Climate Change: Summary and Analysis of the Climate Stewardship Act (S. 342 and H.R. 759)

Publication Date: March 2005

Publisher: Library of Congress. Congressional Research Service

Author(s):

Research Area:

Keywords: Environment and environmental policy--Weather and climate

Type:

Abstract:

The Climate Stewardship Act (S. 342 and H.R. 759) would 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 that do not own a single facility that emits more than 10,000 metric tons of carbon dioxide equivalents annually. As introduced, S. 342 and H.R. 759 would require that greenhouse gas emissions from covered entities be limited to year 2000 levels. By restricting the reduction regime to a single phase with a 2000 level target, S. 342 and H.R. 759 are projected to have substantially reduced costs compared with proposals to further reduce emissions to 1990 levels. The bills are similar (but not identical) to S. 139 (phase one only) and H.R. 4067, introduced in the 108th Congress. This report will be updated as warranted.