Climate/Energy Legislation Pending In Congress

I. HOUSE CLIMATE & ENERGY BILL ("ACES Act" / "Waxman-Markey bill")

Key Date: Passed June 2009 by House (219 to 212)
Authors: Rep. Henry Waxman, Chairman of House Energy & Commerce Cmte;
Rep. Ed Markey, Chairman of Cmte on Energy Independence & Global Warming

Key Elements:

Price on Carbon to Drive Clean Energy Job Creation Nationwide
Greenhouse Gas Reductions. 17 % reduction from 2005 levels by 2020 & 83 % by 2050
US Renewable Energy Electricity Standard (RES) of 20% by 2020
R&D of $190 billion to energy efficiency, renewables, carbon capture & storage, electric vehicles
Transmission Grid Investments
Energy Efficiency for Buildings, Lights, Appliances
Electric Vehicle Provisions
Green Bank Financing Office
Carbon Offsets Program
Coal Plant Pollution & CCS Standards
Protections & Cost Supports for New Technology Development, Consumers, & Some Industries

II. SENATE CLIMATE BILL ( "Kerry-Graham-Lieberman") (KGL)

Key Dates: Kerry, Graham, and Lieberman are working on bipartisan compromise legislation for March 2010; March meeting occurred with Republican & Democratic senators with President ObamaAuthors: Sen. John Kerry (Democrat), Senate Foreign Affairs Committee Chair, Sen. Lindsey Graham (Republican), & Sen. Joe Lieberman (Independent)

Key Elements:

Cap-and-Trade Replaced with Carbon Caps on Specific Parts of the Economy - Electic Utilities, Transportation, and Industry.
Greenhouse Gas Reductions. 17% reduction from 2005 levels by 2020 & 80% over "long term"
Carbon Capture & Sequestration Standards & Research Funding
Domestic Oil & Gas Production Expanded, Including New Offshore Drilling
Nuclear Power: Incentives for nuclear power plants & low-emissions transportation

III. SENATE ENERGY BILL (American Clean Energy Leadership Act (S. 1462)/"Bingaman bill")

Key Date: legislation passed by Energy Committee June 2009; additional amendments and new pieces of legislation are being debated in the Energy Committee in 2010

Author: Sen. Jeff Bingaman, Chairman of the Senate Energy & Natural Resources Committee

Key Elements:

US Renewable Energy Electricity Standard (RES) of 15% by 2021. Qualifying sources: energy efficiency, wind, solar, ocean, geothermal, biomass, landfill gas, incremental hydro, hydrokinetic, waste-to-energy, and new hydro at existing dams.
Transmission "Interstate Highway System" & Grid Security. Creates new planning system based on local, state and regional input with states taking initial lead. New security powers to Dept or Energy & FERC.
Green Bank Financing Office
CCS R&D Funding.6.6 billion for 10 "early mover" large-scale CCS projects
Offshore Drilling in Eastern Gulf of Mexico. Opens 3.8 billion barrels of new oil resources & 21.5 trillion cubic feet of new natural gas resources.

(Huffington Post, 3/18/10)