S 342 in Congressional Session 109

Bill Number : S 342

Title : A bill to provide for a program of scientific research on abrupt climate change, to accelerate the reduction of greenhouse gas emissions in the United States by establishing a market-driven system of greenhouse gas tradeable allowances, to limit greenhouse gas emissions in the United States and reduce dependence upon foreign oil, and ensure benefits to consumers from the trading in such allowances.

SUMMARY AS OF:
2/10/2005--Introduced. Climate Stewardship Act of 2005 - Expands Federal climate change research initiatives by: (1) establishing a graduate fellowship program; (2) requiring a study of technology transfer barriers, best practices, and outcomes; (3) requiring a report on the effects of the Kyoto Protocol absent participation by the United States; (4) creating a grant program for research in identified priority areas; (5) instituting research programs on potential abrupt climate change and greenhouse gas (GHG) related standards, measurement technologies, and processes; (6) requiring research on the impact of climate change on low-income populations; (7) authorizing a program to promote the use by small manufacturers of GHG-reducing technologies; and (8) establishing a Climate Change Education and Outreach Initiative Program for agriculture. Requires the Administrator of the Environmental Protection Agency (Administrator) to establish a National Greenhouse Gas Database consisting of: (1) an inventory of GHG emissions by covered entities (specified entities 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 both covered and noncovered entities. Establishes a program for the market-driven reduction of GHGs by covered entities through the use of tradeable emissions allowances. Requires covered entities, beginning in 2010, to submit to the Administrator one tradeable allowance for every metric ton of GHGs emitted. Allows tradeable allowances to be sold, exchanged, purchased, retired, or otherwise used as authorized by this Act. Establishes the Climate Change Credit Corporation (CCCC) to receive, manage, buy, and sell tradeable 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. Imposes civil penalties on covered entities that fail to submit allowances.