S 2191 in Congressional Session 110

Bill Number : S 2191

Title : A bill to direct the Administrator of the Environmental Protection Agency to establish a program to decrease emissions of greenhouse gases, and for other purposes.

SUMMARY AS OF:
10/18/2007--Introduced. America's Climate Security Act of 2007 - Requires the Administrator of the Environmental Protection Agency (EPA) to establish: (1) a greenhouse gas (GHG) registry; and (2) a GHG emission allowance transfer system for covered facilities, including specified facilities within the electric power and industrial sectors and facilities that produce or entities that import petroleum- or coal- based transportation fuel or chemicals. Sets forth emission allowances for 2012-2050, with a declining cap on GHGs.Provides for selling, exchanging, transferring, submitting, retiring, or borrowing emission allowances. Establishes: (1) a domestic offset program to sequester GHGs in agriculture and forests; and (2) the Bonus Allowance Account. Establishes the Carbon Market Efficiency Board, which shall observe and report on the national GHG emission market and provide cost relief measures if it determines that the market poses significant harm to the U.S. economy.Provides for the distribution of emission allowances, including initially giving allowances to: (1) specified owners and operators of covered facilities; (2) states; (3) load-serving entities that deliver electricity to retail consumers; (4) the Secretary of Agriculture to reduce GHG emissions in the agriculture and forestry sectors; (5) international forest protection activities; and (6) the Emission Allowance Account for covered facilities in the electric power and industrial sectors.Establishes in the Treasury and provides for allocations from: (1) the Energy Assistance Fund; (2) the Climate Change Worker Training Fund; (3) the Adaptation Fund; and (4) the Climate Change and National Security Fund. Establishes the Climate Change Credit Corporation to auction emission allowances. Provides for the use of auction proceeds, including for a zero- or low-carbon energy technologies program, an advanced coal and sequestration technologies program, incentives for production of fuel from cellulosic biomass, and an advanced technology vehicles manufacturing incentive program.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 an interagency group to determine whether foreign countries have addressed GHGs. Directs the Administrator to establish an international reserve allowance program. Requires 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 Secretary of Energy to study the feasibility of the construction of: (1) pipelines for the transportation of carbon dioxide for sequestration or enhanced oil recovery; and (2) geological carbon dioxide sequestration facilities. Directs the Administrator to establish a task force to study the cost implications of potential federal assumption of liability with respect to closed geological storage sites.Authorizes the President to waive this Act's requirements in a national security emergency.Requires the Securities and Exchange Commission (SEC) to direct securities issuers to inform investors of material risks related to climate change.