The American Power Act: “First Read” of the Kerry-Lieberman Climate and Energy Legislation

Senators John Kerry (D-MA) and Joe Lieberman (I-CT) unveiled today the long-awaited draft of their American Power Act. The launch of their bill kicks off an intensive effort to pass comprehensive climate and energy legislation in the Senate this summer, reconcile it with the bill passed by the House, and put a final bill on the president’s desk to sign into law this year.

As the Deepwater Horizon disaster continues to unfold with tragic consequences, it has become painfully clear that America needs a safer, cleaner approach to energy development. Congress must enact a comprehensive clean energy and climate bill this year that puts America back in control of our energy situation. This draft bill gets us moving in the right direction.

Here is NRDC’s “first read” of the American Power Act discussion draft, compiled with the assistance of our staff experts in each of the areas that the legislation addresses. Our staff will be diving deeper into parts of the bill in posts to follow in the coming days. We’ll also update this overview as necessary.

The core carbon pollution limits in the bill, covering all major pollution sources, are a solid foundation for Senate legislation.

• The bill would amend the Clean Air Act to establish steadily declining limits on carbon emission from the major sectors responsible for America’s carbon pollution, including electricity production, heavy industry, and transportation.
• It includes an auction system with major dividends to consumers that start right away and increase over time.
• It includes cost reduction mechanisms and market safeguards, as well as measures to invest in key energy technologies, level the playing field for American manufacturing, and promote innovation and job creation.

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What do you think?  Can we get this legislation through before COP16?  Sound off on Twitter and use the hash tag #CarbonTradeEx and have your comments featured on our website.

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Industry Group Urges Prompt Markup of Clean Air Bill

A market-oriented industry and professional group supporting clean air legislation is urging Senator Barbara Boxer, chair of the Environment and Public Works Committee, to schedule markup “as soon as possible” of  the Clean Air Act Amendments of 2010 (S.2995), sponsored by Senators Tom Carper (D-Delaware) and Lamar Alexander (R-Tennessee.)

The Environmental Markets Association (EMA), representing more than 250 professionals, including engineers, environmental market participants, as well as electricity generators and other industrial companies, said the passage of S.2995 would help correct the serious environmental problems caused by a 2008 DC Circuit decision overturning EPA’s Clean Air Interstate Rule (CAIR.)

In an April 29 letter to Sen. Boxer, EMA said that the CAIR ruling left the markets for sulfur dioxide “in complete and utter disarray.”

Without congressional intervention, these markets may not recover and the public’s perception of cap-and-trade would be undermined.

“This, in turn, could undermine efforts in Congress to address global warming and efforts by California to establish its trading program,” the industry group wrote.

It noted that S.2995 would fix the problems caused by the Circuit court’s ruling and would provide “some much needed certainty” to the sulfur dioxide and nitrogen oxide markets.

CCX-CCFE Holds 7th Annual Meeting

Looking to learn more about growing environmental markets and what impact the American Power Act will have? The CCX-CCFE 7th Annual Meeting is offering a comprehensive seminar with in-depth coverage of critical topics in environmental finance on June 9 in Chicago. Attendees will gain valuable insights on mandatory and voluntary carbon markets, available carbon offset standards, developments in EPA Clean Air Act SO2 & NOx compliance programs, and renewable energy market opportunities including RECs.

Day two of the meeting on June 10 will feature discussions covering a broad range of topics including legislative updates, international synergies, the renewable sector, new SEC rules on climate risk disclosure and sustainability communications with investors, customers and the media. Attendees will hear from CCX-CCFE founder & chairman Richard L. Sandor about the future of environmental markets. American Municipal Power President & CEO Marc Gerken will provide his perspective on managing climate risk from the frontlines of the utility industry.

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CMIA director Miles Austin talks about the Forest Carbon Offsetting Survey 2010

Watch the video interview.

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