Global Warming: What You Need to Know

Legislation

Investing in Climate Action and Protection Act
Subtitle-by-Subtitle Summary

Title 1 - Capping greenhouse gas emissions

SECTION 101. AMENDMENT TO THE CLEAN AIR ACT

Section 101 of the bill adds a new Title VII to the Clean Air Act, the subtitles of which are summarized below.

• Subtitle A: Tracking Emissions

  Subtitle A establishes a process through which EPA may designate substances as greenhouse gases for the purposes of this Act. It also directs EPA to determine (and periodically review) the quantity of each greenhouse gas that makes the same contribution to global warming as one metric ton of CO2.

  Subtitle A directs EPA to establish a national greenhouse gas registry to collect information on greenhouse gas emissions, on a regular basis, and make that information publicly available.

• Subtitle B: Reducing Emissions

  Subtitle B directs EPA to establish an emission allowance account, composed of a separate quantity of emission allowances for each calendar year from 2012 through 2050. In a table, the subtitle identifies the number of emission allowances that will be issued for each year. EPA will create, at the inception of the program, all of the emission allowances that will exist over the life of the program. Each emission allowance will have a unique serial number that will include the calendar year for which it was created.

  The bill covers emissions of seven greenhouse gases – carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3) – plus any other anthropogenic gas that EPA designates as a greenhouse gas, based on a determination that such gas has a global warming potential equal to or greater than that of CO2. Each emission allowance is equal to one metric ton CO2-equivalent – the quantity of a greenhouse gas that makes the same contribution to global warming as one metric ton of CO2.

  The emissions “cap” will cover 87 percent of total U.S. greenhouse gas emissions...

Download the complete subtitle-by-subtitle summary from Congressman Markey (PDF)

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