- President Barack Obama
Issues
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http://www.bulletins-electroniques.com/actualites/63342.htm
| S. 1462, American Clean Energy Leadership Act |
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The American Clean Energy Leadership Act of 2009
United States Senate Highlights On June 17, 2009, the Senate Committee on Energy and Natural Resources voted 15 to 8 to |

Energy & Environment
"So we have a choice to make. We can remain one of the world's leading importers of foreign oil, or we can make the investments that would allow us to become the world's leading exporter of renewable energy. We can let climate change continue to go unchecked, or we can help stop it. We can let the jobs of tomorrow be created abroad, or we can create those jobs right here in America and lay the foundation for lasting prosperity."
Progress
Guiding PrinciplesTo take this country in a new direction, the President is working with Congress to pass comprehensive legislation to protect our nation from the serious economic and strategic risks associated with our reliance on foreign oil and the destabilizing effects of a changing climate. Policies to advance energy and climate security should promote economic recovery efforts, accelerate job creation, and drive clean energy manufacturing by: Investing in the Clean Energy Jobs of the FuturePresident Obama does not accept a future in which the jobs and industries of tomorrow take root beyond our borders. It is time for the United States to lead again. Under President Obama, we will lead again, by developing an American clean energy industry, a 21st century economy that flourishes within our borders.
Securing our Energy FutureOur reliance on oil poses a threat to our economic security. Over the last few decades, we have watched our economy rise and fall along with the price of a barrel of oil. We must commit ourselves to an economic future in which the strength of our economy is not tied to the unpredictability of oil markets. We must make the investments in clean energy sources that will curb our dependence on fossil fuels and make America energy independent.
Closing the Carbon Loophole and Cracking Down on PollutersWe must take immediate action to reduce the carbon pollution that threatens our climate and sustains our dependence on fossil fuels. We have had limits in place on pollutants like sulfur dioxide, nitrogen dioxide, and other harmful emissions for some time. After decades of inaction, we will finally close the carbon pollution loophole by limiting the amount of carbon polluters are allowed to pump into the atmosphere.
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WRI Summary of the Carbon Limits and Energy for America's Renewal ActThis summary provides a concise overview of S. 2877, the Carbon Limits and Energy for America’s Renewal Act (herein referred to as CLEARA), as introduced by Senators Cantwell and Collins on December 11, 2009. Note: Small revisions were made to clarify certain aspects of the fossil fuel carbon cap targets and the price ceiling contained in the CLEAR act.
CLEARA would establish a program to limit the sale of carbon contained in all fossil fuels sold in the United States. Revenue generated from the program is primarily distributed to eligible U.S. citizens through dividend payments with some revenue set aside for other purposes. This summary follows the structure of the bill except where we believe it facilitates understanding by grouping related components together. For more information on specific components of CLEARA, please refer to the actual legislative language as referenced by section and page number in this document.1 Global Warming Pollution Reduction Targets and Timetables2Goals and Caps. CLEARA sets non-binding economy-wide greenhouse gas (GHG) emissions reduction goals (Sec. 3, pg. 7) and a mandatory annual cap on the quantity of fossil fuel carbon that may be sold into commerce in the United States (Sec. 4, pg. 8);
Adjustments to the fossil fuel carbon cap. The president may increase or decrease the number of carbon shares3 available for auction if he/she submits to Congress a notification of the modification and Congress passes a joint resolution approving the modification within 30 days (Sec. 4(a)(2)(C), pg. 10). The president may submit a notification modification to the cap for the following reasons:
Point of Regulation, Emissions Reporting and CoverageCovered gases: Carbon contained in fossil fuels that ultimately will be combusted and emitted into the atmosphere as CO2 (Sec. 2(8), pg. 3). Mandatory reporting: Emissions reporting is not referred to in this legislation. Point of regulation: A completely upstream approach is used with all entities covered at the start of the program in 2012. All first-sellers of fossil fuel carbon into the U.S. economy are required to hold allowances for all fossil fuel carbon sold (Sec. 4(a)(1)(B), pg. 9). The limitation covers approximately 81 percent of total U.S. GHG emissions in 2005. Allowance Value DistributionDistribution of Value: 100 percent of all allowances are auctioned to regulated entities. Auction proceeds are divided as follows:
Auction procedure: Only regulated entities may participate in auctions. Auctions are initially held monthly though the secretary of the Treasury may change the frequency under certain circumstances (Sec. 4(b), pg. 20). Expenditures from the Funds:
Clean Energy, Efficiency and Supplemental Greenhouse Gas ReductionsCERT Fund: CLEARA establishes a trust fund in the U.S. Treasury called the “Clean Energy Reinvestment Trust Fund,” Subject to annual appropriations from Congress, the president is given general discretion to request from Congress the use of CERT Funds to support programs and initiatives that provide incentives, loans and grants to (Sec. 6, pgs. 33 – 37):
Efficiency Consumer Loan Program: The secretary of the Treasury would establish a program for any qualifying individual to borrow against any future dividend (see Assistance During the Transition to a Low Carbon Economy section below) to invest in energy efficiency or other clean energy technologies that would reduce the individual’s energy bills and reduce GHG emissions (Sec. 5, pg. 31). Reimbursement for Sequestered Carbon: In addition to the aggregate annual carbon shares limit, the secretary of Treasury is required to issue carbon shares for fossil fuel carbon that is:
Voluntary Carbon Reductions: The secretary of the Treasury is required to reduce the aggregate annual carbon shares limit by an amount equal to the total quantity of all verifiable carbon reductions attributable solely to voluntary emissions reductions efforts (Sec. 4(d), pg. 26). Cost ContainmentTrading: Regulated entities and certain other recipients of allowances may only conduct allowances transactions on a dedicated public exchange. No other entities may conduct such transactions (Sec. 4(b)(7()A), pg. 23). Banking and Borrowing:
Price collar: CLEARA sets minimum and maximum prices for allowances available at each auction (Sec. 4(a)(4), pg. 13):
Offsets: Only allowances released at auction or distributed for reimbursement may be used for compliance by regulated entities; therefore, offsets may not be used for compliance. Assistance During the Transition to a Low Carbon EconomyEnergy Security Dividend: Each qualified individual in the United States shall receive a per-capita Energy Security Dividend on a monthly basis issued under a program administered by the secretary of the Treasury (Sec. 5, pg. 29).
International Competitiveness:
Worker, community and business transition assistance: Subject to annual appropriations from Congress, the president may use CERT Funds to carry out programs and initiatives that provide incentives, loans and grants to provide targeted, region-specific assistance (Sec. 6, pgs. 33 – 37):
Carbon Market Access and OversightMarket access and limits: Only regulated entities may participate in auctions and in transactions conducted over dedicated allowance exchanges (Sec. 4(b)(2), pg. 21).
Derivative Markets: Regulated entities are prohibited from buying, selling or creating allowance derivatives. Only non-regulated entities may engage in derivative transactions. Any derivative markets that arise will be subject to oversight and regulations set by the secretary of the Treasury in consultation with other agencies (Sec. 4(b)(8), pg. 24). Download the Complete Summary (PDF, 4 pages, 146 Kb) (includes footnotes and references
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Wednesday, May 12, 2010The American Power Act: Whay They're Saying- President Barack Obama
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