S. 485 would amend the Clean Air Act to establish an economy-wide global warming pollution emission cap-and-trade program to assist the economy in transitioning to new clean energy technologies, it would protect employees and affected communities, and protect companies and consumers from significant increases in energy costs.
Detailed Summary
Global Warming Pollution Reduction Act of 2007 - Amends the Clean Air Act to direct the Environmental Protection Agency (EPA) to: (1) promulgate regulations necessary to reduce the aggregate net level of global warming pollution emissions; and (2) establish a market-based emissions cap and global warming pollutants trading program.
Establishes the Climate Reinvestment Fund.
Requires EPA to: (1) establish, and revise every five years, standards for passenger vehicle emissions; and (2) research global climate change standards and processes.
Sets forth requirements for retail electricity suppliers and EPA concerning: (1) energy efficiency and peak load reduction; (2) a related trading system; (3) renewable energy types and sources; and (4) a renewable energy credit program and related penalties.
Requires the Secretary of Agriculture to establish standards for accrediting certified reductions in carbon dioxide emission through biological sequestration activities.
Requires major stationary sources to report annually to EPA about global warming pollutant emissions.
Directs the National Academy of Sciences to report biennially to EPA and Congress about U.S. progress in avoiding dangerous anthropogenic interference with the climate system.
Replaces specified volumes of renewable fuel required in gasoline for 2006-2012 with benchmarks for 2010, 2020, and 2030 and a requirement that EPA determine the volume for each year not specified annually.
Requires the Secretary of Energy to ensure that major oil companies that sell gasoline in the United States through wholly-owned or branded stations provide pumps that dispense E-85 fuel at specified percentages. Creates a related trading program.
Amends the Internal Revenue Code to double the new qualified fuel cell motor vehicle credit, the new advanced lean burn technology motor vehicle credit, and the conservation credit. Creates a new plug-in hybrid motor vehicle credit and an advanced technology motor vehicles manufacturing credit.
Directs the Securities and Exchange Commission (SEC) to: (1) require securities issuers to inform investors of financial and economic risks relating to global warming; and (2) declare that U.S. commitments to reduce emissions under the United Nations Framework Convention on Climate Change are considered to be a material effect and that global warming constitutes a known trend.
Requires the Secretary of Commerce to establish a National Climate Change Vulnerability and Resilience Program and an Office of Climate Change Vulnerability and Resilience Research.
Status of the Legislation
Latest Major Action: 2/1/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
Points in Favor
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Points Against
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Visitor Comments
Krystle
May 16, 2007, 3:24pm (report abuse)This should be passed as a law. We need the government to regulate pollutant emmission to reduce the effects of global warming.
Rob
October 27, 2007, 2:26am (report abuse)We need to stop doing anything within the framework of the United Nations.
In fact, we need to get out of the United Nation and reform the Leauge of Nations and limit it only those countries who didn't vote against us 100% of the time in the UN
Vick
October 27, 2007, 2:30am (report abuse)I have a solution for our problems.
Let's go back to the good ole days
before the car. When very few people got more than 10 miles from where they were born.
We wouldn't have to worry about exhaust polution, just methene gas from the horse manure.
Mel
October 27, 2007, 2:35am (report abuse)We have regulations that tell us it's don't stand on the top of a step ladder. If anyone is fool enough to stand on the top, I don't think any other kind of regulation is going to bother him.
We need to appeal about 90% of our regulations and live by the rule of common sense, if there is any left.
rusty shackleford
March 18, 2008, 8:50am (report abuse)global warming is the biggest lie forced down the throats of the American people in the last 100 years