Climate Change: Summary and Analysis of the "Climate Stewardship Act of" (S.139/S.Amdt. 2028, and H.R. 4067)

Publication Date: June 2004

Publisher: Library of Congress. Congressional Research Service

Author(s):

Research Area: Environment

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Abstract:

The Climate Stewardship Act (S. 139, S.Amdt. 2028, and H.R. 4067) would substantially reduce emissions of six greenhouse gases from anticipated levels beginning in 2010. Using a flexible, market-based implementation strategy, the bills would require economy-wide reductions, but permit participation in pre-certified international trading systems and in carbon sequestration programs to achieve part of the reduction requirement. The bills exclude residential and agricultural sources of greenhouse gases, along with entities emitting fewer than 10,000 metric tons of carbon dioxide equivalents annually.

As introduced, S. 139 required emission reductions in two phases: in the first phase, beginning in 2010, annual greenhouse gas emissions from covered entities would be limited to 2000 levels; in the second phase, beginning in 2016, annual greenhouse gas emissions from covered entities would be further limited to 1990 levels. S.Amdt. 2028 and H.R. 4067 eliminate the second phase; this substantially reduces projected costs. This report will be updated as warranted.