The Safe Climate Act of 2006 (H.R. 5642), introduced by Rep. Waxman (D-CA) on June 20, now has 68 cosponsors, including two Republicans, Reps. Leach (R-IA) and Weldon (R-PA).
The bill calls for a mandatory market-based cap and trade system in an effort to prevent average global temperatures from not increasing above 2C (3.6F) above the preindustrial average; that global atmospheric concentrations of carbon dioxide (CO2) equivalent do not exceed 450 parts per million; and that US CO2 equivalent emissions are reduced by 80 percent from 1990 levels by 2050.
Summary of the Bill
The Safe Climate Act of 2006 (H.R. 5642) sets targets and requires the actions that will be necessary to avoid dangerous, irreversible warming of our planet. Science tells us that we face a grave risk of irreversible and devastating global warming if global temperatures increase by more than 3.6F.
The bill sets greenhouse gas emissions targets that aim to keep temperatures below the danger point. The level of emissions is frozen in 2010 and then gradually reduced each year through 2050.
The bill achieves these targets through a flexible economy-wide cap-and-trade program for greenhouse gas emissions, along with measures to advance technology and reduce emissions through renewable energy, energy efficiency, and cleaner cars.
Targets
The Safe Climate Act (H.R. 5642) freezes U.S. greenhouse gas emissions in 2010, at the 2009 levels. Beginning in 2011, it cuts emissions by roughly 2% per year, reaching 1990 emissions levels by 2020. After 2020, it cuts emissions by roughly 5% per year. By 2050, emissions will be 80% lower than in 1990. This goal is similar to goals that have been announced by United Kingdom Prime Minister Tony Blair and California Governor Arnold Schwarzenegger.
Actions
The Safe Climate Act is implemented by the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE).
The Safe Climate Act directs EPA to issue regulations sufficient to achieve the emissions targets through the combination of a cap-and-trade program and other measures.
The bill directs EPA to set a cap on greenhouse gas emissions from the largest polluters and allow the polluters to meet the cap by buying and selling emissions allowances.
o Allowances are distributed according to a plan developed by the President, with an opportunity for Congress to ratify or modify the plan.
o Proceeds from auctioning allowances are deposited in the Climate Reinvestment Fund.
o Revenues in the fund are dedicated to maximizing the public benefit and promoting economic growth, including supporting technology research and development, compensating consumers for any energy cost increases, providing transition assistance for affected workers and regions, and protecting against harm from climate change, such as safeguarding water supplies, protecting against hurricanes, and mitigating harm to fish and wildlife habitat.
The bill directs EPA to set standards for reducing greenhouse gas emissions from motor vehicles that are at least as stringent as the current California standards. EPA must tighten these standards in 2014 and periodically thereafter.
The bill directs the Department of Energy to establish national standards requiring an increasing proportion of electricity to be generated from renewable energy sources, reaching 20% of retail electricity sold in 2020.
The bill directs the Department of Energy to establish national standards requiring utilities to obtain, each year, 1% of their energy supplies through energy efficiency improvements at customer facilities. These savings would accumulate each year through 2020.
National Academies Review
The bill directs the National Academy of Sciences and the National Research Council to review, every five years, our progress toward avoiding dangerous climate change. If the National Academies find that dangerous global warming is likely, they must identify the reductions needed and recommend additional national and international actions to achieve the reductions.
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