Proposed Bills on: Carbon Sequestration
· Among other provisions, the bill establishes a renewable fuel standard, to reach 36 billion gallons by 2022, with 21 billion of those gallons to be from advanced biofuels. The bill mandates that renewable fuels produced from facilities that commence operations after enactment shall achieve at least 20% reduction in life cycle greenhouse gas (GHG) emissions, compared to gasoline. The bill also directs the Presidnet to establish criteria for a system of voluntary labeling of renewable fuels based on life cycle greenhouse gas emissions.
· The bill directs the President to establish a program to provide grants for research support to facilitate the development of sustainable markets and technologies to use woody biomass and other low carbon fuels, including research into methods of assessing and certifying the impacts of low-carbon fuels with respect to reductions in lifecycle GHG emissions, among other impacts.
· The bill also directs the Secretary of Energy to establish a grant program to encourage the production of advanced biofuels. It requires the Secretary to award grants to the proposals for advanced biofuels with the greatest reduction in lifecycle GHG emissions compared to the comparable vehicle fuel lifecycle emissions in calendar year 2007, with at least a 50% such reduction needed to be eligible.
· The bill amends the Clean Air Act to direct the Administrator of the EPA to work with the EPA to conduct 2 studies on the effects of increased domestic use of renewable fuels under this act, including an assessment and quantification of significant changes in GHG emissions, among others.
· Among other provisions, the bill directs the Secretary of Energy to conduct an applied research program for plug-in electric drive vehicle technology, including development of control systems optimized for reducing greenhouse gas emissions; it also directs the Secretary to establish a competitive program to provide grants for demonstrations of plug-in hybrid electric vehicles. As part of the criteria, applicants are required to record GHG emissions.
· The bill also amends the Energy Policy Act of 2005 to establish an Energy Efficiency and Renewable Energy Worker Training. It directs the Secretary of Energy to establish a competitive grant program for States to administer renewable energy and energy efficiency workforce development programs, and requires the Secretary to give priority to those States whose programs will be in line with meeting national and State goals for reducing GHG emissions, among other goals.
· The bill requires the Secretary of the Interior to develop a national assessment of the quantity of carbon stored in and released from terrestrial ecosystems, including from human-caused and natural fires, and the annual flux of GHGs in and out of terrestrial ecosystems. As part of the assessment, the Secretary must determine the processes that control the flux of GHGs in and out of terrestrial ecosystems; estimate the potential for increasing carbon sequestration in natural and managed terrestrial ecosystems; develop near-term and long-term adaptation strategies or mitigation strategies that can be employed to enhance the sequestration of carbon in terrestrial ecosystems, to reduce emissions of GHGs, and to adapt to climate change.
· The bill also requires the Secretary of the Interior to develop a method for measuring, monitoring, quantifying, and monetizing covered GHG emissions and reductions, including methods for allocating and managing offsets or credits.
· The bill directs the Secretary of Transportation to increase Corporate Average Fuel Economy regulations to achieve a combined standard for passenger cars and light trucks of at least 35 miles per gallon by 2020. For model years 2021 through 2031, the Secretary would have to establish the "maximum feasible" standard for the fleet. In establishing the maximum feasible standard, the bill directs the Secretary to consider the emissions of GHGs over the lifecycle of the fuel and the resulting costs to human health, the economy, and the environment.
· The bill amends the Energy Policy Act of 2005 to establish a program to promote and fund carbon capture and storage research, development, and demonstration. It authorizes a total of $1.425 billion for various of activities related to carbon capture and storage, including: fundamental science and engineering research; field testing of carbon dioxide sequestration in operating and depleted oil and gas fields, and geological formations including saline formations and unmineable coal seams; not less than 7 large-volume sequestration tests involving at least 1 million tons of carbon dioxide per year in a diversity of geological formations across the United States; and an assessment of the national capacity for carbon dioxide storage. The bill also directs the Secretary of Energy to establish a competitive grant program for the demonstration of carbon capture and storage from industrial sources.
· The bill also requires the Administrator of the EPA to establish a competitive grant demonstration program for projects to capture and store or use the carbon dioxide emitted from the Capitol power plant as a result of burning coal.
· In addition, the bill requires the Secretary of the Interior to develop a national assessment of the quantity of carbon stored in and released from terrestrial ecosystems, including from human-caused and natural fires, and the annual flux of GHGs in and out of terrestrial ecosystems. As part of the assessment, the Secretary must determine the processes that control the flux of GHGs in and out of terrestrial ecosystems; estimate the potential for increasing carbon sequestration in natural and managed terrestrial ecosystems; develop near-term and long-term adaptation strategies or mitigation strategies that can be employed to enhance the sequestration of carbon in terrestrial ecosystems, to reduce emissions of GHGs, and to adapt to climate change.
· The bill also requires the Secretary of Commerce to establish within NOAA a program of scientific research on abrupt climate change, and authorizes up to $10 million between 2009 and 2014.
· Finally, the bill expresses the sense of Congress that “[d]evelopment of renewable energy through sustainable practices will help lead to a reduction in greenhouse gas emissions and enhance international development.
Sponsor: Rep. Nick Rahall (D-WV) (198 Cosponsors)
NOTE: For a full range of Pew Center resources for Lieberman-Warner, including in depth analysis, a longer summary, a complete timeline, and links to relevant external documents and media, please click here
The Lieberman-Warner Climate Security Act (L-W CSA). This bill would establish a cap-and-trade program within the United States requiring a 70% reduction in greenhouse gas (GHG) emissions from covered sources, which represent over 80% of total U.S. emissions. The bill as amended also includes complementary policies, such as a low carbon fuel standard and provisions aimed at enhancing energy efficiency. Taken together, the bill’s sponsors believe these provisions will reduce overall U.S. GHG emissions roughly 63% by 2050.
The L-W CSA divides the six GHGs into two categories: Group I (carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, and perfluorocarbons) and Group II (hydrofluorcarbons). For all GHGs, the bill uses the common unit of measurement CO2 equivalent (CO2e)—the quantity of GHGs that the U.S. EPA has determined makes the same contribution to global warming as one metric ton of CO2. The L-W CSA would create two separate caps, one covering facilities that produce HFCs and the other covering facilities that:
· Use more that 5,000 tons of coal annually;
· Process, produce, or import natural gas;
· Produce or import petroleum or coal-based fuel that when combusted will emit a Group I GHG;
· Produce for sale or distribution or import more than 10,000 CO2e of chemicals that are group I GHGs, assuming no capture or permanent sequestration
· Emit as a by-product of HCFC production more than 10,000 CO2e of HFCs
Overall, the two caps combined are expected to cover over 80% of total U.S. GHG emissions, although some process related emissions are not covered.
The cap on facilities producing HFCs would start in 2010 at 300 million metric tons of carbon dioxide equivalent (MMTCO2e) and decline to 90 MMTCO2e by 2037, remaining at that level through 2050. Emissions from all other covered facilities would be capped at 5775 MMTCO2e in 2012, with this cap decreasing annually to 1732 MMTCO2e in 2050. The two caps combined would result in roughly a 19% reduction from 2005 levels in 2020 and a 70% reduction from 2005 levels by 2050.Beginning in 2012 and continuing through 2030, the L-W CSA would provide transition assistance in the form of free allowances to electric power generators (19%), manufacturers (10%), fuel producers or importers (2%), HFC producers and importers (2%), and rural electric cooperatives (1%). In addition, 5% of the total emission allowance account will be allocated to early actors from 2012-2017 and 4% for carbon, capture and sequestration activities from 2012-2030. Approximately 30.5% of the total allowance account will be set aside from 2012-2050 for other entities, including states, load-serving entities, farms and forests, coal mines, and others. Starting in 2012, 26.5% of allowances would be auctioned (including 5% for an early auction to be held shortly after enactment), with the proceeds going to energy technology deployment, low-and middle-income energy consumers, adaptation efforts in the U.S., and programs to support energy independence and national security. Over time, the auction will grow so that by 2031, 69.5% of the allowances would be auctioned and the revenue used for these purposes.
The L-W CSA allows covered facilities to satisfy up to 15% of their compliance obligation with specific domestic offsets. An additional 15% can be covered using international emission allowances. Unlimited banking is allowed and owners and operators of covered facilities can borrow up to 15% of their annual compliance obligation from future years. The L-W CSA also creates a Carbon Market Efficiency Board to monitor the carbon trading market and implement specific cost relief measures, including increased borrowing and use of offsets.
The L-W CSA includes a review of the commitments of other major-emitting nations to reduce their GHG emissions. Eight years after enactment the President is authorized to require importers of GHG emission-intensive products from countries that have not taken action comparable to the U.S. to submit credits equal to those required of domestic manufactures.
Sponsor: Sen. Joseph I. Lieberman (I-CT) (9 Cosponsors)11/1/07: Reported by the Senate Committee on Environment and Public Works Subcommittee on Private Sector and Consumer Solutions to Global Warming by 4-3; 12/5/08: Reported by the Senate Committee on Environment and Public Works by 11-8.
Green Energy Production Act of 2008. This bill would direct the Secretary of Energy to establish a Green Technology Investment Corporation within the Department of Energy. It would also establish a Green Technology Fund within the U.S. Treasury. Among the purposes the Corporation would be created to advance through the use of the Fund is financing advanced manufacturing technologies to help new and existing industries become carbon-neutral. The bill would direct the Corporation to give priority to carbon-neutral projects. Projects involving energy produced from coal would only be eligible if they sequestered a minimum of 85% of their annual carbon dioxide emissions, and complied with section 1421(d) of the Safe Water Drinking Act.
Sponsor: Sen. Sherrod Brown (D-OH) ( Cosponsors)
American Energy Production Act of 2008. Among various provisions intended to increase the production of fossil fuel and alternative energy sources, this bill would require the President to ensure that aviation fuel, motor vehicle fuel, home heating oil, and boiler fuel, contains a mandated volume of clean coal-derived fuels whose lifecycle greenhouse gas emissions are not greater than gasoline. The bill would define clean coal-derived fuels as those which are refined or otherwise processed in a U.S. facility that captures up to 100% of the carbon dioxide emssions that would otherwise be released at the facility. The mandated volume of these fuels would be 750 million gallons in 2015, increasing to 6 billion gallons in 2022; after 2023, the annual volume would be determined by the President in coordination with the Secretary of Energy and the Administrator of EPA.
Sponsor: Sen. Pete Domenici (R-NM) (21 Cosponsors)
American Energy Production Act of 2008. Among various provisions intended to increase the production of fossil fuel and alternative energy sources, this bill would require the President to ensure that aviation fuel, motor vehicle fuel, home heating oil, and boiler fuel, contains a mandated volume of clean coal-derived fuels whose lifecycle greenhouse gas emissions are not greater than gasoline. The bill would define clean coal-derived fuels as those which are refined or otherwise processed in a U.S. facility that captures up to 100% of the carbon dioxide emssions that would otherwise be released at the facility. The mandated volume of these fuels would be 750 million gallons in 2015, increasing to 6 billion gallons in 2022; after 2023, the annual volume would be determined by the President in coordination with the Secretary of Energy and the Administrator of EPA.
Sponsor: Sen. Pete Domenici (R-NM) (18 Cosponsors)
The Lieberman-Warner Climate Security Act of 2008
NOTE: For a full range of Pew Center resources for this bill, including in depth analysis, a longer summary, a complete timeline, and links to relevant external documents and media, please click here
· The Act, if enacted into law, would establish a market-based cap-and-trade program for greenhouse gas (GHG) emissions in the United States, and establish other measures to reduce GHG emissions.
· This is the first cap-and-trade legislation to proceed to the Senate floor through regular order—that is, through the committee process. A previous version of this bill, then titled S.2191, was passed 11-8 by the Senate Environment and Public Works (EPW) Committee in December 2007. The version that will debated on the Senate floor has been extensively revised from the version passed by the EPW committee.
· An estimated 87% of U.S. GHG emissions would be subject to the bill’s cap-and-trade program. Those required to submit emissions allowances under the program include: coal-fired power plants and other entities that use more than 5,000 metric tons of coal, natural gas processors and importers, petroleum processors and refiners, manufacturers and importers of more than 10,000 metric tons of GHGs (as measured in CO2 equivalents), and any entity that emits more than 10,000 metric tons (CO2e) of HFCs as a byproduct of the manufacture of hydrochlorofluorocarbons (HCFCs). The bill establishes a separate cap-and-trade system for HFCs produced or imported (including those in products and equipment).
· The cap-and-trade program would reduce GHG emissions from covered sectors by 4% below 2005 levels by 2012; 19% below 2005 levels by 2020; and 71% below 2005 levels by 2050.
· The bill would allocate 75.5% of all allowances for free in 2012— including 18% to power plants, 11% to manufacturers, 2% to petroleum refiners, and 0.75% to natural gas processors (transitioning to zero in 2031); 12.75% to electricity and natural gas local distribution companies for the benefit of energy consumers, and 15% to states, etc. The proportion of allowances auctioned would increase from 24.5% in 2012 to 58.75% by 2032.
· The bill would establish numerous measures to contain the cost of the cap-and-trade program, including allowing the use of domestic and international offsets, and the banking and borrowing of allowances; establishing a Carbon Market Efficiency Board empowered with certain cost-relief powers; and establishing a “cost-containment auction” of a fixed quantity of allowances each year that will initially be offered only to those with compliance obligations and within a certain price range. The bill also establishes a working group that will create regulations designed to protect the market from fraud and manipulation.
· The bill would provide funds to compensate low-income energy consumers and assist in worker transition.
· The bill would provide funding and incentives for development and deployment of geological carbon capture and sequestration (CCS) technology, with a goal of constructing 5-10 commercial coal-burning electricity facilities using CCS.
· The bill would also provide funds for: renewable energy; increasing the energy efficiency of buildings, appliances, manufacturing; research into low-carbon electricity generation and advanced energy projects; increasing the use and manufacture of hybrid and advanced vehicles; and increasing the production of cellulosic biofuels. It also includes a low-carbon fuel standard.
· The bill would provide funds for the states for mass transit projects, and wildlife conservation and adaptation projects, among others.
· The bill has a number of international provisions, including a measure that would require importers of certain commodities from countries that do not have GHG control programs to submit special allowances, as well as funds for assisting vulnerable communities abroad, promoting international technology development, and conserving forests and wildlife in other countries.
In addition, the bill mandates the creation of the National Resources Management Council on Climate Change to address the impacts of climate change on Federal lands, the ocean environment, and the Federal water infrastructure. It requires the Secretary of the Interior to promulgate a national strategy for assisting wildlife populations and their habitats in adapting to the impacts of global warming. The bill also directs the Secretary of Commerce to develop and implement a national strategy to predict, plan for, and mitigate the impacts on ocean and coastal ecosystems from global warming, relative sea level rise and ocean acidification; and ensure the recovery, resilience, and health of ocean and coastal ecosystems. The bill also authorizes $250 million to establish a National Integrated Coastal and Ocean Observation System to improve the nation’s ability to measure, track, explain, and predict events related directly and indirectly and indirectly to weather and climate change. Sponsor: Rep. Nick Rahall (D-WV) (7 Cosponsors)
Energy Savings Act of 2007. This bill contains various provisions to promote biofuels, energy efficiency, and carbon capture and storage. It establishes a renewable fuel standard of 8.5 billion gallons in 2008, increasing to 36 billion gallons by 2022, and directs the President to promulgate regulations to ensure that motor and heating fuels sold within the United States contain the applicable volume of renewable fuels. The bill requires that renewable fuels produced from facilities built after enactment shall achieve at least a 20% reduction in life-cycle greenhouse gas (GHG) emissions compared to gasoline. In addition, the bill directs the Secretary of Energy to provide grants for the electric vehicle demonstration program. Grant recipients must submit an annual report to the Secretary on data relating to vehicle, performance, lifecycle costs, and GHG emissions. The bill also directs the Secretary to carry out fundamental science and engineering research to develop new approaches to capture and store, recycle, or reuse carbon dioxide.
Sponsor: Rep. Heather Wilson (R-NM) ( Cosponsors)
· Among other provisions, the bill makes a Congressional declaration that it shall be United States policy to engage in international climate negotiations with the objective of creating a new instrument that will come into force by the time that the first commitment period under the Kyoto Protocol ends in 2012. Such an instrument will, at a minimum, require binding mitigation commitments from all major emitting countries. The title also mandates the creation of an Office on Global Climate Change within the State Department.
· The bill also authorizes funds to promote research in solar energy, biofuels, marine renewable energy, and geothermal energy, and authorizes funds for carbon capture and storage research, development, and demonstration.
· In addition, it directs the President to “establish an interagency committee to ensure cooperation and coordination of all Federal research activities” pertaining to human-induced or natural changes in the global environment, including global climate change.
· The bill contains provisions which direct each federal agency to annually inventory and report its GHG emissions, and requires the EPA to promulgate annual greenhouse gas (GHG) reduction targets for the total emissions of all agencies taken as a whole, for each fiscal year from 2010 through 2050.
· The bill also sets GHG emissions standards for federal vehicle fleets, based on the California Code of Regulations, and requires the Secretary of Energy to establish new efficiency standards for federal buildings.
· The bill requires the Secretary of the Interior to develop a methodology for assessing the nation’s capacity to store carbon dioxide in geologic formations. It also requires the Secretary to conduct an assessment of the amount of carbon stored in terrestrial, aquatic, and coastal ecosystems, including estuaries; and to determine the potential for increasing carbon storage in natural ecosystems.
· It also requires the Secretary of the Interior to create the National Resources Management Council on Climate Change to address the impacts of climate change on Federal lands, the ocean environment, and the Federal water infrastructure. It requires the Secretary to promulgate a national strategy for assisting wildlife populations and their habitats in adapting to the impacts of global warming. The title also directs the Secretary of Commerce to develop and implement a national strategy to predict, plan for, and mitigate the impacts on ocean and coastal ecosystems from global warming, relative sea level rise and ocean acidification; and ensure the recovery, resilience, and health of ocean and coastal ecosystems.
· The title also authorizes $250 million to establish a National Integrated Coastal and Ocean Observation System to improve the nation’s ability to measure, track, explain, and predict events related directly and indirectly and indirectly to weather and climate change.
· The Transportation and Infrastructure section of this bill, among other provisions, mandates the establishment of a Center for Climate Change and Environment within the Department of Transportation, which would plan, coordinate, and implement department-wide initiatives and research to reduce transportation-related energy use, mitigate the effects of climate change, and address the impacts of climate change on transportation and infrastructure. The title also directs Secretary of Transportation and the Administrator of the EPA to report to Congress on low-cost solutions to reducing congestion and transportation-related energy use and mitigating the effects of climate change.
· The Energy and Commerce section of this bill contains a number of energy efficiency provisions, among them: improving the schedule for consensus standards, updating appliance test procedures, new efficiency standards for lighting, residential boilers, industrial motors, washing machines, and dishwashers. The title also establishes new efficiency standards for power supplies and transformers for consumer electronic equipment.
· In addition, the bill mandates the creation of an Office of High-Performance Green Buildings, and sets out increased efficiency standards for federal buildings, as well as increased efficiency standards for state residential and commercial building codes. It also authorizes grants to support state implementation of green building codes.
· The title also provides technical assistance and a revolving fund for implementing combined heat and power (CHP) systems and sustainable energy infrastructure. Finally, the title contains a number of provisions promoting creation of a Smart Grid, and mandates the promulgation of a National Action Plan for Demand Response.
· The tax provisions of this bill expand and extend tax credits and deductions for renewable energy, energy efficient appliance credit for a variety of appliances produced after 2007, energy-efficient commercial buildings deduction for five years (through December 31, 2013), and allows electric utilities to depreciate smart electric meters over a five year period. In addition, the bill orders the Secretary of the Treasury and the National Academy of Sciences to review the Internal Revenue Code of 1986 to identify the types of and specific tax provisions that have the largest effects on carbon and other greenhouse gas emissions and to estimate the magnitude of those effects.
Sponsor: Rep. Nancy Pelosi (D-CA) (18 Cosponsors)
Moratorium on Uncontrolled Power Plants Act of 2008. This bill would, upon enactment, prohibit all permitting authorities from issuing a permit for a proposed new coal-fired power plant under the Clean Air Act, unless the permit requires said plant to use technology to capture and permanently sequester 85% of its total annual carbon dioxide emissions. The moratorium would apply until a program to reduce greenhouse gas emissions to 80% below 1990 levels by 2050 is in effect. Any coal-fired power plant that commences construction after the bill’s introduction, and does not install and operate such technology, would not be eligible to receive free or below-market-price emissions allowances under any future program to address global warming adopted by Congress or the EPA.
Sponsor: Rep. Henry A. Waxman (D-CA) (7 Cosponsors)
Combating Climate Change Through Individual Action Act of 2008. This bill would establish tax credits for farmers who incur expenditures in the process of sequestering carbon in soils and in conserving soils. These tax credits would be limited to $10,000 per taxpayer per year. The bill would also establish qualified planting expenditure credits for taxpayers that purchase and plant trees, plants, shrubs, or bushes, as long as such plants are quick-growing, appropriate for the region in which it is planted, and effective in capturing carbon; taxpayers who purchase and install a vegetated roof system would also be eligible for a tax credit. The tax credit would be limited to $5,000 for a taxpayer’s principal residence, and $50,000 for a taxpayer’s business. In addition, the bill would establish a tax credit for: conversion of cropland to pasture for grazing purposes, or to grassland or rangeland; and for reforestation or afforestation of land. The amount of this latter credit would be determined by the efficacy of carbon sequestration and prevention of soil erosion. Finally, the bill would require the Secretary of the Treasury to reassess these credits in the case of any substantial change in the carbon sequestration market, including the enactment into law of a carbon cap-and-trade program.
Sponsor: Rep. Leonard Boswell (D-IA) (1 Cosponsors)
Main Street U.S.A. Energy Security Act of 2008. This bill contains numerous provisions intended to increase the production and efficient use of fossil-fuel and renewable energy. It would, among other purposes, direct the Secretary of Energy to support the development, on Federal lands, of coal-to-liquid manufacturing facilities, including the capture, transportation, or sequestration of carbon dioxide (CO2). The bill would also authorize $3.6 billion for qualified energy conservation bonds, which would be issued for a variety of conservation purposes, including to develop and commercialize technologies for the capture and sequestration of CO2 produced through the use of fossil fuels.
Sponsor: Rep. Steve Buyer (R-IN) (20 Cosponsors)
Investing in Climate Action and Protection (iCAP) Act. This bill would amend the Clean Air Act to establish a cap-and-trade system for greenhouse gas (GHG) emissions, and for other purposes.
The bill would regulate carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), sulfur hexaflouride (SF6), hydrofluorocarbons (HFCs), and perfluorocarbons (PFCs). The bill would also regulate nitrogen trifluoride (NF3), which is a GHG not covered by the Kyoto Protocol, and, in addition, would regulate any other anthropogenic gas the Administrator of the EPA determines to have a global warming potential equal to or greater than carbon dioxide. According to the bill’s authors, the legislation would cover 94% of U.S. GHG emissions—87% through cap-and-trade.
The cap-and-trade program would reduce covered emissions to 2005 levels by 2012, to 20% below 2005 levels by 2020, and to 85% below 2005 levels by 2050.The cap-and-trade program would cover emissions from: fossil fuel-fired power plants that emit more than 10,000 carbon dioxide equivalents (CO2e) a year; industrial facilities that emit more than 10,000 CO2e a year; producers or importers of petroleum or coal-based fuels, the combustion of which will produce more than 10,000 CO2e a year; natural gas local distribution companies (LDCs) who deliver natural gas that will produce more than 10,000 CO2e a year when combusted; producers or importers of more than 10,000 CO2e a year of HFCs, PFCs, SF6, or NF3, or any other fluorinated gas that is designated by the Administrator as a GHG; and “commercial-scale” geological carbon sequestration sites to cover any leakage.
In addition to the cap-and-trade program, the act will cover an additional 7% of U.S. GHG emissions through financial incentives to farmers and forest managers to reduce GHG emissions and increase storage as well as performance standards for coal mines, landfills, wastewater treatment operations, and large animal feeding operations that emit more than 10,000 CO2e a year. The bill would direct the Administrator to publish and subject to regular review a list of such sources not later than 90 days after enactment, and establish the relevant performance standards not later than 2 years after that.
The bill would also set mandatory performance standards for coal-fired power plants with a generating capacity of 25 megawatts or more, and which derive more than 50% of annual fuel input from coal or petroleum coke. Plants which commence construction on or after January 1, 2009, would be required to capture and sequester 85% of their CO2 emissions. Plants which commence operation before January 1, 2020, would have to be in compliance with the performance standard by either January 1, 2016, or four years after they commence operation, whichever is later.
The bill would auction 94% of all allowances in 2012, transitioning to a 100% auction in 2020.
Allowance auctions would begin in 2010. The bill would establish a number of funds in the U.S. Treasury, and deposit in them the following percentages of revenues from allowance auctions from 2010-2019. Dollar amounts listed in the following table are the bill’s author’s estimates.
|
Fund |
2010-2019 |
2020-2050 |
2012-2050 |
||
|
% of allowance value |
Est. annual funding ($ billions) |
% of allowance value |
Est. annual funding ($ billions) |
Est. cumulative funding ($ billions) |
|
|
General Fund of the Treasury |
51
|
110 |
48
|
110 |
4,290 |
|
Climate Trust Rebate Fund |
7.5
|
7 |
|||
|
Low-Carbon Technology Fund
|
12.5 |
24 |
12.5 |
25 |
963 |
|
National Energy Efficiency Fund |
12.5
|
24 |
12.5 |
25 |
963 |
|
Agriculture and Forestry Carbon Fund |
4.5
|
8 |
5 |
10 |
378 |
|
Climate Change Worker Transition Fund |
1.5
|
3 |
2 |
4 |
147 |
|
National Climate Change Adaptation Fund |
2
|
7 |
2.5 |
9 |
332 |
|
Natural Resource Conservation Fund |
1.5
|
2 |
|||
|
International Forest Protection Fund |
1.5
|
3 |
2 |
||