[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 823 Introduced in House (IH)]
110th CONGRESS
1st Session
H. R. 823
To authorize Federal agencies and legislative branch offices to
purchase greenhouse gas offsets and renewable energy credits, and for
other purposes.
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IN THE HOUSE OF REPRESENTATIVES
February 5, 2007
Mr. Welch of Vermont introduced the following bill; which was referred
to the Committee on Oversight and Government Reform, and in addition to
the Committees on House Administration and Energy and Commerce, for a
period to be subsequently determined by the Speaker, in each case for
consideration of such provisions as fall within the jurisdiction of the
committee concerned
_______________________________________________________________________
A BILL
To authorize Federal agencies and legislative branch offices to
purchase greenhouse gas offsets and renewable energy credits, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. AUTHORIZATION TO PURCHASE OFFSETS AND CREDITS.
(a) Federal Authorities.--Subject to the requirements of this Act,
each executive agency (as defined in section 105 of title V of the
United States Code) and each legislative branch office is authorized to
use appropriated funds to purchase either or both of the following in
any open market transaction, that complies with all applicable
procurement rules and regulations and is approved in accordance with
subsection (c):
(1) Qualified tradeable greenhouse gas offsets.
(2) Qualified tradeable renewable energy credits.
(b) Qualification of Offsets and Credits.--A tradeable greenhouse
gas offset or renewable energy credit shall be treated as qualified for
purposes of this section if the Secretary of Energy certifies the
generator of such offset or credit. Upon the application of any person
generating or planning to generate any such offsets or credits, the
Secretary shall certify the generator if the Secretary determines that
the generator meets, or will, upon implementation, meet, such
requirements as the Secretary deems necessary, under rules promulgated
by the Secretary, to ensure that the offsets or credits generated will
represent the reduction of greenhouse gases as specified or estimated
in the offset (in the case of an offset) or in the generation of the
amount of renewable energy which the credit represents or is estimated
to represent (in the case of a credit). A reduction in greenhouse gases
that the Secretary determines would have occurred in the absence of the
opportunity to sell an offset for such reduction shall not be treated
as a qualified offset for purposes of this Act.
(c) Approval of Open Market Transactions.--The Secretary of Energy
shall promulgate rules, after notice and opportunity for comment,
regarding the open market transactions (involving qualified tradeable
greenhouse gas offsets and qualified tradeable renewable energy
credits) that will be treated as approved for purposes of this Act.
Such rules shall accommodate forward purchasing and crediting of
offsets and credits on an estimated basis from small scale offset and
renewable energy generators, and other open market transactions that
are useful in enabling short-term purchases of greenhouse gas offsets
and renewable energy credits to contribute meaningfully to the
implementation of small scale offset and renewable energy generators.
(d) Definitions.--For purposes of this Act:
(1) Greenhouse gas offset.--The term ``greenhouse gas
offset'' means the reduction in emissions of greenhouse gases
that results from an action or actions undertaken for the
purpose, among others, of reducing greenhouse gas emissions
(including the generation of renewable energy), where: (A) such
action or actions would not have occurred in the absence of the
opportunity to sell an offset for the resulting reductions; (B)
the party claiming credit for the reductions has acquired the
exclusive legal rights to claim credit for the reductions; and
(C) such exclusive legal rights can be verified and approved by
the Secretary through an auditable contract path or other
system established by the Secretary.
(2) Greenhouse gas.--The term ``greenhouse gas'' includes
carbon dioxide, methane, nitrous oxide, and fluorinated gases.
(3) Renewable energy credit.--The term ``renewable energy
credit'' means all of the environmental attributes associated
with a single unit of energy generated by a renewable energy
source where: (A) those attributes are transferred or recorded
separately from that unit of energy; (B) the party claiming
ownership of the credit has acquired the exclusive legal
ownership of all, and not less than all, the environmental
attributes associated with that unit of energy; and (C)
exclusive legal ownership of the credit can be verified and
approved by the Secretary through an auditable contract path or
other system established by the Secretary.
(4) Renewable energy.--The term ``renewable energy'' means
electric energy generated from solar, wind, biomass, landfill
gas, ocean (including tidal, wave, current, and thermal),
geothermal, municipal solid waste, or new hydroelectric
generation capacity achieved from increased efficiency or
additions of new capacity at an existing hydroelectric project.
(5) Tradeable.--The term ``tradeable'' when used in
connection with an offset or credit means that the offset or
credit is available for purchase and sale in an open and
transparent market.
(e) Effective Date.--The authority of section 1 shall take effect
for fiscal years after the enactment of this Act.
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