[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 309 Introduced in Senate (IS)]
110th CONGRESS
1st Session
S. 309
To amend the Clean Air Act to reduce emissions of carbon dioxide, and
for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
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 Works
_______________________________________________________________________
A BILL
To amend the Clean Air Act to reduce emissions of carbon dioxide, 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. SHORT TITLE.
This Act may be cited as the ``Global Warming Pollution Reduction
Act''.
SEC. 2. GLOBAL WARMING POLLUTION EMISSION REDUCTIONS.
The Clean Air Act (42 U.S.C. 7401 et seq.) is amended by adding at
the end the following:
``TITLE VII--COMPREHENSIVE GLOBAL WARMING POLLUTION REDUCTIONS
``Sec. 701. Findings.
``Sec. 702. Purposes.
``Sec. 703. Definitions.
``Sec. 704. Global warming pollution emission reductions.
``Sec. 705. Conditions for accelerated global warming pollution
emission reduction.
``Sec. 706. Use of allowances for transition assistance and other
purposes.
``Sec. 707. Vehicle emission standards.
``Sec. 708. Emission standards for electric generation units.
``Sec. 709. Low-carbon generation requirement.
``Sec. 710. Geological disposal of global warming pollutants.
``Sec. 711. Research and development.
``Sec. 712. Energy efficiency performance standard.
``Sec. 713. Renewable portfolio standard.
``Sec. 714. Standards to account for biological sequestration of
carbon.
``Sec. 715. Global warming pollution reporting.
``Sec. 716. Clean energy technology deployment in developing countries.
``Sec. 717. Paramount interest waiver.
``Sec. 718. Effect on other law.
``SEC. 701. FINDINGS.
``Congress finds that--
``(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;
``(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;
``(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;
``(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;
``(5)(A) during the past 100 years, global temperatures
have risen by 1.44 degrees Fahrenheit; and
``(B) from 1970 to the present, those temperatures have
risen by almost 1 degree Fahrenheit;
``(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;
``(7) average temperatures in the Arctic have increased by
4 to 7 degrees Fahrenheit during the past 50 years;
``(8) global warming has caused--
``(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;
``(B) the retreat of Arctic sea ice by an average
of 9 percent per decade since 1978;
``(C) the widespread thawing of permafrost in
polar, subpolar, and mountainous regions;
``(D) the redistribution and loss of species; and
``(E) the rapid shrinking of glaciers;
``(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;
``(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;
``(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--
``(A) the further or complete melting of the
Antarctic and Greenland ice sheets;
``(B) the disruption of the North-Atlantic
Thermohaline Circulation (commonly known as the `Gulf
Stream');
``(C) the extinction of species; and
``(D) large-scale disruptions of the natural
systems that support life;
``(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;
``(13) the ingenuity of the people of the United States
will allow the Nation to become a leader in solving global
warming; and
``(14) it should be a goal of the United States to achieve
a reduction in global warming pollution emissions in the United
States--
``(A) to ensure that the average global temperature
does not increase by more than 3.6 degrees Fahrenheit
(2 degrees Celsius); and
``(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.
``SEC. 702. PURPOSES.
``The purposes of this title are--
``(1) to achieve a reduction in global warming pollution
emissions compatible with ensuring that--
``(A) the average global temperature does not
increase by more than 3.6 degrees Fahrenheit (2 degrees
Celsius) above the preindustrial average; and
``(B) total average global atmospheric
concentrations of global warming pollutants do not
exceed 450 parts per million in carbon dioxide
equivalent;
``(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;
``(3) to allow for an acceleration of reductions in global
warming pollution emissions to prevent--
``(A) average global temperature from increasing by
more than 3.6 degrees Fahrenheit (2 degrees Celsius)
above the preindustrial average; or
``(B) global atmospheric concentrations of global
warming pollutants from exceeding 450 parts per
million;
``(4) to establish a motor vehicle global warming pollution
emission requirement;
``(5) to require electric generation units to meet a global
warming pollution emission standard;
``(6) to establish rules for the safe geological
sequestration of carbon dioxide;
``(7) to encourage energy efficiency and the use of
renewable energy by establishing a renewable portfolio standard
and an energy efficiency portfolio standard;
``(8) to provide for research relating to, and development
of, the technologies to control global warming pollution
emissions;
``(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; and
``(10) to promote, through leadership by the United States,
accelerated reductions in global warming pollution from other
countries with significant global warming pollution emissions.
``SEC. 703. DEFINITIONS.
``In this title:
``(1) Academy.--The term `Academy' means the National
Academy of Sciences.
``(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).
``(3) Facility.--The term `facility' means all buildings,
structures, or installations that are--
``(A) located on 1 or more contiguous or adjacent
properties under common control of the same persons;
and
``(B) located in the United States.
``(4) Global warming pollutant.--The term `global warming
pollutant' means--
``(A) carbon dioxide;
``(B) methane;
``(C) nitrous oxide;
``(D) hydrofluorocarbons;
``(E) perfluorocarbons;
``(F) sulfur hexafluoride; and
``(G) any other anthropogenically-emitted gas that
the Administrator, after notice and comment, determines
to contribute to global warming.
``(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.
``(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.
``(7) NAS report.--The term `NAS report' means a report
completed by the Academy under subsection (a) or (b) of section
705.
``SEC. 704. GLOBAL WARMING POLLUTION EMISSION REDUCTIONS.
``(a) Emission Reduction Goal.--Congress declares that--
``(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--
``(A) to ensure that the average global temperature
does not increase by more than 3.6 degrees Fahrenheit
(2 degrees Celsius); and
``(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; and
``(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--
``(A) to ensure that the average global temperature
does not increase more than 3.6 degrees Fahrenheit (2
degrees Celsius); and
``(B) to stabilize average global warming pollution
concentrations globally at or below 450 parts per
million in carbon dioxide equivalent.
``(b) Emission Reduction Milestones for 2020.--
``(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.
``(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.
``(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--
``(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;
``(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; and
``(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.
``(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--
``(1) to reduce the aggregate net levels of global warming
pollution emissions from the United States on an accelerated
schedule; and
``(2) to minimize the effects of rapid climate change and
achieve the goals of this title.
``(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.
``(f) Emission Reduction Policies.--
``(1) In general.--In implementing subsections (a) through
(e), the Administrator may establish 1 or more market-based
programs.
``(2) Market-based program policies.--
``(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.
``(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--
``(i)(I) the reductions were made in
accordance with a State or local law;
``(II) the State or local law is at least
as stringent as the rules established for the
market-based program under paragraph (1); and
``(III) the reductions are at least as
verifiable as reductions made in accordance
with those rules; or
``(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).
``(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.
``(D) Limitations on market-based programs.--
``(i) Definitions.--In this subparagraph:
``(I) Annual allowance price.--The
term `annual allowance price' means the
average market price of global warming
pollution emission allowances for a
calendar year.
``(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--
``(aa) the date on which
the annual allowance price no
longer exceeds the technology-
indexed stop price; or
``(bb) the date on which a
period of 3 years has elapsed
during which the emissions cap
has remained unchanged.
``(III) Emissions cap.--The term
`emissions cap' means the total number
of global warming pollution emission
allowances issued for a calendar year.
``(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--
``(aa) wind-generated
electricity;
``(bb) photovoltaic-
generated electricity;
``(cc) geothermal energy;
``(dd) solar thermally-
generated energy;
``(ee) wave-based forms of
energy;
``(ff) any fossil fuel-
based electric generating
technology emitting less than
250 pounds per megawatt hour;
and
``(gg) any zero-carbon-
emitting electric generating
technology that does not
generate radioactive waste.
``(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.
``(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--
``(I) biofuels;
``(II) hydrogen power; and
``(III) other sources of energy and
transportation fuel.
``(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.
``SEC. 705. CONDITIONS FOR ACCELERATED GLOBAL WARMING POLLUTION
EMISSION REDUCTION.
``(a) Report on Global Change Events by the Academy.--
``(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)--
``(A) have occurred or are more likely than not to
occur in the foreseeable future; and
``(B) in the judgment of the Academy, are the
result of anthropogenic climate change.
``(2) Events.--The events referred to in paragraph (1)
are--
``(A) the exceedance of an atmospheric
concentration of global warming pollutants of 450 parts
per million in carbon dioxide equivalent; and
``(B) an increase of global average temperatures in
excess of 3.6 degrees Fahrenheit (2 degrees Celsius)
above the preindustrial average.
``(b) Technology Reports.--
``(1) Definition of technologically infeasible.--In this
subsection, the term `technologically infeasible', with respect
to a technology, means that the technology--
``(A) will not be demonstrated beyond laboratory-
scale conditions;
``(B) would be unsafe;
``(C) would not reliably reduce global warming
pollution emissions; or
``(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).
``(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--
``(A) the status of current global warming
pollution emission reduction technologies, including--
``(i) technologies for capture and disposal
of global warming pollutants;
``(ii) efficiency improvement technologies;
``(iii) zero-global-warming-pollution-
emitting energy technologies; and
``(iv) above- and below-ground biological
sequestration technologies;
``(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;
``(C) the projected date on which any technology
determined to be technologically infeasible will become
technologically feasible;
``(D) whether any technology determined to be
technologically infeasible cannot reasonably be
expected to become technologically feasible prior to
calendar year 2050; and
``(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.
``(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--
``(A) information that was not available as of the
date of enactment of this title; and
``(B) events that have occurred since that date
relating to--
``(i) climate change;
``(ii) climate change technologies; and
``(iii) national and international climate
change commitments.
``(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--
``(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);
``(2) an analysis of the trends in global warming pollution
concentrations (including observed atmospheric concentrations
of global warming pollutants);
``(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); and
``(4) such other information as the Academy determines to
be appropriate.
``SEC. 706. USE OF ALLOWANCES FOR TRANSITION ASSISTANCE AND OTHER
PURPOSES.
``(a) Regulations Governing Allocation of Allowances for Transition
Assistance to Individuals and Entities.--
``(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).
``(2) Requirements.--Regulations promulgated under
paragraph (1) may, as the Administrator determines to be
necessary, provide for the appointment of 1 or more trustees--
``(A) to receive emission allowances for the
benefit of households, communities, and other entities
described in paragraph (1);
``(B) to sell the emission allowances at fair
market value; and
``(C) to distribute the proceeds of any sale of
emission allowances to the appropriate beneficiaries.
``(b) Allocation for Transition Assistance.--The Administrator may
allocate emission allowances, in accordance with regulations
promulgated under subsection (a), to--
``(1) communities, individuals, and companies that have
experienced disproportionate adverse impacts as a result of--
``(A) the transition to a lower carbon-emitting
economy; or
``(B) global warming;
``(2) owners and operators of highly energy-efficient
buildings, including--
``(A) residential users;
``(B) producers of highly energy-efficient
products; and
``(C) entities that carry out energy-efficiency
improvement projects pursuant to section 712 that
result in consumer-side reductions in electricity use;
``(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;
``(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);
``(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; and
``(6) manufacturers producing consumer products that result
in substantially reduced global warming pollution emissions,
for use in funding rebates for purchasers of those products.
``SEC. 707. VEHICLE EMISSION STANDARDS.
``(a) Vehicles Under 10,000 Pounds.--
``(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).
``(2) Emission standards.--The average global warming
pollution emissions of a vehicle fleet described in paragraph
(1) shall not exceed--
``(A) 205 carbon dioxide equivalent grams per mile
for automobiles with--
``(i) a gross vehicle weight of not more
than 8,500 pounds; and
``(ii) a loaded vehicle weight of not more
than 3,750 pounds;
``(B) 332 carbon dioxide equivalent grams per mile
for--
``(i) automobiles with--
``(I) a gross vehicle weight of not
more than 8,500 pounds; and
``(II) a loaded vehicle weight of
more than 3,750 pounds; and
``(ii) medium-duty passenger vehicles; and
``(C) 405 carbon dioxide equivalent grams per mile
for vehicles--
``(i) with a gross vehicle weight of
between 8,501 pounds and 10,000 pounds; and
``(ii) that are not medium-duty passenger
vehicles.
``(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).
``(b) Highway Vehicles Over 10,000 Pounds.--
``(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).
``(2) Emission standards.--The average global warming
pollution emissions of a vehicle fleet described in paragraph
(1) shall not exceed--
``(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; and
``(B) 1,050 carbon dioxide equivalent grams per
mile for highway vehicles with a gross vehicle weight
rating of more than 26,000 pounds.
``(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).
``(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.
``(d) Study.--
``(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).
``(2) Requirements.--The study shall analyze--
``(A) the technological feasibility and cost-
effectiveness of global warming pollution reductions
from the non-highway sector; and
``(B) the overall potential contribution of that
sector in terms of emissions, in meeting the emission
reduction goal described in section 704(a)(1).
``SEC. 708. EMISSION STANDARDS FOR ELECTRIC GENERATION UNITS.
``(a) Initial Standard.--
``(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).
``(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.
``(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.
``(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).
``(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.
``SEC. 709. LOW-CARBON GENERATION REQUIREMENT.
``(a) Definitions.--In this section:
``(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.
``(2) Covered generator.--The term `covered generator'
means an electric generating unit that--
``(A) has a rated capacity of 25 megawatts or more;
and
``(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.
``(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--
``(A) is provided by coal, petroleum coke, lignite,
biomass, or any combination of those fuels; and
``(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)).
``(4) Program.--The term `program' means the low-carbon
generation credit trading program established under subsection
(d)(1).
``(b) Requirement.--
``(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:
``Calendar year: Minimum annual percentage:
2015............................ 0.5
2016............................ 1.0
2017............................ 2.0
2018............................ 3.0
2019............................ 4.0
2020............................ 5.0
``(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).
``(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).
``(c) Means of Compliance.--An owner or operator of a covered
generator shall comply with subsection (b) by--
``(1) generating electric energy using low-carbon
generation;
``(2) purchasing electric energy generated by low-carbon
generation;
``(3) purchasing low-carbon generation credits issued under
the program; or
``(4) undertaking a combination of the actions described in
paragraphs (1) through (3).
``(d) Low-Carbon Generation Credit Trading Program.--
``(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.
``(2) Requirements.--As part of the program, the
Administrator shall--
``(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; and
``(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).
``(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--
``(1) the number of kilowatt-hours of electric energy sold
to electric consumers in violation of subsection (b); and
``(2) the greater of--
``(A) 2.5 cents (as adjusted under subsection (g));
or
``(B) 200 percent of the average market value of
those low-carbon generation credits during the year in
which the violation occurred.
``(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.
``(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.
``(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.
``(i) Termination of Authority.--This section and the authority
provided by this section terminate on December 31, 2030.
``SEC. 710. GEOLOGICAL DISPOSAL OF GLOBAL WARMING POLLUTANTS.
``(a) Geological Carbon Dioxide Disposal Deployment Projects.--
``(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').
``(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.
``(3) Components.--Each geological disposal deployment
project shall include an analysis of--
``(A) mechanisms for trapping the carbon dioxide to
be geologically disposed;
``(B) techniques for monitoring the geologically
disposed carbon dioxide;
``(C) public response to the geological disposal
deployment project; and
``(D) the permanency of carbon dioxide storage in
geological reservoirs.
``(4) Requirements.--
``(A) In general.--The Administrator shall
establish--
``(i) appropriate conditions for
environmental protection with respect to
geological disposal deployment projects to
protect public health and the environment; and
``(ii) requirements relating to
applications for grants under this subsection.
``(B) Rulemaking.--The establishment of
requirements under subparagraph (A) shall not require a
rulemaking.
``(C) Minimum requirements.--At a minimum, each
application for a grant under this subsection shall
include--
``(i) a description of the geological
disposal deployment project proposed in the
application;
``(ii) an estimate of the quantity of
carbon dioxide to be geologically disposed over
the life of the geological disposal deployment
project; and
``(iii) a plan to collect and disseminate
data relating to each geological disposal
deployment project to be funded by the grant.
``(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.
``(6) Selection criteria.--In evaluating applications under
this subsection, the Administrator shall--
``(A) consider the previous experience of each
applicant with similar projects; and
``(B) give priority consideration to applications
for geological disposal deployment projects that--
``(i) offer the greatest geological
diversity from other projects that have
previously been approved;
``(ii) are located in closest proximity to
a source of carbon dioxide;
``(iii) make use of the most affordable
source of carbon dioxide;
``(iv) are expected to geologically dispose
of the largest quantity of carbon dioxide;
``(v) are combined with demonstrations of
advanced coal electricity generation
technologies;
``(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; and
``(vii) minimize any adverse environmental
effects from the project.
``(7) Period of grants.--
``(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.
``(B) Term.--The Administrator shall not provide
grant funds to any applicant under this subsection for
a period of more than 5 years.
``(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.
``(9) Schedule.--
``(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.
``(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).
``(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.
``(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--
``(1) site selection;
``(2) permitting processes;
``(3) monitoring requirements;
``(4) public participation; and
``(5) such other issues as the Administrator and the
Secretary of Energy determine to be appropriate.
``(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.
``(d) Considerations.--In developing standards under subsections
(b) and (c), the Administrator shall consider the experience in the
United States in regulating--
``(1) underground injection of waste;
``(2) enhanced oil recovery;
``(3) short-term storage of natural gas; and
``(4) long-term waste storage.
``(e) Termination of Authority.--This section and the authority
provided by this section terminate on December 31, 2030.
``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--
``(1) providing scientific and technical knowledge
applicable to the reduction of global warming pollutants; and
``(2) facilitating implementation of section 704.
``(b) Research Program.--
``(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.
``(2) Research.--
``(A) Contents and priorities.--The specific
contents and priorities of the research program shall
be determined in consultation with appropriate Federal
agencies, including--
``(i) the National Oceanic and Atmospheric
Administration;
``(ii) the National Aeronautics and Space
Administration; and
``(iii) the Department of Energy.
``(B) Types of research.--The research program
shall include the conduct of basic and applied
research--
``(i) to develop and provide the enhanced
measurements, calibrations, data, models, and
reference material standards necessary to
enable the monitoring of global warming
pollution;
``(ii) to assist in establishing a baseline
reference point for future trading in global
warming pollutants (including the measurement
of progress in emission reductions);
``(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; and
``(iv) to assist in developing improved
industrial processes designed to reduce or
eliminate global warming pollution.
``(3) Abrupt climate change research.--
``(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.
``(B) Research.--The Administrator shall carry out
a program of scientific research on potential abrupt
climate change that is designed--
``(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;
``(ii) to improve understanding of
thresholds and nonlinearities in geophysical
systems relating to the mechanisms of abrupt
climate change;
``(iii) to incorporate those mechanisms
into advanced geophysical models of climate
change; and
``(iv) to test the output of those models
against an improved global array of records of
past abrupt climate changes.
``(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.
``SEC. 712. ENERGY EFFICIENCY PERFORMANCE STANDARD.
``(a) Definitions.--In this section:
``(1) Electricity savings.--
``(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).
``(B) Inclusions.--The term `savings' includes
savings achieved as a result of--
``(i) installation of energy-saving
technologies and devices; and
``(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.
``(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.
``(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.
``(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.
``(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.
``(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:
------------------------------------------------------------------------
Reduction in peak Reduction in
Calendar Year demand electricity use
------------------------------------------------------------------------
2008........................ .25 percent......... .25 percent
2009........................ .75 percent......... .75 percent
2010........................ 1.75 percent........ 1.5 percent
2011........................ 2.75 percent........ 2.25 percent
2012........................ 3.75 percent........ 3.0 percent
2013........................ 4.75 percent........ 3.75 percent
2014........................ 5.75 percent........ 4.5 percent
2015........................ 6.75 percent........ 5.25 percent
2016........................ 7.75 percent........ 6.0 percent
2017........................ 8.75 percent........ 6.75 percent
2018........................ 9.75 percent........ 7.5 percent
2019........................ 10.75 percent....... 8.25 percent
2020 and each calendar year 11.75 percent....... 9.0 percent
thereafter.
------------------------------------------------------------------------
``(d) Beginning Date.--For the purpose of meeting the targets
established under subsection (c), electricity savings shall be
calculated based on the sum of--
``(1) savings realized as a result of actions taken by the
retail electric supplier during the specified calendar year;
and
``(2) cumulative savings realized as a result of
electricity savings achieved in all previous calendar years
(beginning with calendar year 2006).
``(e) Implementing Regulations.--
``(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).
``(2) Requirements.--The regulations shall establish--
``(A) a national credit system permitting credits
to be awarded, bought, sold, or traded by and among
retail electricity suppliers;
``(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); and
``(C) standards for monitoring and verification of
electricity use and demand savings reported by the
retail electricity suppliers.
``(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.
``(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.
``(g) Voluntary Participation.--The Administrator may--
``(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; and
``(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.
``SEC. 713. RENEWABLE PORTFOLIO STANDARD.
``(a) Renewable Energy.--
``(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.
``(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 (42 U.S.C. 15852(b))) other than energy
generated from--
``(A) municipal solid waste;
``(B) wood contaminated with plastics or metals; or
``(C) tires.
``(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:
``Calendar year: Minimum annual percentage:
2008 through 2009............... 5
2010 through 2014............... 10
2015 through 2019............... 15
2020 and subsequent years....... 20
``(c) Renewable Energy Credit Program.--Not later than 1 year after
the date of enactment of this title, the Administrator shall
establish--
``(1) a program to issue, establish the value of, monitor
the sale or exchange of, and track renewable energy credits;
and
``(2) penalties for any retail electric supplier that does
not comply with this section.
``(d) Prohibition on Double Counting.--A renewable energy credit
issued under subsection (c)--
``(1) may be counted toward meeting the requirements of
subsection (b) only once; and
``(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.
``(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 (16 U.S.C. 824a-
3), the retail electric supplier shall be treated as the generator of
the electric energy for the purposes of this title for the duration of
the contract.
``(f) State Programs.--Nothing in this section precludes any State
from requiring additional renewable energy generation under any State
renewable energy program.
``(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.
``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.
``(b) Requirements.--The standards shall include--
``(1) a national biological carbon storage baseline or
inventory; and
``(2) measurement, monitoring, and verification guidelines
based on--
``(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;
``(B) comprehensive carbon accounting that--
``(i) reflects sustained net increases in
carbon reservoirs; and
``(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;
``(C) adjustments to account for--
``(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; or
``(ii) potential displacement of carbon
emissions to other land owned by the entity
that carries out the new biological
sequestration management practice; and
``(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.
``(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.
``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.
``(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.
``(c) Requirements for Reports.--
``(1) Expression of measurements.--Each global warming
pollution report submitted under this section shall express
global warming pollution emissions in--
``(A) metric tons of each global warming pollutant;
and
``(B) metric tons of the carbon dioxide equivalent
of each global warming pollutant.
``(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.
``(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.
``(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.
``(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.
``(f) Enforcement.--Regulations promulgated under this section may
be enforced pursuant to section 113 with respect to any person that--
``(1) fails to submit a report under this section; or
``(2) otherwise fails to comply with those regulations.
``SEC. 716. CLEAN ENERGY TECHNOLOGY DEPLOYMENT IN DEVELOPING COUNTRIES.
``(a) Definitions.--In this section:
``(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--
``(A) is reliable; and
``(B) results in reduced emissions of global
warming pollutants.
``(2) Developing country.--
``(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.
``(B) Inclusion.--The term `developing country' may
include a country with an economy in transition, as
determined by the Secretary.
``(3) Task force.--The term `Task Force' means the Task
Force on International Clean, Low-Carbon Energy Cooperation
established under subsection (b)(1).
``(b) Task Force.--
``(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'.
``(2) Composition.--The Task Force shall be composed of--
``(A) the Administrator and the Secretary of State,
who shall serve jointly as Co-Chairpersons; and
``(B) representatives, appointed by the head of the
respective Federal agency, of--
``(i) the Department of Commerce;
``(ii) the Department of the Treasury;
``(iii) the United States Agency for
International Development;
``(iv) the Export-Import Bank;
``(v) the Overseas Private Investment
Corporation;
``(vi) the Office of United States Trade
Representative; and
``(vii) such other Federal agencies as are
determined to be appropriate by the President.
``(c) Duties.--
``(1) Initial strategy.--
``(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--
``(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; and
``(ii)(I) open and expand clean, low-carbon
energy technology markets; and
``(II) facilitate the export of that
technology to developing countries.
``(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.
``(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--
``(A) the Task Force shall--
``(i) review and update the initial
strategy; and
``(ii) report the results of the review and
update to the President; and
``(B) the President shall submit to Congress a
final strategy.
``(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.
``(d) Provision of Assistance.--The Administrator may--
``(1) provide assistance to developing countries for use in
carrying out activities that are consistent with the priorities
established in the final strategy; and
``(2) establish a pilot program that provides financial
assistance for qualifying projects (as determined by the
Administrator) in accordance with--
``(A) the final strategy submitted under subsection
(c)(2)(B); and
``(B) any performance criteria developed by the
Task Force under subsection (c)(3).
``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.
``(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--
``(1) the Academy;
``(2) the Secretary of Energy; and
``(3) the Administrator.
``(c) Judicial Review.--An emergency determination under subsection
(a) shall be subject to judicial review under section 307.
``SEC. 718. EFFECT ON OTHER LAW.
``Nothing in this title--
``(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); and
``(2) except as expressly provided in this title--
``(A) modifies or otherwise affects any requirement
of this Act in effect on the day before the date of
enactment of this title; or
``(B) relieves any person of the responsibility to
comply with this Act.''.
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 (Public Law 109-58; 119 Stat. 1067)) is
amended--
(1) in paragraph (1)--
(A) by redesignating subparagraph (B) as
subparagraph (E); and
(B) by inserting after subparagraph (A) the
following:
``(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.''; and
(2) in paragraph (2)--
(A) in subparagraph (A)(i), by inserting ``and low-
carbon renewable fuel'' after ``renewable fuel''; and
(B) in subparagraph (B)--
(i) in clause (iv), by striking ``(iv)
Minimum applicable volume.--For the purpose of
subparagraph (A), the applicable volume'' and
inserting the following:
``(iv) Minimum applicable volume of
renewable fuel.--For the purpose of
subparagraph (A), the minimum applicable volume
of renewable fuel''; and
(ii) by adding at the end the following:
``(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.''.
SEC. 4. ENFORCEMENT AND JUDICIAL REVIEW.
(a) Federal Enforcement.--Section 113 of the Clean Air Act (42
U.S.C. 7413) is amended--
(1) in subsection (a)(3), by striking ``or title VI,'' and
inserting ``title VI, or title VII,'';
(2) in subsection (b)(2), by striking ``or title VI,'' and
inserting ``title VI, or title VII,'';
(3) in subsection (c)--
(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),''; and
(B) in the first sentence of paragraph (3), by
striking ``or VI'' and inserting ``VI, or VII'';
(4) in subsection (d)(1)(B), by striking ``or VI'' and
inserting ``VI, or VII''; and
(5) in the first sentence of subsection (f), by striking
``or VI'' and inserting ``VI, or VII''.
(b) Establishment of Standards.--Section 202 of the Clean Air Act
(42 U.S.C. 7521) is amended--
(1) by redesignating the second subsection (f) (as added by
section 207(b) of Public Law 101-549 (104 Stat. 2482)) as
subsection (n); and
(2) by inserting after subsection (n) (as redesignated by
paragraph (1)) the following:
``(o) Global Warming Pollution Emission Reductions.--
``(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.
``(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.''.
(c) Administrative Proceedings and Judicial Review.--Section 307 of
the Clean Air Act (42 U.S.C. 7607) is amended--
(1) in subsection (b)(1)--
(A) in the first sentence--
(i) by striking ``section 111,,'' and
inserting ``section 111,''; and
(ii) by inserting ``any emission standard
or requirement issued pursuant to title VII,''
after ``under section 120,''; and
(B) in the second sentence, by striking ``section
112,,'' and inserting ``section 112,''; and
(2) in subsection (d)(1)--
(A) in subparagraph (T), by striking ``, and'' at
the end;
(B) in subparagraph (U), by striking the period at
the end and inserting ``; and''; and
(C) by adding at the end the following:
``(V) the promulgation or revision of any regulation under
title VII (relating to global warming pollution).''.
SEC. 5. FEDERAL FLEET FUEL ECONOMY.
Section 32917 of title 49, United States Code, is amended by adding
at the end the following:
``(3) New vehicles.--
``(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.
``(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).''.
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--
(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--
(A) advance and protect the economic and national
security interests of the United States;
(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'';
(C) establish flexible international mechanisms to
minimize the cost of efforts by participating
countries; and
(D) achieve a significant long-term reduction in
global warming pollution emissions; and
(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--
(A) to monitor any international negotiations on
climate change; and
(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.
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.
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 (42 U.S.C. 4321 et seq.), the Federal
agency shall consider and evaluate--
(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; and
(2) the ways in which climate changes may affect the action
or project in the short term and the long term.
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
(15 U.S.C. 78m) directing each issuer of securities under that Act to
inform securities investors of the risks relating to--
(1) the financial exposure of the issuer because of the net
global warming pollution emissions of the issuer; and
(2) the potential economic impacts of global warming on the
interests of the issuer.
(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).
(c) Interim Interpretive Release.--
(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)--
(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; and
(B) global warming constitutes a known trend.
(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).
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