Detailed Summary

Lieberman-Warner Climate Security Act of 2008 - Requires the Administrator of the Environmental Protection Agency (EPA) to establish: (1) a federal greenhouse gas (GHG) registry, for which certain facilities must report information regarding fossil fuels and GHGs produced and consumed; (2) specified quantities of GHG emission allowances, which decline for each of 2012 to 2050; and (3) a GHG emission allowance transfer system for specified covered facilities, including facilities that use more than 5,000 tons of coal in a year, facilities in the natural gas sector, facilities that produce or entities that import petroleum- or coal- based fuel the combustion of which will emit a group I GHGs, facilities that produce or entities that import, in any year, more than 10,000 carbon dioxide equivalents of chemicals that are group I GHGs, and facilities that emit as a byproduct of the production of hydrochlorofluorocarbons (HCFCs) more than 10,000 carbon dioxide equivalents of hydrofluorocarbons (HFCs) in any year.

Provides for the use of feedstock, sequestration, and destruction credits.

Establishes: (1) a domestic offset program to sequester GHGs; (2) the Bonus Allowance Account for carbon capture and sequestration projects; (3) the Carbon Market Efficiency Board, which shall analyze the national GHG emission market and implement cost relief measures if the market poses significant harm to the U.S. economy; (4) the Climate Change Credit Corporation, to which specified percentages of emission and remainder emission allowances for 2012-2050 shall be allocated and which shall auction such allowances annually; and (5) the Deficit Reduction Fund into which auction proceeds shall be deposited.

Requires the Administrator to establish new qualifying levels and requirements of Energy Star certification for retail carbon offsets.

Provides for the allocation and distribution of emission allowances to states and facilities on the basis of emission reductions, energy savings, state programs that exceed federal emission reduction targets, state expenditures for low-income home energy assistance programs, and relative potential carbon dioxide emissions. Specifies how states shall use such allowances, including to mitigate impacts on low-income energy consumers, to promote energy efficiency and investment in nonemitting electricity generation technology, to improve public transportation, to encourage advances in energy technology that reduce or sequester GHG emissions, to address impacts of climate change, and to improve recycling programs.

Establishes and provides for the deposit of auction proceeds to and allocations from: (1) the Energy Assistance Fund; (2) the Climate Change Worker Training Fund; (3) the Adaptation Fund; (4) the Climate Change and National Security Fund; (5) the Bureau of Land Management Emergency Firefighting Fund; (6) the Forest Service Emergency Firefighting Fund; and (7) the Climate Security Act Management Fund. Provides for the use of auction proceeds, including for programs concerning zero- or low-carbon energy technologies, advanced coal and sequestration technologies, incentives for production of fuel from cellulosic biomass, advanced technology vehicles manufacturing incentives, and sustainable energy.

Requires the Secretary of State to establish an International Climate Change Adaptation and National Security Program within the U.S. Agency for International Development (USAID).

Amends the Energy Policy and Conservation Act to set forth provisions concerning appliance energy efficiency requirements and state building energy efficiency code updates.

Requires the President to establish: (1) an interagency group to determine whether foreign countries have addressed GHGs; and (2) an Interagency Climate Change Task Force.

Requires: (1) the Administrator to establish an international reserve allowance program; and (2) the proceeds from sales of such allowances to be used to mitigate the negative impacts of climate change on other countries' disadvantaged communities.

Amends the Safe Drinking Water Act to require the Administrator to permit commercial-scale underground injection of carbon dioxide for purposes of geological sequestration.

Requires the Administrator to establish a cap on and allocate allowances for HFC consumption in the .United States for 2010-2050. Prohibits consumption of an HFC or products or equipment containing any HFC except as provided in this Act. Amends the Clean Air Act to: (1) set forth requirements concerning the sale or distribution, use, and disposal of HFC substitutes; and (2) direct the Administrator to establish an advanced clean fuel performance standard.

Status of the Legislation

Latest Major Action: 7/8/2008: Senate floor actions. Status: Returned to the Calendar. Calendar No. 742.

Points in Favor

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Points Against

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