H.R. 4226 would accelerate the reduction of greenhouse gas emissions in the United States by establishing a market-driven system of greenhouse gas tradeable allowances that will limit greenhouse gas emissions in the United States, reduce dependence upon foreign oil, and ensure benefits to consumers from the trading in such allowances.
Detailed Summary
Climate Stewardship and Economic Security Act of 2007 - Requires the Administrator of the Environmental Protection Agency (EPA) to establish a National Greenhouse Gas Database consisting of: (1) an inventory of greenhouse gas (GHG) emissions by covered entities (specified entities that own or control a source of GHG emissions in the electric power, industrial, and commercial sectors of the U.S. economy that emit more than 10,000 metric tons of GHGs per year); and (2) a registry of GHG emission reductions and increased sequestration, applicable to all entities.
Establishes a program for the market-driven reduction of GHGs by covered entities through the use of tradeable emissions allowances. Requires the Administrator to establish a declining cap on allowances to reduce GHG emissions over time. Requires covered entities, beginning in 2012, to submit to the Administrator one allowance for every metric ton of GHGs emitted. Authorizes the President to establish a program to require importers to pay the value of GHGs emitted during the production of goods or services imported into the United States from specified foreign nations.
Allows allowances to be sold, exchanged, purchased, retired, borrowed, offset, or otherwise used as authorized by this Act. Imposes civil penalties on covered entities that fail to submit allowances. Requires: (1) the Administrator to establish a program to assist developing counties and covered entities in reducing GHGs; and (2) the Secretary of Agriculture to establish an outreach initiative on opportunities for agricultural producers to earn revenue.
Establishes: (1) the Carbon Market Efficiency Board to analyze information on the GHG emission tradeable allowance market and to carry out cost relief measures if such market poses a significant harm to the US economy; and (2) the Climate Change Credit Corporation (CCCC) to receive, manage, buy, and sell allowances.
Directs the Administrator to make allocations of allowances to covered sectors and entities and to the CCCC, providing initial allocations for early action and accelerated participation.
Requires the CCCC to establish a program to provide financial support for: (1) technology to assist in compliance with this Act; (2) the restoration of habitat to help fish and wildlife adapt to climate change; and (3) restoration of large-scale aquatic ecosystems.
Amends the Coastal Zone Management Act of 1972 to require the Secretary of Commerce to: (1) report to Congress on the oceanic and coastal impacts of climate change; and (2) assist certain coastal states in preparing persons to adapt to climate change.
Requires the Director of the Office of Science and Technology Policy to: (1) establish a program on adaptation technologies as part of the Climate Technology Challenge Program; and (2) perform regional infrastructure cost assessments of the impacts of climate change. Requires the Secretary of Commerce to: (1) submit a climate change adaptation plan to Congress; and (2) research the impact of climate change on low-income populations worldwide.
Amends the Pittman-Robertson Wildlife Restoration Act to provide funding for the Wildlife Conservation and Restoration Account that may be used by states to develop and implement climate change impact mitigation plans.
Status of the Legislation
Latest Major Action: 4/25/2008: Referred to House subcommittee. Status: Referred to the Subcommittee on Department Operations, Oversight, Nutrition and Forestry.
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