Rep. Waxman and Rep. Markey have released their 650-page discussion draft of their energy regulation and global warming bill, “The American Clean Energy and Security Act of 2009.”
Their summary is available here.
The full bill text is available here.
The legislation has four titles:
Title 1–“Clean Energy” – Includes a renewable electricity mandate which requires 6% of electricity come from renewable fuels by 2012, and 25% by 2025. This title also includes incentives for carbon capture and storage, a low carbon fuel mandate, additional taxes on electricity generated from fossil fuels, and requirements that utilities plan for smart grid and electrical vehicle recharging.
Title 2–“Energy Efficiency” – Mandates higher energy efficiency standards for buildings, lighting, and appliances. Also encourages efficiency by utilities and by industry.
Title 3–“Reducing Global Warming Pollution” – Mandates the reduction of carbon dioxide emissions by 20% below 2005 by 2020, 40% below 2005 by 2030, and 83% below 2005 by 2050. The title include a cap and trade energy tax program, but does not specify important aspects of the program yet.
Title 4–“Transitioning to a Clean Energy Economy” – Authorizes programs to try to redistribute taxes from cap and trade program to lessen the harmful economic impacts of cap and trade.