-counter and swaps markets. Requires CFTC to set uniform position limits for speculators in energy markets. Cancels CFTC energy commodity provisions upon passage of separate legislation that deals with overall derivatives regulatory reform.

Education Department authorized to award grants to universities and colleges for careers in renewable energy, energy efficiency and other forms of climate change mitigation.

Provides any worker who loses their job up to 156 weeks of severance pay; 80 percent of monthly health care premium; $1,500 for job search help; $1,500 for moving; and other employment services.

Tax credits for lowest-income households, as well as EPA-led energy refunds, if lowest-income households have reduced purchasing power from the climate law.

Establishes a National Climate Service to advance understanding of climate variability, as well as provide forecasts, warnings and other information to the public on weather and climate-related impacts. It also supports development of response plans by governments, tribes and businesses. The White House Office of Science and Technology Policy sets up the climate service through a multi-year process that would determine the roles of various federal agencies in the program.

Amends a 1990 law authorizing the federal government's main climate research program, which coordinates research for 13 federal agencies. The bill moves the program -- the The United States Global Change Research Program -- to OSTP control. The program formerly was known as the U.S. Climate Change Science Program. The purpose of the United States Global Change Research Program, according to the legislation, is to improve "understanding of global change, to respond to the information needs of communities and decisionmakers, and to provide periodic assessments of the vulnerability of the United States and other regions to global and regional climate change."

Provides allowances for state adaptation efforts, and requires they be used to address challenges such as extreme weather events, changes in water availability, heat waves, sea level rise and air pollution. One percent of allowances in this section are provided to Indian tribes. The rest are distributed via a formula based on population and per-capita income. Starting in 2015, states must have an approved adaptation plan in place to receive allowances. State governments must regularly update these plans at least every five years to study vulnerabilities and cost-effective projects.

Requires the Department of Health and Human Services to prepare a "strategic action" plan to assist health professionals preparing for and responding to the impacts of climate change on public health in the United States and other countries. The assistance measures include developing and maintaining disease surveillance systems; creating tools for predicting and monitoring the public health effects of global warming globally and locally; creating public outreach programs and "academic and regional centers of excellence." Establishes a Health Protection and Promotion Fund.

Requires the White House to establish a Natural Resources Climate Change Adaptation Panel, consisting of various agency heads and the chair of the Council on Environmental Quality. The group is to coordinate a newly-formed climate change adaptation strategy that protects and restores natural resources. The strategy incorporates "the best available science" and includes input from tribes, federal agencies, local governments, businesses and the public.

Establishes a Natural Resources Climate Change Adaptation Fund in the Treasury Department. The annual funding breakdown is as follows: 35.7 percent to the Interior Department; 19.5 percent for the Land and Water Conservation Fund; 8.1 percent to the Forest Service and other state and private forest lands; 11.5 percent to the Commerce Department; 12.2 percent for U.S. EPA; 8.1 percent to the Army Corps of Engineers. The funding can be used for activities on some state and private forest lands and in efforts related to hurricane-infected areas. All funds authorized must be used for adaptation activities, consistent with federal plans.

Directs the Secretary of State in consultation with other agencies and USAID to create an International Climate Change Adaptation Program to help the most vulnerable developing countries.

Makes climate change adaptation eligible as a field of study for "clean energy curriculum development grants." The grants are provided by the Department of Education to universities and colleges specifically to develop programs for energy and climate-related careers.

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Sets a combined 20 percent renewable electricity and efficiency standard by 2020 overseen by the Federal Energy Regulatory Commission.

Requires utilities to supply 15 percent of their power sales from qualified renewable sources of electricity by 2020. Requires 5 percent energy savings through efficiency measures. Applies to utilities with at least 4,000 megawatts of annual sales.

State governors may lower the renewables requirement to 12 percent for their state, but the efficiency mandate would then rise to 8 percent to keep the overall 20 percent level.

Qualified renewable sources are wind, solar, geothermal, biomass, biogas, biofuels, increased hydropower capacity since 1988, waste-to-energy, landfill gas, wastewater treatment gas, coal mine methane used to create power at or near the mine mouth, marine renewables such as wave and tidal power.

New nuclear generation, existing hydropower, and fossil generation with carbon capture and storage is excluded from power sales baseline.

Provides enhanced credits for distributed generation.

Establishes renewable energy credits system that allows trading and sales.

Establishes alternative compliance payments that utilities may provide in lieu of renewable power and efficiency requirements. In lieu of each renewable energy credit or megawatt hour of annual savings, a utility could pay $25 per credit, or 2.5 cents per kilowatt hour.

Sets parameters on sources of biomass that can be used for power that counts toward the standard. For private lands, the parameters mirror the definition of renewable biomass in the 2008 Farm Bill. For federal lands and forests, some harvesting of materials is allowed but biomass from several types of sensitive areas -- such as wilderness and conservation areas -- is prohibited.

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Requires escalating levels of renewable power use by the federal government, reaching 20 percent in 2020.

Allows government agencies to enter into 20-year contracts for buying renewable electricity.

Requires EPA national strategy to address legal, regulatory and other barriers to carbon capture and sequestration (CCS).

Requires EPA to adopt a coordinated approach to permitting and certifying sequestration sites, taking into account the Safe Drinking Water Act.

Requires EPA to write regulations to protect human health and the environment by minimizing escape risks of injected carbon dioxide. Amends the Safe Drinking WAter Act to require EPA rules for sequestration wells.

Sets up a $1 billion annual funding mechanism to aid utility deployment of CCS. Utilities would create and pay into a new Carbon Storage Research Corporation, and would be authorized to recover costs from ratepayers. Payments into the fund would be based on amount of coal-, gas- and oil-fired power.

Requires EPA to write rules giving free emissions allowances as an incentive to support commercial CCS deployment in power and industrial sectors (see above). Bonus allowance values are higher for greater carbon capture percentages. This is designed to reward fast action and greater amounts of emissions prevention.

Amends Clean Air Act to require carbon dioxide performance standard for new coal-fired power plants. Applies to new plants permitted after 2020, which would have to meet at least a 65 percent reduction. Also creates a 50 percent capture standard that plants permitted after Jan. 1, 2009, would have to meet by 2025, or earlier if the technology is deployed more quickly to specified amounts of commercial power generation nationwide.

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Establishes an independent federal Clean Energy Deployment Administration. The director would be presidentially-appointed and Senate-confirmed.

The new corporation fund a range of low-emissions renewable, efficiency and alternative energy projects, including new advanced nuclear power plants. Authorized to provide a suite of financing options for commercial-scale projects, including direct loans, letters of credit, loan guarantees, insurance products.

The Clean Energy Deployment Administration must adopt a "portfolio investment approach." No particular technology may receive more than 30 percent of the total funding available.

Requires new DOE program to deploy and integrate plug-in electric vehicles into the power grid in multiple regions. Authorizes DOE funding for the program. Allows states, tribes and local governments to apply for funds, and allows joint applications between these governments and utilities, automakers and other entities.

Authorizes DOE funding for automakers that re-tool factories to manufacture electric vehicles. Authorizes EPA to provide emissions allowances to support the plug-in integration and manufacturing efforts.

Requires utilities to craft plans to support use of plug-in electric vehicles, addressing issues such as the deployment of charging stations. State regulators and unregulated utilities may consider recouping costs of planning and implementation from ratepayers.

State regulators and utilities would create protocols and standards for integrating plug-in electric vehicles into the electric distribution system, including smart grid systems and devices.

Increases DOE Section 136 loan program for advanced technology vehicle manufacturing to $50 billion.

Requires EPA to promulgate greenhouse gas emissions standards by the end of 2010 for new heavy-duty vehicles and engines. Standards would take effect several years after promulgation.

Requires standards for new nonroad vehicles and engines. EPA would set standards by the end of 2012 for classes and categories it finds contribute significantly to nonroad emissions and have the greatest potential for major and cost effective reductions. EPA would set standards for other classes of nonroad vehicle and engines it deems appropriate, within a timeframe of EPA's discretion.

Requires EPA, in consultation with the Transportation Department, to write rules establishing national transportation-related greenhouse gas reduction goals. Metropolitan areas and states would develop transportation-related greenhouse gas reduction targets and strategies aimed at achieving these cuts. Strategies should include efforts to increase transit ridership, bicycling and walking.

Extends the EPA diesel emissions reduction funding program, authorized in the Energy Policy Act of 2005, through fiscal year 2016. Currently the program is authorized through fiscal 2011.

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Pares back limits on sources of biomass that can be used for biofuels under the Renewable Fuels Standard. Restrictions imposed under a 2007 law that expanded the RFS are replaced with the same restrictions on biomass eligible under the climate bill's renewable electricity standard (see above).

Blocks EPA -- for at least six years -- from including greenhouse gas emissions from international indirect land use change when calculating the lifecycle emissions of biofuels under the RFS.

Exempts biomass-based diesel from the lifecycle emissions requirements under the RFS.

Creates an "open fuel standard" that gives the Transportation Secretary discretion to require automakers to manufacture vehicles after model year 2015 that are "fuel-choice enabling." This means capable of running on biodiesel, or flex-fuel vehicles that can run on E-85 ethanol (a mix of 85 percent ethanol and 15 percent gasoline) or M-85 (a blend of 85 percent methanol and 15 percent gasoline).

Ensures that biofuels pipelines are eligible for the DOE's advanced technologies loan guarantee program.

Provides new authority for the Federal Energy Regulatory Commission to site interstate transmission lines in the West if states fail to act on proposals.

Requires DOE and EPA to asses the potential for integrating smart grid technologies and capacity into products reviewed for designation under the Energy Star program.

Requires the Federal Trade Commission conduct a rulemaking to revise product Energy Guides to include a note if the product has smart grid capability.

Establishes a FERC program under which Smart Grid Peak Demand Reduction Goals would be set for power suppliers with peak loads greater than 250 megawatts.

Adds to an existing DOE-EPA efficiency public information initiative to promote adoption of smart grid technologies. Also amends existing rebate program for efficient appliances to include appliances with smart grid capability.

Amends Federal Power Act in effort to smooth siting of transmission to carry renewable energy and increase reliability.

Requires FERC to adopt national grid planning principles to help achieve these goals. Establishes regional planning process with states, utilities, tribes and other stakeholders, aims to coordinate and integrate regional planning. FERC would work with states, transmission providers and other to resolve conflicts. Authorizes FERC to provide planning resources and other assistance to regional entities.

Requires regional planning entities to provide FERC with regional electric grid plans.

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Sets and escalates building energy efficiency code goals. The new target would be a reduction of 30 percent over baseline when the bill is enacted, reaching 50 percent for residential buildings by 2014, and 50 percent for commercial buildings by 2015, with subsequent improvements thereafter.

Empowers DOE to set national building energy efficiency code by rule if code-development organizations fail to set sufficiently efficient codes. Establishes enforcement procedures for state and national building codes. Also authorizes Department of Housing and urban Development grants for local building code enforcement.

Requires EPA, working with DOE, to create a national energy and environmental building retrofit policy that covers both residential and nonresidential buildings. Uses allowances to fund state and local retrofits implementation under the program, which is called Retrofit for Energy and Environmental Performance, or REEP.

Provides rebates of up to $7,500 for low-income families purchasing Energy Star manufactured homes, if they are living in manufactured homes built before 1976.

Requires EPA to establish a building energy performance labeling program applicable to residential and commercial markets.

Adopts agreements on several lighting technical standards, covering multiple types of outdoor lights, and some types of residential and commercial lamps. Also adopts standards in areas including hot food tables, hot tubs and others.

Several provisions aimed at improving DOE's energy efficiency standards setting process.

Revises the Energy Star product labeling program for areas such as timelines for product criteria reviews and updates.

Establishes an Energy Department "Best-in-Class Appliances Deployment Program" that provides bonus payments to retailers or distributors for sales of highly efficient household appliances, installed building equipment and consumer electronics.

Requires tribes, cities and states receiving federal grants for solar-energy development to hold down the costs of construction and installation permits and licenses. The costs cannot exceed $500 for residential structures and $10,000 for nonresidential structures.

Establishes Clean Energy Manufacturing Revolving Loan Program under the Commerce Department. The program provides grants to states for revolving loan funds that support small- and medium-sized business manufacturers to help produce "clean energy" products, such as renewable energy and carbon storage equipment. Funding would also support efforts by these manufacturers to reduce energy intensity or greenhouse gases.

Establishes Clean Energy and Efficiency Manufacturing Partnerships program that would support the transition to "clean energy" supply chains; reduce greenhouse gas emissions and energy intensity; and increase use of innovative manufacturing technologies.

Requires continued DOE support for development of the American National Standards Institute voluntary industrial plant energy efficiency certification program, and pending International Standards Organization standards. Requires DOE to support voluntary implementation of such standards by manufacturers, and authorizes funding for these DOE efforts.

Creates a new DOE program of monetary awards for operators of new and existing power plants and thermal energy production facilities using fossil or nuclear fuel. The funding would help encourage "innovative" thermal energy recovery methods to generate additional power or sell thermal energy not used for power generation.

Requires DOE to carry out a multiyear research, development, and demonstration program to improve the efficiency of gas turbines used in combined cycle power generation. The program would identify technologies that lead to gas turbine combined cycle efficiency of 65 percent.

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A major portion of the bill includes an array of support and incentive for environmentally-friendly single-family and multi-family housing, and mortgage programs to support such housing.

Bolsters Department of Housing and Urban Development support for "green" and efficient HUD-backed housing.

Uses federal home mortgage and financing programs to support "energy efficient" mortgages, including consideration of energy efficiency in Federal Housing Administration mortgage insurance programs.

Includes mortgage incentives for energy efficient multifamily housing that complies with HUD efficiency standards established under the bill.

Includes grants to States, cities, Indian tribes, and other areas for energy efficiency improvements in new and existing single-family and multifamily housing.

Authorizes eight "Energy Innovation Hubs" under DOE, which would codify a recent DOE proposal for multidisciplinary research centers for various advanced energy technologies. Hubs would be established by consortium of universities, state and federal institutions, and nongovernmental agencies. Establishment of eight hubs funded through allowances (see above).

Authorizes DOE funding for "Building Assessment Centers" at higher education institutions aimed at furthering methods to increase efficiency in existing buildings, promoting high-efficiency construction techniques and materials and several other goals.

Requires DOE to establish 10 regional Centers for Energy and Environmental Knowledge and Outreach at institutions of higher education. They would coordinate with and advise industrial research and assessment centers, Building Assessment Centers, and Clean Energy Application Centers located in the regions of the Centers for Energy and Environmental Knowledge and Outreach.

Provides new federal lending authority for renewable power. Provision requires new efforts by DOE and the Commerce Department to boost investment in renewable energy and infrastructure in regions that lack a federal Power Marketing Authority. DOE and Commerce will recommend to Congress new federal lending authority of up to $3.5 billion for each of the areas identified.

Establishes a voluntary, national product carbon disclosure program run by EPA that covers goods such as food, clothing, electronics, paper products and several others. Authorizes $25 million annually for the labeling and disclosure program between fiscal 2010 through 2025.

Direct U.S. EPA to create a "WaterSense" program to promote products, buildings, landscapes and services that curb water use and conserve energy used to pump, heat, transport and treat water. Creates a rebate program for consumers to purchase water efficient products and services, and also sets up a federal procurement program for WaterSense products.