110 HR 6186 IH: Investing in Climate Action and Protection
U.S. House of Representatives
2008-06-04
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
1.Short title; table of
contents
(a)This Act may be cited as the Investing in Climate Action and Protection
Act
.
(b)The table of contents of this Act is as follows:
Sec. 1. Short title; table of contents.
Sec. 2. Findings.
Sec. 3. Purposes.
Sec. 4. Definitions.
Title I—CAPPING GREENHOUSE GAS EMISSIONS
Sec. 101. Amendment of Clean Air
Act.
Title VII—GREENHOUSE GAS EMISSIONS
Sec. 700. Definitions.
Subtitle A—Tracking emissions
Sec. 701. Purpose.
Sec. 702. Definitions.
Sec. 703. Determination of carbon dioxide equivalent value of
greenhouse gases.
Sec. 704. Designation of greenhouse gases.
Sec. 705. Reporting requirements.
Sec. 706. Data quality and verification.
Sec. 707. Federal greenhouse gas registry.
Subtitle B—Reducing Emissions
Sec. 711. Emission allowance account.
Sec. 712. Compliance obligation.
Sec. 713. Penalty for noncompliance.
Subtitle C—Distribution of Allowances
Sec. 721. Auctions.
Sec. 722. Auction proceeds.
Sec. 723. Transitional assistance to manufacturers of
trade-exposed primary goods.
Subtitle D—Trading, Banking, and Borrowing
Sec. 731. Trading.
Sec. 732. Banking.
Sec. 733. Borrowing.
Subtitle E—Domestic Offsets
Sec. 741. Establishment of domestic offset program.
Sec. 742. Eligible project types.
Sec. 743. Protocols and accounting methods.
Sec. 744. Project initiation.
Sec. 745. Offset verification and issuance of
credits.
Sec. 746. Audits.
Sec. 747. Timing and the provision of offset
credits.
Sec. 748. Environmental considerations.
Sec. 749. Ownership and transfer of offset credits.
Subtitle F—International Emission Allowances and Offset
Credits
Sec. 751. International emission allowances.
Sec. 752. International offset credits.
Sec. 753. Retirement.
Subtitle G—Global Effort To Reduce Greenhouse Gas
Emissions
Sec. 761. Definitions.
Sec. 762. Purposes.
Sec. 763. International negotiations.
Sec. 764. Determination of comparable action.
Sec. 765. International reserve allowance program.
Sec. 766. Adjustment of international reserve allowance
requirements.
Subtitle H—Standards for Noncovered Facilities and Coal-Fired
Power Plants
Sec. 771. Performance standards for certain sources that are
not covered entities.
Sec. 772. Performance standards for new coal-fired power
plants.
Sec. 102. Conforming amendments.
Sec. 103. Complementary policies for
hydrofluorocarbons.
Sec. 104. Waiver of preemption for California greenhouse gas
emission standards for vehicles.
Sec. 105. Low-carbon fuel standard.
Title II—CARBON MARKET OVERSIGHT
Sec. 201. Amendment of Federal Power
Act.
Part IV—Regulation of carbon markets
Sec. 401. Purposes.
Sec. 402. Definitions.
Sec. 403. Office of Carbon Market Oversight;
jurisdiction.
Sec. 404. Regulation of carbon trading.
Sec. 405. Registration of carbon trading facilities, brokers,
dealers, and carbon clearing organizations.
Sec. 406. Administrative enforcement.
Sec. 407. Civil judicial enforcement.
Sec. 408. Criminal enforcement.
Sec. 409. Market reports.
Sec. 410. Application of other
provisions.
Title III—INVESTING IN AMERICA’S LOW-CARBON FUTURE
Subtitle A—Climate Trust Tax Credits and Rebates
Sec. 301. Purpose.
Sec. 302. Climate Trust tax credit for working families and
senior citizens.
Sec. 303. Climate Trust rebates for low-income
households.
Subtitle B—Low-Carbon Technology Fund
Sec. 311. Purposes.
Sec. 312. Funding.
Sec. 313. Renewable energy and energy efficiency research,
development, and demonstration.
Sec. 314. Renewable energy deployment incentives.
Sec. 315. Carbon capture and sequestration demonstration and
deployment.
Sec. 316. Fiscal years 2021 through 2050.
Subtitle C—National Energy Efficiency Fund
Sec. 321. Purposes.
Sec. 322. Definitions.
Sec. 323. Funding.
Sec. 324. Electricity consumers.
Sec. 325. Natural gas consumers.
Sec. 326. Building efficiency.
Sec. 327. Smart growth and mass transit.
Sec. 328. Weatherization Assistance Program and Low-Income Home
Energy Assistance Program.
Sec. 329. Recycling.
Subtitle D—Agriculture and Forestry Carbon Fund
Sec. 331. Purpose.
Sec. 332. Definitions.
Sec. 333. Funding.
Sec. 334. Agricultural and forestry greenhouse gas management
research.
Sec. 335. Incentive program.
Sec. 336. Outreach initiative on revenue enhancement for
agricultural producers and foresters.
Subtitle E—Green Jobs Training and Worker Transition
Assistance
Chapter 1—General provisions
Sec. 341. Purposes.
Sec. 342. Definitions.
Sec. 343. Funding.
Sec. 344. Establishment of worker transition assistance
program.
Sec. 345. Petition and certification of
eligibility.
Sec. 346. Group eligibility requirements.
Sec. 347. Benefit information for workers.
Chapter 2—Program benefits
Sec. 351. Income support assistance.
Sec. 352. Training and other adjustment assistance.
Sec. 353. Reemployment adjustment assistance
program.
Sec. 354. Health coverage tax credits.
Sec. 355. Administration.
Subtitle F—National Climate Change Adaptation
Program
Sec. 361. Findings and purpose.
Sec. 362. Definitions.
Sec. 363. Funding.
Sec. 364. National Climate Change Adaptation
Council.
Sec. 365. National Climate Change Adaptation
Program.
Sec. 366. National Climate Change Vulnerability
Assessments.
Sec. 367. Climate change adaptation services.
Sec. 368. Federal agency climate change adaptation
plans.
Sec. 369. Federal funding for State, local, and tribal
adaptation projects.
Subtitle G—Natural Resource Conservation Fund
Sec. 371. Purposes.
Sec. 372. Definitions.
Sec. 373. Use of amounts in Natural Resource Conservation
Fund.
Subtitle H—Climate Change Education and Centers for
Excellence
Sec. 381. Purposes.
Sec. 382. Funding.
Sec. 383. National Science Foundation climate change education
programs.
Sec. 384. Environmental Protection Agency climate change
education program.
Sec. 385. Climate change centers for excellence.
Title IV—ENCOURAGING GLOBAL ACTION
Subtitle A—International Forest Protection Fund
Sec. 401. Findings and purposes.
Sec. 402. Definitions.
Sec. 403. Funding.
Sec. 404. Eligibility requirements and standards for forest
carbon activities.
Sec. 405. Assistance for forest carbon activities.
Sec. 406. Capacity-building grants.
Sec. 407. Annual reports.
Subtitle B—International Clean Technology Fund
Sec. 411. Purposes.
Sec. 412. Definitions.
Sec. 413. Interagency group.
Sec. 414. Determination of eligible countries.
Sec. 415. Funding.
Sec. 416. Annual reports.
Subtitle C—International Climate Change Adaptation Program
Sec. 421. Findings and purposes.
Sec. 422. Definitions.
Sec. 423. Establishment.
Sec. 424. Functions of program.
Sec. 425. Funding.
Sec. 426. Monitoring and evaluation of program.
Title V—LEGAL FRAMEWORK FOR GEOLOGICAL SEQUESTRATION OF CARBON
DIOXIDE
Sec. 501. National regulations.
Sec. 502. Liabilities for closed geological sequestration
sites.
Title VI—BUILDING EFFICIENCY STANDARDS
Sec. 601. Updating State building energy efficiency
codes.
Sec. 602. Conforming amendment.
Title VII—REVIEWS AND RECOMMENDATIONS
Sec. 701. National Academy of Sciences review and
recommendations.
Sec. 702. Government Accountability Office review and
recommendations.
Sec. 703. Presidential recommendations.
Sec. 704. Expedited congressional action on certain
Presidential recommendations.
2.Congress finds that—
(1)unchecked global warming poses a
significant threat to—
(A)the national
security and economy of the United States;
(B)public health and
welfare in the United States;
(C)the well-being of
other countries; and
(D)the global
environment;
(2)according to the
Fourth Assessment Report of the Intergovernmental Panel on Climate Change,
global warming is unequivocal and attributable to human activities, and
evidence from all continents and most oceans shows that impacts from climate
change are already occurring;
(3)under the United
Nations Framework Convention on Climate Change, done at New York on May 9,
1992, the United States is committed to stabilizing greenhouse gas
concentrations in the atmosphere at a level that will prevent dangerous
anthropogenic interference with with climate system;
(4)according to the
Fourth Assessment Report of the Intergovernmental Panel on Climate Change,
stabilizing greenhouse gas concentrations in the atmosphere at a level that
will prevent dangerous interference with the climate system, including
preventing global mean surface temperature from increasing to more than 3.6
degrees Fahrenheit (2 degrees Celsius) above preindustrial levels, will require
a global effort to reduce anthropogenic greenhouse gas emissions worldwide by
50 to 85 percent below 2000 levels by 2050;
(5)the costs of
policies to achieve such levels of reduction are 5 to 20 times lower than the
costs of unchecked global warming, according to the Stern Review of the
Economics of Climate Change;
(6)prompt, decisive
action is critical, since global warming pollutants can persist in the
atmosphere for more than a century;
(7)the ingenuity of
the people of the United States will allow the United States to become a leader
in curbing global warming;
(8)it is possible and desirable to cap
greenhouse gas emissions, from sources that together account for the majority
of those emissions in the United States, at the 2005 level in 2012, and to
lower the cap each year between 2012 and 2050, on the condition that the system
includes—
(A)robust programs to
assist American workers and middle- and low-income consumers with the
transition to a low-carbon economy;
(B)significant
investment in energy efficiency policies and research, development,
demonstration, and deployment of zero- and low-carbon energy
technologies;
(C)cost containment
measures;
(D)measures to avoid
windfall profits to polluters;
(E)measures to
promote a strong global effort to combat climate change, including measures to
encourage major developing countries to reduce greenhouse gas emissions;
(F)programs to assist
communities in the United States and in the developing world to adapt to any
impacts of unavoidable climate change; and
(G)periodic review of
requirements and programs;
(9)Congress may need
to update the emissions caps in order to account for continuing scientific data
and steps taken, or not taken, by foreign countries;
(10)accurate emission
data and timely compliance with the requirements of the greenhouse gas emission
reduction and trading program established under this Act are needed to ensure
that reductions are achieved in a fair and efficient manner;
(11)Federal oversight
of the markets for tradable allowances and credits subject to the program, and
for derivatives thereof, is necessary to ensure transparency, fairness, and
stability in such markets; and
(12)further policies external to a
cap-and-trade program may be required, including with respect to—
(A)the transportation
sector, where reducing greenhouse gas emissions requires changes in vehicles,
fuels, and consumer behavior; and
(B)the built
environment, where reducing direct and indirect greenhouse gas emissions
requires changes in buildings, appliances, lighting, heating, cooling, and
consumer behavior.
3.The purposes of this Act are—
(1)to establish the
core of a Federal program that will reduce United States greenhouse gas
emissions substantially enough between 2008 and 2050 to avert the catastrophic
impacts of global climate change; and
(2)to accomplish that
purpose while preserving robust growth in the United States economy, creating
new jobs, and avoiding the imposition of undue hardship on United States
citizens.
4.As used in this Act:
(1)Additional;
additionalityThe terms additional
and
additionality
, except in subtitle E of title III, mean the
extent to which reductions in greenhouse gas emissions or increases in
sequestration are incremental to business-as-usual, measured as the difference
between—
(A)the baseline;
and
(B)net greenhouse gas
emissions or sequestration resulting from an offset project.
(2)The
term Administrator
means the Administrator of the Environmental
Protection Agency.
(3)The
term baseline
means the net greenhouse gas emissions or
sequestration that would have occurred in the absence of an offset
project.
(4)The term biological sequestration
means—
(A)the removal of
carbon dioxide from the atmosphere by biological means, such as by growing
plants; and
(B)the storage of
carbon from that carbon dioxide in the plants or related soils.
(5)Carbon dioxide
equivalentThe term carbon dioxide equivalent
means, for each greenhouse gas, the quantity of the greenhouse gas that the
Administrator determines, pursuant to section 703 or 704 of the Clean Air Act
(as added by section 101 of this Act), makes the same contribution to global
warming as 1 metric ton of carbon dioxide.
(6)The term
developing country
means a country eligible to receive financial
assistance from the International Bank for Reconstruction and Development
(commonly known as the World Bank).
(7)The term
emission allowance
means an authorization, established by the
Administrator under section 711(a) of the Clean Air Act (as added by section
101 of this Act), to emit 1 carbon dioxide equivalent of greenhouse gas.
(8)The term geological sequestration
means the isolation of greenhouse gases, without reversal, in geological
formations, in accordance with section 1421(d) of the Safe Drinking Water Act
(42 U.S.C. 300h(d)) (as added by section 501 of this Act), as determined by the
Administrator.
(9)The term
greenhouse gas
means any of—
(A)carbon
dioxide;
(B)methane;
(C)nitrous
oxide;
(D)sulfur
hexafluoride;
(E)a
hydrofluorocarbon;
(F)a
perfluorocarbon;
(G)nitrogen
trifluoride; or
(H)any other
anthropogenic gas designated by the Administrator as a greenhouse gas under
section 704 of the Clean Air Act (as added by section 101 of this Act).
(10)The term offset credit
means a credit
issued by the Administrator under subtitle E of title VII of the Clean Air Act
(as added by section 101 of this Act) which represents 1 carbon dioxide
equivalent of—
(A)reduction in greenhouse gas emissions that
are not covered by the requirements of section 712(a) of the Clean Air Act (as
added by section 101 of this Act); or
(B)increase in
biological sequestration.
(11)The term
offset project
means a project that reduces greenhouse gas
emissions not covered by the requirements of section 712(a) of the Clean Air
Act (as added by section 101 of this Act) or increases biological
sequestration.
(12)The
term reversal
means an intentional or unintentional release to
the atmosphere of a significant quantity, as determined by the Administrator,
of greenhouse gas that was biologically or geologically sequestered in order to
accomplish the purposes of title VII of the Clean Air Act (as added by section
101 of this Act).
(13)Sequestered and
sequestrationThe terms sequestered
and
sequestration
mean the separation, isolation, or removal of
greenhouse gases from the atmosphere, as determined by the
Administrator.
<enum>I</enum><header>CAPPING GREENHOUSE
GAS EMISSIONS</header>
<section id="H74A6436EE0E14358B0E9076EA932A21B"><enum>101.</enum><header>Amendment of
Clean Air Act</header><text display-inline="no-display-inline">The Clean Air
Act (42 U.S.C. 7401 and following) is amended by adding the following new title
at the end thereof:</text>
<quoted-block display-inline="no-display-inline" id="H4B60AA563E024A14BE1DA823E7CF3DBA" style="OLC">
<title id="H86B39C729FB34662B26B877219A403EB"><enum>VII</enum><header>GREENHOUSE GAS
EMISSIONS</header>
<section id="H5AB08723E1F246A1BB99711C5718717E"><enum>700.</enum><header>Definitions</header><text display-inline="no-display-inline">In this title:</text>
<paragraph id="H320000A9585E41BB96F021D366CA01C6"><enum>(1)</enum><header>Additional;
additionality</header><text>The terms <quote>additional</quote> and
<quote>additionality</quote> mean the extent to which reductions in greenhouse
gas emissions or increases in sequestration are incremental to
business-as-usual, measured as the difference between—</text>
<subparagraph id="H2E70BA5F7C0D4E7880AC1C419C6CD0BC"><enum>(A)</enum><text>the baseline;
and</text>
</subparagraph><subparagraph id="HB178B1D6C0624E2B8F3FA84257E7A0E1"><enum>(B)</enum><text>net greenhouse gas
emissions or sequestration resulting from an offset project.</text>
</subparagraph></paragraph><paragraph id="HA16AC8F32F894492A26211FF72ECBF36"><enum>(2)</enum><header>Baseline</header><text>The
term <quote>baseline</quote> means the net greenhouse gas emissions or
sequestration that would have occurred in the absence of an offset
project.</text>
</paragraph><paragraph id="H69396DD519594B07BCD3C148F8D3C6B"><enum>(3)</enum><header>Biological
sequestration</header><text>The term <quote>biological sequestration</quote>
means—</text>
<subparagraph id="HCF740AAFD5164FF9AA2B527917465E90"><enum>(A)</enum><text>the removal of
carbon dioxide from the atmosphere by biological means, such as by growing
plants; and</text>
</subparagraph><subparagraph id="H696ED24460A44599AD836D720000B143"><enum>(B)</enum><text>the storage of
carbon from that carbon dioxide in the plants or related soils.</text>
</subparagraph></paragraph><paragraph id="H3179A3B76F774F15B8B9DCBE211B9061"><enum>(4)</enum><header>Carbon dioxide
equivalent</header><text>The term <quote>carbon dioxide equivalent</quote>
means, for each greenhouse gas, the quantity of the greenhouse gas that the
Administrator determines, pursuant to section 703 or 704, makes the same
contribution to global warming as 1 metric ton of carbon dioxide.</text>
</paragraph><paragraph id="H2AB0A50AE6E44DBE9934F0DA15A954C8"><enum>(5)</enum><header>Covered
entity</header><text>The term <quote>covered entity</quote> means, for each
calendar year—</text>
<subparagraph id="HD8E3E1CBF11A47818C00CA90973845BA"><enum>(A)</enum><text>a facility within
the electric power sector that contains a fossil fuel-fired electricity
generating unit or units that together emit more than 10,000 carbon dioxide
equivalents of greenhouse gas in that year;</text>
</subparagraph><subparagraph id="HFD1C9CBCFD844394985ED836B266656B"><enum>(B)</enum><text>an industrial
facility that emits more than 10,000 carbon dioxide equivalents of greenhouse
gas in that year;</text>
</subparagraph><subparagraph id="HBE38F3CEF4304ACA9866CE50874FDFC6"><enum>(C)</enum><text>a facility that
produces, or an entity that imports, in that year petroleum- or coal-based
liquid or gaseous fuel, the combustion of which will emit more than 10,000
carbon dioxide equivalents of greenhouse gas;</text>
</subparagraph><subparagraph id="HA2680FAAA36343A2A2CE57D0E462123D"><enum>(D)</enum><text>a local
distribution company that in that year delivers natural gas, the combustion of
which will emit more than 10,000 carbon dioxide equivalents of greenhouse
gas;</text>
</subparagraph><subparagraph id="H61B29EA97C274B7800136D4ED0BA0133"><enum>(E)</enum><text>a facility that
produces for sale or distribution, or an entity that imports, in that year more
than 10,000 carbon dioxide equivalents of hydrofluorocarbons, perfluorocarbons,
sulfur hexafluoride, nitrogen trifluoride, or any other fluorinated gas that is
a greenhouse gas, as designated by the Administrator under section 704, or any
combination thereof; and</text>
</subparagraph><subparagraph id="HEC74DF50DFAD417FB541D12255C17EA"><enum>(F)</enum><text>a site at which
carbon dioxide is geologically sequestered on a commercial scale.</text>
</subparagraph></paragraph><paragraph id="H24CC7C29EADD4F918568BAEE9E5727C1"><enum>(6)</enum><header>Destruction
credit</header><text>The term <quote>destruction credit</quote> means a credit
issued by the Administrator under section 712(f).</text>
</paragraph><paragraph id="HA5F0192E19FC4D5DBF1008ABF585C9D6"><enum>(7)</enum><header>Developing
country</header><text display-inline="yes-display-inline">The term
<quote>developing country</quote> means a country eligible to receive financial
assistance from the International Bank for Reconstruction and Development
(commonly known as the World Bank).</text>
</paragraph><paragraph id="HC8412BC57F6740F1000504076513F458"><enum>(8)</enum><header>Emission
allowance</header><text>The term <quote>emission allowance</quote> means an
authorization, established by the Administrator under section 711(a), to emit 1
carbon dioxide equivalent of greenhouse gas.</text>
</paragraph><paragraph id="H609E3AA1EB9342639D143045D623A9B8"><enum>(9)</enum><header>Facility</header><text display-inline="yes-display-inline">The term <quote>facility</quote> means 1 or
more buildings, structures, or installations of an entity on 1 or more
contiguous or adjacent properties located in the United States.</text>
</paragraph><paragraph id="HEE8BE522AC964CCB9BA1008F05FCA890"><enum>(10)</enum><header>Fair market
value</header><text>The term <quote>fair market value</quote> means the average
market price, during a specified time period, of an emission allowance.</text>
</paragraph><paragraph id="H8DB1169FF14C4280A741709B2DC0CE00"><enum>(11)</enum><header>Geological
sequestration; geologically sequestered</header><text>The terms
<quote>geological sequestration</quote> and <quote>geologically
sequestered</quote> mean the isolation of greenhouse gases, without reversal,
in geological formations, in accordance with section 1421(d) of the Safe
Drinking Water Act (<external-xref legal-doc="usc" parsable-cite="usc/42/300h">42 U.S.C. 300h(d)</external-xref>) (as added by section 501 of the
<short-title>Investing in Climate Action and Protection
Act</short-title>), as determined by the Administrator.</text>
</paragraph><paragraph id="H8866CD4360984F01980059E7A11611C0"><enum>(12)</enum><header>Greenhouse
gas</header><text display-inline="yes-display-inline">The term
<quote>greenhouse gas</quote> means any of—</text>
<subparagraph id="H42827120AF8842DDB6FC56B12D3FFFDA"><enum>(A)</enum><text>carbon
dioxide;</text>
</subparagraph><subparagraph id="H2DAD098CAB1841BEB7B7B7E9439CFED4"><enum>(B)</enum><text>methane;</text>
</subparagraph><subparagraph id="H4093B374536E4888B34F879D99E826DA"><enum>(C)</enum><text>nitrous
oxide;</text>
</subparagraph><subparagraph id="HCCA295235E0B41719CCA2D003629A3DC"><enum>(D)</enum><text>sulfur
hexafluoride;</text>
</subparagraph><subparagraph id="H65841421BDE4470385F3CC432400D57"><enum>(E)</enum><text>a
hydrofluorocarbon;</text>
</subparagraph><subparagraph id="H17435F7FAC014051B9875C31FBA4E84F"><enum>(F)</enum><text>a
perfluorocarbon;</text>
</subparagraph><subparagraph id="H71A3677F50C74D17834590D8F75D8517"><enum>(G)</enum><text>nitrogen
trifluoride; or</text>
</subparagraph><subparagraph id="HABC3B4E389B944ED873032BC841535DE"><enum>(H)</enum><text>any other
anthropogenic gas designated by the Administrator as a greenhouse gas under
section 704.</text>
</subparagraph></paragraph><paragraph id="H34944C88F90444C7B8907D2F31E43FDD"><enum>(13)</enum><header>Industrial
facility</header><text>The term <quote>industrial facility</quote>
means—</text>
<subparagraph id="HA5F2DD4FC90B459388B6BCCD388EA66C"><enum>(A)</enum><text>any facility in
the manufacturing sector (as defined in North American Industrial
Classification System codes 31, 32, and 33);</text>
</subparagraph><subparagraph id="HB68D693DDDB44722A7966EE33B370094"><enum>(B)</enum><text>any natural gas
processing plant; and</text>
</subparagraph><subparagraph id="H2BCB8A04052D4D8EA7A488891EEBA747"><enum>(C)</enum><text>any other facility
that produces petroleum- or coal-based liquid or gaseous fuel.</text>
</subparagraph></paragraph><paragraph id="H8859855B32D24FAEB0A327AFBE184381"><enum>(14)</enum><header>International
emission allowance</header><text>The term <quote>international emission
allowance</quote> means a tradable authorization to emit 1 carbon dioxide
equivalent of greenhouse gas that—</text>
<subparagraph id="HD909198DD0D643858257DAE8FBA093BB"><enum>(A)</enum><text>is issued by a
national or supranational foreign government pursuant to a governmental program
that imposes a mandatory absolute tonnage limit on greenhouse gas emissions
from 1 or more foreign countries, or from 1 or more economic sectors in such
country or countries, pursuant to protocols adopted in accordance with the
United Nations Framework Convention on Climate Change, done at New York on May
9, 1992; and</text>
</subparagraph><subparagraph id="H786D52013A464C7DB5B4B3872232A723"><enum>(B)</enum><text>is not in the
nature of an offset credit or allowance awarded based on the achievement of an
increase in biological sequestration or a reduction in greenhouse gas emissions
that are not subject to the mandatory absolute tonnage limits referred to in
subparagraph (A).</text>
</subparagraph></paragraph><paragraph id="HBDD3DB774F004120A52289BD02D7B715"><enum>(15)</enum><header>International
offset credit</header><text>The term <quote>international offset credit</quote>
means—</text>
<subparagraph id="H23D18661818B4D4D9090C000C68EF6DB"><enum>(A)</enum><text>a Certified
Emission Reduction credit that has been certified under the Clean Development
Mechanism of the Kyoto Protocol to the United Nations Framework Convention on
Climate Change, done at Kyoto on December 11, 1997; or</text>
</subparagraph><subparagraph id="H6344A15D8473448D9D17FB79514840DA"><enum>(B)</enum><text>an equivalent
tradable credit issued under a successor protocol to the United Nations
Framework on Climate Change, done at New York on May 9, 1992, provided
that—</text>
<clause id="H5C4FC6FEBE1D4348ACFE2619B325D46F"><enum>(i)</enum><text>the credit
represents 1 carbon dioxide equivalent of increase in biological sequestration
or reduction in greenhouse gas emissions not subject to a governmentally
mandated absolute tonnage limit; and</text>
</clause><clause id="H27D466CFFBD8431CBA24982E6B6208FB"><enum>(ii)</enum><text>such increase in
biological sequestration or reduction in greenhouse gas emissions is real,
verifiable, additional, permanent, and enforceable.</text>
</clause></subparagraph></paragraph><paragraph display-inline="no-display-inline" id="HCB9A13EBDD684EAF885F6BC34E415EE4"><enum>(16)</enum><header>International
reserve allowance</header><text>The term <quote>international reserve
allowance</quote> means an allowance (denominated in carbon dioxide
equivalents) that is established pursuant to section 765(a)(2).</text>
</paragraph><paragraph id="H49C4C6219F6F4138A0B1EF11B0F63658"><enum>(17)</enum><header>Leakage</header><text>The
term <quote>leakage</quote> means—</text>
<subparagraph id="HEC9F5FA0C23F42A8A921F79C0021E36"><enum>(A)</enum><text>a significant
unaccounted increase in greenhouse gas emissions by a facility or entity caused
by an offset project that produces an accounted reduction in greenhouse gas
emissions, as determined by the Administrator; or</text>
</subparagraph><subparagraph id="H7F2FE272E14E42F88268FB24DAD0144F"><enum>(B)</enum><text>a significant
unaccounted decrease in sequestration that is caused by an offset project that
results in an accounted increase in sequestration, as determined by the
Administrator.</text>
</subparagraph></paragraph><paragraph id="H3D5557E7497B4A85B233295654F6784B"><enum>(18)</enum><header>Local
distribution company</header><text>The term <quote>local distribution
company</quote> has the meaning given that term in section 2(17) of the Natural
Gas Policy Act of 1978 (<external-xref legal-doc="usc" parsable-cite="usc/15/3301">15 U.S.C. 3301(17)</external-xref>).</text>
</paragraph><paragraph id="HE52F5CF3C6BC477396E7A29659582962"><enum>(19)</enum><header>Natural gas
processing plant</header><text>The term <quote>natural gas processing
plant</quote> means a facility in the United States that is designed to
separate natural gas liquids from natural gas.</text>
</paragraph><paragraph id="H33C459FC2BB8492983C2F8D0D7D3DA59"><enum>(20)</enum><header>Offset
credit</header><text>The term <quote>offset credit</quote> means a credit
issued by the Administrator under subtitle E which represents 1 carbon dioxide
equivalent of—</text>
<subparagraph id="HADB8681220D94F0E9145400039C44D7D"><enum>(A)</enum><text>reduction in
greenhouse gas emissions that are not covered by the requirements of section
712(a); or</text>
</subparagraph><subparagraph id="H5F91A17B3962405993AC682FA1B015E3"><enum>(B)</enum><text>increase in
biological sequestration.</text>
</subparagraph></paragraph><paragraph id="H2E06AB8D20704C3FBF00A692124ED3FB"><enum>(21)</enum><header>Offset
project</header><text>The term <quote>offset project</quote> means a project
that reduces greenhouse gas emissions not covered by the requirements of
section 712(a) or increases biological sequestration.</text>
</paragraph><paragraph id="H8C018A20DC624D76926FD06401BDDD3B"><enum>(22)</enum><header>Project
developer</header><text>The term <quote>project developer</quote> means an
individual or entity implementing an offset project.</text>
</paragraph><paragraph display-inline="no-display-inline" id="HD9741A9EFC344FED9DEDA0639C5B789E"><enum>(23)</enum><header>Registry</header><text>The
term <quote>Registry</quote> means the Federal greenhouse gas registry
established under section 707(a).</text>
</paragraph><paragraph id="HFFD73ECDB32B486EA6EDC5B033AE6DFA"><enum>(24)</enum><header>Retire</header><text>The
term <quote>retire</quote>, with respect to an emission allowance, offset
credit, destruction credit, international emission allowance, international
offset credit, or international reserve allowance, means to disqualify such
allowance or credit for any subsequent use under this title, regardless of
whether the use is a sale, exchange, or submission of the allowance or credit
in satisfying a compliance obligation.</text>
</paragraph><paragraph id="H56AC701567B249879587C21AD017FAE"><enum>(25)</enum><header>Reversal</header><text>The
term <quote>reversal</quote> means an intentional or unintentional release to
the atmosphere of a significant quantity, as determined by the Administrator,
of greenhouse gas that was biologically or geologically sequestered in order to
accomplish the purposes of this title.</text>
</paragraph><paragraph id="HE87EA10B5E3C486AAC1B99EB967C495"><enum>(26)</enum><header>Sequestered and
sequestration</header><text>The terms <quote>sequestered</quote> and
<quote>sequestration</quote> mean the separation, isolation, or removal of
greenhouse gases from the atmosphere, as determined by the
Administrator.</text>
</paragraph></section><subtitle id="HFC143C4E573F4B12AD5B22895D5B9B84"><enum>A</enum><header>Tracking
emissions</header>
<section id="HB94E853B7F344CD68EF99B8C9E72F8EF"><enum>701.</enum><header>Purpose</header><text display-inline="no-display-inline">The purpose of this subtitle is to establish
a Federal greenhouse gas registry that—</text>
<paragraph id="HA82201553E5647F1B82FF3E3F8E372DE"><enum>(1)</enum><text>is complete,
consistent, transparent, and accurate;</text>
</paragraph><paragraph id="H27D5B9330583472C9F8EA36F3BCCA3E3"><enum>(2)</enum><text>will collect
reliable and accurate data that can be used by public and private entities to
identify sources of emissions and design efficient and effective energy
security initiatives and greenhouse gas emission reduction strategies;
and</text>
</paragraph><paragraph id="HCE7ECB73C7964A19A3107907DD02C71D"><enum>(3)</enum><text>will provide
appropriate high-quality data to be used for implementing greenhouse gas
reduction policies.</text>
</paragraph></section><section id="H4A8DC6534F894F57A00335A88FC4BBC5"><enum>702.</enum><header>Definitions</header><text display-inline="no-display-inline">In this subtitle:</text>
<paragraph id="HE46CC8F62EA84836A91541714E00E46E"><enum>(1)</enum><header>Affected
entity</header>
<subparagraph id="H0309CA8D8A724BD4865D0022E84C2E2E"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), the term
<quote>affected entity</quote> means, for any calendar year—</text>
<clause id="H9D6939A650E044D0BE58C7C4E88DB371"><enum>(i)</enum><text>a
covered entity;</text>
</clause><clause id="HE188F3FABA584A16BF1C23D72EAD8667"><enum>(ii)</enum><text>another entity
that emits a greenhouse gas, as determined by the Administrator; or</text>
</clause><clause id="HB65B291BEC444EA1AC64FC294CD73ECA"><enum>(iii)</enum><text>any vehicle
fleet, with emissions of more than 10,000 carbon dioxide equivalents in that
year, if the Administrator determines that the inclusion of such fleet will
help achieve the purposes of the <short-title>Investing in
Climate Action and Protection Act</short-title>.</text>
</clause></subparagraph><subparagraph id="H84C5D01F88EA4739A8879F60A7B2D78"><enum>(B)</enum><header>Exclusions</header><text>The
term <quote>affected entity</quote> does not include any entity that—</text>
<clause id="HD413A4167637462884F9826B5B6F0315"><enum>(i)</enum><text>is
not a covered entity;</text>
</clause><clause id="HAE743A7EA2F74D3CB9E1598B0CC005F"><enum>(ii)</enum><text>is
owned or operated by a small business (as described in part 121 of title 13,
Code of Federal Regulations (or a successor regulation)); and</text>
</clause><clause id="H3B6A41CF8CDF425F8E4F91E2873BD2B5"><enum>(iii)</enum><text>emits fewer than
10,000 carbon dioxide equivalents in the year for which the definition is being
applied.</text>
</clause></subparagraph></paragraph><paragraph id="H737943FD209C44BFA7AAE56F976251CA"><enum>(2)</enum><header>Carbon
content</header><text>The term <quote>carbon content</quote> means the quantity
of carbon (in carbon dioxide equivalent) contained in a fuel.</text>
</paragraph><paragraph id="H44CF1EC251BF40418D00539D3EF98FEE"><enum>(3)</enum><header>Climate
registry</header><text>The term <quote>Climate Registry</quote> means the
greenhouse gas emissions registry jointly established and managed by more than
40 States and Indian tribes in 2007 to collect high-quality greenhouse gas
emission data from facilities, corporations, and other organizations to support
various greenhouse gas emission reporting and reduction policies for the member
States and Indian tribes.</text>
</paragraph><paragraph id="HA0ADE8F4524F43169B1629A6CD9F9800"><enum>(4)</enum><header>Feedstock fossil
fuel</header><text>The term <quote>feedstock fossil fuel</quote> means fossil
fuel used as raw material in a manufacturing process.</text>
</paragraph><paragraph id="H758DC33463D34AE5AC580061C6CD155B"><enum>(5)</enum><header>Greenhouse gas
emissions</header><text>The term <quote>greenhouse gas emissions</quote> means
emissions of a greenhouse gas, including—</text>
<subparagraph id="H9ADA5A11DBCD42D3B7A04CFE6E1C38E"><enum>(A)</enum><text>stationary
combustion source emissions emitted as a result of combustion of fuels in
stationary equipment, such as boilers, furnaces, burners, turbines, heaters,
incinerators, engines, flares, and other similar sources;</text>
</subparagraph><subparagraph id="HC6A43B5D79C44D668285F3DE83BD1C84"><enum>(B)</enum><text>process emissions
consisting of emissions from chemical or physical processes other than
combustion;</text>
</subparagraph><subparagraph id="HEC5141C9A0B64FAEA25F12F011405005"><enum>(C)</enum><text>fugitive emissions
consisting of intentional and unintentional emissions from equipment leaks,
such as joints, seals, packing, and gaskets, or from piles, pits, cooling
towers, and other similar sources; and</text>
</subparagraph><subparagraph id="HB0A5AE5ED6A44F13B096E80831B536E1"><enum>(D)</enum><text>biogenic emissions
resulting from biological processes, such as anaerobic decomposition,
nitrification, denitrification, and enteric fermentation.</text>
</subparagraph></paragraph><paragraph id="H3E702C14B0DB4A7F93E6D62C0016FBEB"><enum>(6)</enum><header>Indian
tribe</header><text>The term <quote>Indian tribe</quote> has the meaning given
the term in section 4 of the Indian Self-Determination and Education Assistance
Act (<external-xref legal-doc="usc" parsable-cite="usc/25/450b">25 U.S.C. 450b</external-xref>).</text>
</paragraph><paragraph id="HE649BC89D4AA43BFA6FB61D812CFC6A6"><enum>(7)</enum><header>Source</header><text>The
term <quote>source</quote> means any building, structure, installation, unit,
point, operation, vehicle, land area, or other item that emits or may emit a
greenhouse gas.</text>
</paragraph></section><section id="H40A5EB9E8D654E4CA72911A700B276E6"><enum>703.</enum><header>Determination
of carbon dioxide equivalent value of greenhouse gases</header>
<subsection id="H339B924ABA014472BBA45E96C9457200"><enum>(a)</enum><header>Initial
determination</header><text>Not later than 90 days after the date of enactment
of this title, the Administrator shall—</text>
<paragraph id="HD08128EB1D8D40D100245B42C17DCFF"><enum>(1)</enum><text>determine the
quantity of each greenhouse gas that makes the same contribution to global
warming as 1 metric ton of carbon dioxide; and</text>
</paragraph><paragraph id="HD0F204DA86DC488D95BA9BE127CD739"><enum>(2)</enum><text>publish such
determination in the Federal Register.</text>
</paragraph></subsection><subsection id="H65E9420469EE4E20B7E43541F3AB6C7B"><enum>(b)</enum><header>Periodic
review</header>
<paragraph id="HA7EF8192D7874EDBA78698D77C9E2C58"><enum>(1)</enum><text>Not later than
January 1, 2013, and (except as provided in paragraph (3)) not less than every
5 years thereafter, the Administrator shall—</text>
<subparagraph id="H7CA48CAB20274920B89E00AE65A8D57"><enum>(A)</enum><text>review and, if
necessary, revise the determinations made under subsection (a); and</text>
</subparagraph><subparagraph id="HA3E53B7965F24DCD0011AF5334914F50"><enum>(B)</enum><text>publish in the
Federal Register the results of that review and any revisions.</text>
</subparagraph></paragraph><paragraph id="HB91E468129E946F49906CD54B51CB800"><enum>(2)</enum><text>A revised
determination published under this subsection shall take effect on January 1 of
the calendar year immediately after the calendar year in which the
determination was revised.</text>
</paragraph><paragraph id="H4407214131234A3A95FF81D25EDF4D9"><enum>(3)</enum><text>The Administrator
may adjust the frequency of review and revision under paragraph (1) if the
Administrator determines that such adjustment is appropriate in order to
synchronize such review and revision with any similar review process carried
out pursuant to the United Nations Framework Convention on Climate Change, done
at New York on May 9, 1992, or to an agreement negotiated under that
convention, except that in no event shall the Administrator carry out such
review and revision any less frequently than every 10 years.</text>
</paragraph></subsection><subsection id="H9FFFA67C9CDE4668824E700600320637"><enum>(c)</enum><header>Methodology</header><text>In
determining the quantity of a greenhouse gas that makes the same contribution
to global warming as 1 metric ton of carbon dioxide, for purposes of this
section or section 704, the Administrator shall take into account the
guidelines established by the Intergovernmental Panel on Climate Change or a
successor organization under the United Nations.</text>
</subsection></section><section id="H2C18F1B124064A6D913FDA13EABB2818"><enum>704.</enum><header>Designation of
greenhouse gases</header>
<subsection id="HD97FBAF1AC854E1FB6C2003E723F163B"><enum>(a)</enum><header>Determination on
Administrator’s initiative</header><text>The Administrator shall—</text>
<paragraph id="H5E69015A7A0848A88EE01F29D28DFEE"><enum>(1)</enum><text>designate as a
greenhouse gas, for purposes of section 700(12) of this title and section 4(9)
of the Investing in Climate Action and Protection Act, any anthropogenic gas 1
metric ton of which makes the same or greater contribution to global warming as
1 metric ton of carbon dioxide, as determined by the Administrator; and</text>
</paragraph><paragraph id="HBC70DDB4DF44454EA8926991EB225135"><enum>(2)</enum><text>publish in the
Federal Register such designation, including the quantity of the gas that the
Administrator determines makes the same contribution to global warming as 1
metric ton of carbon dioxide.</text>
</paragraph></subsection><subsection id="HDB17EC52A0484180A38F85124FA6BB78"><enum>(b)</enum><header>Petitions To
designate a greenhouse gas</header>
<paragraph id="H5B6AEC425BB9448A9909CD604EF5FEBA"><enum>(1)</enum><header>In
general</header><text>Any person may petition the Administrator to designate as
a greenhouse gas any anthropogenic gas 1 metric ton of which makes the same or
greater contribution to global warming as 1 metric ton of carbon
dioxide.</text>
</paragraph><paragraph id="H2B324D1383394EA981D5516D436D5B67"><enum>(2)</enum><header>Availability of
data</header><text>Any such petition shall include a showing by the petitioner
that there are data on the gas adequate to support the petition.</text>
</paragraph><paragraph id="H985FC170B027454EA1DC054259391620"><enum>(3)</enum><header>Determination</header><text>Within
one year after receipt of a petition, the Administrator shall determine the
quantity of the gas that makes the same contribution to global warming as 1
metric ton of carbon dioxide and shall take one of the following
actions:</text>
<subparagraph id="H1326CF986E464BF6A4E51F689F3E334B"><enum>(A)</enum><text>If the
Administrator determines that 1 metric ton of the gas makes a contribution to
global warming that is equal to or greater than that made by 1 metric ton of
carbon dioxide, the Administrator shall grant the petition and shall take the
actions described in subsection (a).</text>
</subparagraph><subparagraph id="H3745B56965A74DB49928803C1C26B0FC"><enum>(B)</enum><text>If the
Administrator determines that 1 metric ton of the gas does not make a
contribution to global warming that is equal to or greater than that made by 1
metric ton of carbon dioxide, the Administrator shall deny the petition and
shall publish in the Federal Register a written explanation of the reasons for
the Administrator’s decision.</text>
</subparagraph></paragraph><paragraph id="HF0D16A1166884C23863C6F39D6256122"><enum>(4)</enum><header>Grounds for
denial</header><text>The Administrator may not deny a petition solely on the
basis of inadequate resources or time for review.</text>
</paragraph><paragraph id="HE4F6B8FB6AB24C00B44BD31C78FB5D15"><enum>(5)</enum><header>Acquisition of
information</header><text>If the Administrator determines that information on
the gas is not sufficient to make a determination, the Administrator shall use
any authority available to the Administrator, under any law administered by the
Administrator, to acquire such information.</text>
</paragraph></subsection><subsection id="H6E4614822B9D4BF1B11B65F09B4EF3C"><enum>(c)</enum><header>Manufacturing
notices</header>
<paragraph id="HBBE16704B2F04FBF9B5E88A447796EAA"><enum>(1)</enum><header>Notice
requirement</header><text>No person may manufacture or import into the United
States a fluorinated gas after the date of enactment of this title
unless—</text>
<subparagraph id="HD782DD9268604E93B7619D20C5CB47D6"><enum>(A)</enum><text>such gas is
already designated as a greenhouse gas for purposes of section 700(12) of this
title and section 4(9) of the <short-title>Investing in
Climate Action and Protection Act</short-title>;</text>
</subparagraph><subparagraph id="HC4EF7543FA9D486F8B9EA29005FA193"><enum>(B)</enum><text>the Administrator
has determined that 1 metric ton of such gas does not make a contribution to
global warming that is equal to or greater than that made by 1 metric ton of
carbon dioxide; or</text>
</subparagraph><subparagraph id="HC034A11C24BE4B99AD8FEF53731151E3"><enum>(C)</enum><text>such person has
submitted to the Administrator, at least 90 days before such manufacture or
import, a notice of such person’s intent to manufacture or import such gas,
including the common or trade name, the chemical identity, and the molecular
structure of the gas.</text>
</subparagraph></paragraph><paragraph id="H8666DD5008DC4670981BCDB126AF58BE"><enum>(2)</enum><header>Review and
action by the administrator</header><text>Within one year after receipt of a
notice under paragraph (1)(C), the Administrator shall determine the quantity
of the relevant gas that makes the same contribution to global warming as 1
metric ton of carbon dioxide and shall take one of the following
actions:</text>
<subparagraph id="HCC0167F137BA406E8FE87E587162257E"><enum>(A)</enum><text>If the
Administrator determines that 1 metric ton of the gas makes a contribution to
global warming that is equal to or greater than that made by 1 metric ton of
carbon dioxide, the Administrator shall take the actions described in
subsection (a).</text>
</subparagraph><subparagraph id="H322738D364DA488B9031AEEEA49BF5CE"><enum>(B)</enum><text>If the
Administrator determines that 1 metric ton of the gas does not make a
contribution to global warming that is equal to or greater than that made by 1
metric ton of carbon dioxide, the Administrator shall publish in the Federal
Register a written explanation of the reasons for the Administrator’s
decision.</text>
</subparagraph></paragraph></subsection><subsection id="H8E66AEA3185A4BB48E5FC7E3946CAF9B"><enum>(d)</enum><header>Effect of
affirmative determination</header><text>A determination published pursuant to
subsection (a), subsection (b)(3)(A), or subsection (c)(2)(A) shall—</text>
<paragraph id="H68E99AD9DDD740FCBBD7865F53EC0353"><enum>(1)</enum><text>be deemed to
constitute the initial determination for the greenhouse gas for purposes of
section 703(a); and</text>
</paragraph><paragraph id="HD6D56FE9DC58429DBA8093B4D34753F9"><enum>(2)</enum><text>take effect on
January 1 of the calendar year immediately following the calendar year in which
the determination is published.</text>
</paragraph></subsection><subsection id="H2ED1E69D6A1640A1938520FF712F9399"><enum>(e)</enum><header>Regulations</header><text>Not
later than one year after the date of enactment of this title, the
Administrator shall promulgate regulations to carry out this section.</text>
</subsection></section><section id="H17287E353C0D4EECBDE24508242429F4"><enum>705.</enum><header>Reporting
requirements</header>
<subsection id="HD4E00A59F1714FD7B8E3947BBF22F352"><enum>(a)</enum><header>In
general</header><text>Subject to this section, each affected entity shall
submit to the Administrator, for inclusion in the Registry, periodic reports,
including annual and quarterly data, that—</text>
<paragraph id="H984AD4218A8D4BBE9B6D61AB5573E00"><enum>(1)</enum><text>include—</text>
<subparagraph id="H7CB502D5CD1D49AEB5C8D606AC6C6D03"><enum>(A)</enum><text>the quantity and
type of fossil fuels, including feedstock fossil fuels, that are extracted,
produced, refined, imported, exported, or consumed by the entity; and</text>
</subparagraph><subparagraph id="H21ECBF5A39414BD18360BD24A6BA99E8"><enum>(B)</enum><text>in the case of a
local distribution company, the quantity of natural gas delivered by the local
distribution company, including a separate accounting of the quantity delivered
to entities that are not covered entities;</text>
</subparagraph></paragraph><paragraph id="H491B2716A6D0491DBE2CA09C052C5CD4"><enum>(2)</enum><text>include the
quantity of greenhouse gas generated, produced, imported, exported, or consumed
by the entity;</text>
</paragraph><paragraph id="HC16C68525BB0469BA9A71D00CDDF3837"><enum>(3)</enum><text>include the
quantity of greenhouse gas that has been captured and sequestered by the
entity;</text>
</paragraph><paragraph id="H74259304FD4D43B1A720A600615C0034"><enum>(4)</enum><text display-inline="yes-display-inline">include the quantity of electricity
generated or exported by the entity, and information on the quantity of
greenhouse gases emitted when the electricity was generated, as determined by
the methodology published by the Administrator under section 706(a)(3);</text>
</paragraph><paragraph id="HC059269E18DC4763BA1DD503095FF2BF"><enum>(5)</enum><text>include the
quantity of electricity imported or consumed by the entity, and information on
the quantity of greenhouse gases emitted when the imported or consumed
electricity was generated, as determined by the methodology published by the
Administrator under section 706(a)(3);</text>
</paragraph><paragraph id="H9315DEC520EE40B58E6CBF9D7EF08900"><enum>(6)</enum><text>include the
aggregate quantity of all greenhouse gas emissions from sources at the
entity;</text>
</paragraph><paragraph id="HC779CCB245F348028B0075EFEEDD6D3"><enum>(7)</enum><text>include greenhouse
gas emissions expressed in metric tons of each greenhouse gas emitted and in
the quantity of carbon dioxide equivalents of each greenhouse gas
emitted;</text>
</paragraph><paragraph id="H31DA8C030242459F8871872D44C3246F"><enum>(8)</enum><text>include a list and
description of sources of greenhouse gas emissions at the entity;</text>
</paragraph><paragraph id="HB00B5CD0EBA34C58AF000756FABD9BA"><enum>(9)</enum><text>include information
about the entity, as determined by the Administrator, which shall include
corporate ownership of the entity;</text>
</paragraph><paragraph id="H6F67B5798A99411D917D6B87F3220332"><enum>(10)</enum><text>quantify
greenhouse gas emissions in accordance with the measurement standards
established under section 706;</text>
</paragraph><paragraph id="HB686B1BA057B41489BA5002D67B4B8D2"><enum>(11)</enum><text>include other
data necessary for accurate and complete accounting of greenhouse gas
emissions, as determined by the Administrator;</text>
</paragraph><paragraph id="H3D1FEB46A0E3498CB29992E71F7EEC9F"><enum>(12)</enum><text>include an
appropriate certification regarding the accuracy and completeness of reported
data, as determined by the Administrator; and</text>
</paragraph><paragraph id="HAAFACB2A5B814326BCFA44A35F48EBF0"><enum>(13)</enum><text>are submitted
electronically to the Administrator, in such form and to such extent as may be
required by the Administrator.</text>
</paragraph></subsection><subsection id="H12C50AEE3DA2497CB343E57C9434ADB3"><enum>(b)</enum><header>De minimis
exemptions</header>
<paragraph id="HAD65ECC2B7D1491AB8C29765A4EB9C2"><enum>(1)</enum><header>In
general</header><text>The Administrator may determine—</text>
<subparagraph id="HAAD5077A1A1149C3BD1559F860B936AD"><enum>(A)</enum><text>whether certain
sources at an affected entity should be considered to be eligible for a de
minimis exemption from a requirement for reporting under subsection (a);
and</text>
</subparagraph><subparagraph id="H14FBF3D1196843D699009231B89393AB"><enum>(B)</enum><text>the level of
greenhouse gases emitted from a source that would qualify for such an
exemption.</text>
</subparagraph></paragraph><paragraph id="H95A17C76BE7A42C89F4000CF8260EE87"><enum>(2)</enum><header>Factors</header><text>In
making a determination under paragraph (1), the Administrator shall consider
the availability and suitability of simplified techniques and tools for
quantifying emissions and the cost to measure those emissions relative to the
purposes of this title, including the goal of collecting complete and
consistent entity-wide data.</text>
</paragraph></subsection><subsection id="H2BFA5CB20B1A4DDABCC5E61FC59996DE"><enum>(c)</enum><header>Verification of
report required</header><text>Before including the information from a report
required under this section in the Registry, the Administrator shall verify the
completeness and accuracy of the report using information provided under this
section, obtained under section 114 or 307(a), or obtained under other
provisions of law.</text>
</subsection><subsection id="H79922265CA814530AABBB3D43B39E09D"><enum>(d)</enum><header>Timing</header>
<paragraph id="HE88E0BACD70B4096B43B298E03FBD767"><enum>(1)</enum><header>Calendar years
2007 through 2010</header><text display-inline="yes-display-inline">For a base
period of calendar years 2007 through 2010, each affected entity shall submit
required annual data described in this section to the Administrator not later
than March 31, 2011. The Administrator may waive reporting requirements for
calendar years 2007 through 2010 for an affected entity if the Administrator
determines that the affected entity did not keep data or records necessary to
meet reporting requirements.</text>
</paragraph><paragraph id="H8568E1872A574D7BBD8B51D7E6001767"><enum>(2)</enum><header>Subsequent
calendar years</header><text>For calendar year 2011 and each subsequent
calendar year, each affected entity shall submit quarterly data described in
this section to the Administrator not later than 60 days after the end of the
applicable quarter.</text>
</paragraph></subsection><subsection id="H6C607FE57CA14BA9919C7412FA47DC2"><enum>(e)</enum><header>No effect on
other requirements</header><text>Nothing in this subtitle affects any
requirement in effect as of the date of enactment of this title relating to the
reporting of—</text>
<paragraph id="H62872C52C7F745C48C151795C56FA816"><enum>(1)</enum><text>fossil fuel
production, refining, importation, exportation, or consumption data;</text>
</paragraph><paragraph id="HD0CDEEE956D343AC899F54D84482C11D"><enum>(2)</enum><text>greenhouse gas
emission data; or</text>
</paragraph><paragraph id="HAC4693EADE6D48FFB4302C43A8F300BF"><enum>(3)</enum><text>other relevant
data.</text>
</paragraph></subsection></section><section id="HBC11F8DE8C3541D4B67514EEB8FC9313"><enum>706.</enum><header>Data quality
and verification</header>
<subsection id="H1365632283F2479D9071AB42F866AE55"><enum>(a)</enum><header>Protocols and
methods</header>
<paragraph id="H83427BD6D15746BA92996662FAD0E2D6"><enum>(1)</enum><header>In
general</header><text>The Administrator shall establish by regulation, taking
into account the work done by the Climate Registry, comprehensive protocols and
methods to ensure the accuracy, completeness, consistency, and transparency of
data on greenhouse gas emissions and fossil fuel production, refining,
importation, exportation, and consumption submitted to the Registry that
include—</text>
<subparagraph id="HCD55B339F23A44E2AA515D06B7283192"><enum>(A)</enum><text>accounting and
reporting standards for fossil fuel production, refining, importation,
exportation, and consumption;</text>
</subparagraph><subparagraph id="H76960C5FA5274F2D9914D00011D1532"><enum>(B)</enum><text>a requirement that,
where technically and economically feasible, submitted data are monitored using
monitoring systems for fuel flow or emissions, such as continuous emission
monitoring systems or equivalent systems of similar rigor, accuracy, quality,
and timeliness;</text>
</subparagraph><subparagraph id="H57C621E6083544BEB4C7B0BE066E1984"><enum>(C)</enum><text>a requirement
that, if an affected entity has already been directed to monitor emissions of a
greenhouse gas using a continuous emission monitoring system under existing
law, that system be used in complying with this title with respect to the
greenhouse gas;</text>
</subparagraph><subparagraph id="H4BD41B97BC224A608DF1004518F0CC6D"><enum>(D)</enum><text>for cases in which
the Administrator determines that monitoring emissions with the precision,
reliability, accessibility, and timeliness similar to that provided by a
continuous emission monitoring system is not technologically or economically
feasible, standardized methods for calculating greenhouse gas emissions in
specific industries using other readily available and reliable information,
such as fuel consumption, materials consumption, production, or other relevant
activity data, on the condition that those methods do not underreport
emissions, as compared with the continuous emission monitoring system;</text>
</subparagraph><subparagraph id="HC8C832D5711F4A348EAF7C35DD8520AD"><enum>(E)</enum><text>information on the
accuracy of measurement and calculation methods;</text>
</subparagraph><subparagraph id="H27762374A7FB4E1AAADA7BB35176C978"><enum>(F)</enum><text>methods to avoid
double-counting of greenhouse gas emissions;</text>
</subparagraph><subparagraph id="H51D49227B06943EEA39200E4C0E63BA4"><enum>(G)</enum><text>protocols to
prevent an affected entity from avoiding the reporting requirements of this
subtitle (such as by reorganizing into multiple entities or outsourcing
activities that result in greenhouse gas emissions); and</text>
</subparagraph><subparagraph id="H6EDA3109638143F5B8FA679243A3A4B"><enum>(H)</enum><text>protocols for
verification of data submitted by affected entities.</text>
</subparagraph></paragraph><paragraph id="HEE06EE17F7F042F9999EAB854C914D80"><enum>(2)</enum><header>Best
practices</header><text>The protocols and methods developed under paragraph (1)
shall incorporate and conform to the best practices from the most recent
Federal, State, and international protocols for the measurement, accounting,
reporting, and verification of greenhouse gas emissions to ensure the accuracy,
completeness, and consistency of the data.</text>
</paragraph><paragraph display-inline="no-display-inline" id="H59FEBCDE80114BB58465E00F5B346E4"><enum>(3)</enum><header>Electricity
generation emissions</header><text display-inline="yes-display-inline">The
Administrator shall establish and publish in the Federal Register a methodology
for calculating the greenhouse gas emissions from the generation of
electricity, taking into account the location of the entity and any regional
variations in fuels used for electric power generation.</text>
</paragraph></subsection><subsection id="H4E7C7149146D40CC98BAC62D6247732D"><enum>(b)</enum><header>Verification;
information by reporting entities</header><text>Each affected entity
shall—</text>
<paragraph id="HAD43FD2C230F4157997950C8CFDDFE8"><enum>(1)</enum><text>provide information
sufficient for the Administrator to verify, in accordance with the protocols
and methods developed under subsection (a), that the fossil fuel data and
greenhouse gas emission data of the affected entity have been completely and
accurately reported; and</text>
</paragraph><paragraph id="HB68A7F0489514D7997E943CBFFCFDFF"><enum>(2)</enum><text>ensure the
submission or retention, for the 5-year period beginning on the date of
provision of the information, of—</text>
<subparagraph id="H826C1406970B4255A511E9800017DE44"><enum>(A)</enum><text>data
sources;</text>
</subparagraph><subparagraph id="H19245493D5C6460A81C809DEB3343936"><enum>(B)</enum><text>information on
internal control activities;</text>
</subparagraph><subparagraph id="H3B8AF9306FB945C5ABB6EA45FCF1104"><enum>(C)</enum><text>information on
assumptions used in reporting emissions and fuels;</text>
</subparagraph><subparagraph id="H5DE98B12CF3149B2A57022DB25A85847"><enum>(D)</enum><text>uncertainty
analyses; and</text>
</subparagraph><subparagraph id="H466627BDC2BB412DBBB12ED802A60181"><enum>(E)</enum><text>other relevant
data and information to facilitate the verification of reports submitted to the
Registry.</text>
</subparagraph></paragraph></subsection><subsection id="H0B9269E6CCEF46C592106E895EE25500"><enum>(c)</enum><header>Waiver of
reporting requirements</header><text>The Administrator may waive reporting
requirements for specific entities if the Administrator determines that
sufficient and equally or more reliable data are available under other
provisions of law.</text>
</subsection><subsection id="HF12AE036BE9949D39B969115DEDE3CAA"><enum>(d)</enum><header>Missing
data</header><text>If information, satisfactory to the Administrator, is not
provided for an affected entity, the Administrator shall—</text>
<paragraph id="H17BD845B59DC47C199C278A7DEDCCFA"><enum>(1)</enum><text>prescribe methods
to estimate emissions for the entity for each period for which data are
missing, reflecting the highest emission levels that may reasonably have
occurred during the period for which data are missing; and</text>
</paragraph><paragraph id="H76917A53FE1042DAB0DD3F9F3F8586C3"><enum>(2)</enum><text>take appropriate
enforcement action pursuant to this section and section 113.</text>
</paragraph></subsection></section><section id="HCB37300D2E654043AB2C6BD446FB004C"><enum>707.</enum><header>Federal
greenhouse gas registry</header>
<subsection id="H806CA35B66E14738B869FF3EB0D81C3C"><enum>(a)</enum><header>Establishment</header><text>The
Administrator shall establish a Federal greenhouse gas registry.</text>
</subsection><subsection id="H319E686B6260495E87001736C3185074"><enum>(b)</enum><header>Administration</header><text>In
establishing the Registry, the Administrator shall—</text>
<paragraph id="H072FDE1E2792470E91008B3FE20571CB"><enum>(1)</enum><text>design and operate
the Registry;</text>
</paragraph><paragraph id="H72D25ABCEAE3470CAB422BE145F57B"><enum>(2)</enum><text>provide coordination
and technical assistance for the development of proposed protocols and methods,
taking into account the duties carried out by the Climate Registry, to be
published by the Administrator;</text>
</paragraph><paragraph id="H304BC7E7887949B88EAE79782B9CFAA9"><enum>(3)</enum><subparagraph commented="no" display-inline="yes-display-inline" id="H4E19DB45B5E0437EB19C188F9BDA3769"><enum>(A)</enum><text>develop an electronic
format for reporting under guidelines established under section 706(a)(1);
and</text>
</subparagraph><subparagraph id="HA147BEE9AC364948A95F827CAE153226" indent="up1"><enum>(B)</enum><text>make the electronic format available
to reporting entities;</text>
</subparagraph></paragraph><paragraph id="H57C794ACDC4143D8B571747BED56D7F5"><enum>(4)</enum><text>verify and audit
the data submitted by affected entities;</text>
</paragraph><paragraph id="H907A43462B6544C0BE1303FB05BF90AF"><enum>(5)</enum><text>establish
consistent policies for calculating carbon content and greenhouse gas emissions
for each type of fossil fuel reported under section 705;</text>
</paragraph><paragraph id="HF8A3FEBC38724520AEE97E0335B526E8"><enum>(6)</enum><text>calculate carbon
content and greenhouse gas emissions associated with the combustion of fossil
fuel data reported by affected entities; and</text>
</paragraph><paragraph id="H2CDF5DE6BBA649778F61B52F3828C1F2"><enum>(7)</enum><text>promptly publish
on the Internet all information contained in the Registry, except in any case
in which publishing the information would result in a disclosure of—</text>
<subparagraph id="H69E7797E7A2A43AA8474F09FB006CA1"><enum>(A)</enum><text>information vital
to national security, as determined by the President; or</text>
</subparagraph><subparagraph id="H58A83989E6B34A3CACF91CC01C042631"><enum>(B)</enum><text>confidential
business information that cannot be derived from information that is otherwise
publicly available and that would cause significant calculable competitive harm
if published (except that information on total greenhouse gas emissions shall
not be considered to be confidential business information).</text>
</subparagraph></paragraph></subsection><subsection id="H0E9EC359DF1E47CEB4E46ECEEB80C6FC"><enum>(c)</enum><header>Third-party
verification</header><text>The Administrator may use the services of third
parties that have no conflicts of interest to verify reports required under
section 705.</text>
</subsection><subsection id="H79DAB499A8B549A1A406A23D4209DD4C"><enum>(d)</enum><header>Regulations</header><text>Not
later than December 31, 2009, the Administrator shall promulgate final
regulations to carry out this section.</text>
</subsection></section></subtitle><subtitle id="HAF65F3A7B35744ED9428B0C2C09F00E6"><enum>B</enum><header>Reducing
Emissions</header>
<section id="H42DC9B62D2FF43778DCBA72D6190C28F"><enum>711.</enum><header>Emission
allowance account</header>
<subsection id="H22B9F29D31EF485B82078E12C452571"><enum>(a)</enum><header>In
general</header><text>The Administrator shall establish a separate quantity of
emission allowances for each of calendar years 2012 through 2050, in accordance
with subsection (d).</text>
</subsection><subsection id="HF4E33EF4C6EB49150073C92E63595E00"><enum>(b)</enum><header>Identification
numbers</header><text>The Administrator shall assign to each emission allowance
established under subsection (a) a unique identification number that includes
the calendar year for which that emission allowance was established.</text>
</subsection><subsection id="H1CEFB7DAD9D24AE6B3ED1C9820AF00F7"><enum>(c)</enum><header>Legal status of
emission allowances</header>
<paragraph id="HCCA591ECC3354D9EB46F4655A7B1A95"><enum>(1)</enum><header>In
general</header><text>An emission allowance does not constitute a property
right.</text>
</paragraph><paragraph id="HA5BF23E7B92748DA939158F73752B9F2"><enum>(2)</enum><header>Termination or
limitation</header><text>Nothing in this Act or any other provision of law
shall be construed to limit or alter the authority of the United States to
terminate or limit an emission allowance.</text>
</paragraph><paragraph id="H2BF216BAEA694FFC8600E9F37659AC5F"><enum>(3)</enum><header>Other provisions
unaffected</header><text>Nothing in this Act relating to emission allowances
shall affect the application of, or the responsibility for compliance with, any
other provision of law to or of a covered entity.</text>
</paragraph></subsection><subsection id="H4638E6D925A84AFCB375D3006D4DD190"><enum>(d)</enum><header>Allowances for
each calendar year</header><text>The numbers of emission allowances established
by the Administrator under subsection (a) for each of calendar years 2012
through 2050 shall be as follows:</text>
<table align-to-level="section" blank-lines-before="1" colsep="1" frame="all" line-rules="all-gen" rowsep="1" rule-weights="4.4.4.4.4.0" subformat="S6211" table-template-name="Generic: 2 text, 1st shorter" table-type="">
<tgroup cols="2" grid-typeface="1.1" no-carding="1" rowsep="1" thead-tbody-ldg-size="10.10.12"><colspec align="center" coldef="txt-no-ldr" colname="column1" colwidth="108pts" min-data-value="100"></colspec><colspec align="center" coldef="txt-no-ldr" colname="column2" colwidth="217pts" min-data-value="200"></colspec>
<thead>
<row><entry align="center" colname="column1" morerows="0" namest="column1">Calendar year</entry><entry align="center" colname="column2" morerows="0" namest="column2">Number of emission allowances (in
millions)</entry>
</row>
</thead>
<tbody>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2012</entry><entry align="left" colname="column2" leader-modify="clr-ldr">6,098</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2013</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,946</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2014</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,794</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2015</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,642</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2016</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,490</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2017</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,338</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2018</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,186</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2019</entry><entry align="left" colname="column2" leader-modify="clr-ldr">5,034</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2020</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,983</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2021</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,848</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2022</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,713</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2023</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,578</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2024</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,443</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2025</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,308</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2026</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,173</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2027</entry><entry align="left" colname="column2" leader-modify="clr-ldr">4,038</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2028</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,903</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2029</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,768</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2030</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,633</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2031</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,498</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2032</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,363</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2033</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,228</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2034</entry><entry align="left" colname="column2" leader-modify="clr-ldr">3,093</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2035</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,958</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2036</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,823</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2037</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,688</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2038</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,553</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2039</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,418</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2040</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,283</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2041</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,148</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2042</entry><entry align="left" colname="column2" leader-modify="clr-ldr">2,013</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2043</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,878</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2044</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,743</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2045</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,608</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2046</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,473</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2047</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,338</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2048</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,203</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2049</entry><entry align="left" colname="column2" leader-modify="clr-ldr">1,068</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">2050</entry><entry align="left" colname="column2" leader-modify="clr-ldr">930</entry>
</row>
</tbody>
</tgroup>
</table>
</subsection></section><section id="H2B8B963CFCC74015B600E0F8CB2E004F"><enum>712.</enum><header>Compliance
obligation</header>
<subsection id="HCCE9C20F76A94AC98E4C30DD289F2950"><enum>(a)</enum><header>In
general</header><text>Not later than 90 days after the end of each of calendar
years 2012 through 2050, the owner or operator of a covered entity shall submit
to the Administrator a quantity of emission allowances calculated as
follows:</text>
<paragraph id="H267A5780E9BB4070AC20F6A9D00B53E"><enum>(1)</enum><text>For a covered
entity that is a facility within the electric power sector, 1 emission
allowance for each carbon dioxide equivalent of greenhouse gas that such
facility emitted in the calendar year, excluding—</text>
<subparagraph id="H0B883B9B1A8142E5A4CB89084847B11D"><enum>(A)</enum><text>emissions
resulting from the use at that facility of petroleum- or coal-based liquid or
gaseous fuel (other than petroleum coke); and</text>
</subparagraph><subparagraph id="H7C6D4FA9D956426887001C9B1BDFB06F"><enum>(B)</enum><text>any greenhouse gas
that is captured and geologically sequestered.</text>
</subparagraph></paragraph><paragraph id="H6470C47FA4ED484B846FAA32813026EC"><enum>(2)</enum><text>For a covered
entity that is an industrial facility, 1 emission allowance for each carbon
dioxide equivalent of greenhouse gas that such facility emitted in the calendar
year, excluding—</text>
<subparagraph id="HFF3A6F399C514DE083BB13C2D0CFA74F"><enum>(A)</enum><text>emissions
resulting from the use at that facility of petroleum- or coal-based liquid or
gaseous fuel (other than petroleum coke);</text>
</subparagraph><subparagraph id="H5B5140919B96424386BD848EFFDBCDE"><enum>(B)</enum><text display-inline="yes-display-inline">emissions resulting from the use of
hydrofluorocarbons, perfluorocarbons, sulfur hexafluoride, nitrogen
trifluoride, or any other fluorinated gas that is a greenhouse gas, as
designated by the Administrator under section 704, purchased for use at that
facility; and</text>
</subparagraph><subparagraph id="H35577C99AC7F4C45A9689734AB429D67"><enum>(C)</enum><text>any greenhouse gas
that is captured and geologically sequestered.</text>
</subparagraph></paragraph><paragraph id="H787F4636DEEF41BE80370023268006E7"><enum>(3)</enum><text>For a covered
entity that produced or imported petroleum- or coal-based liquid or gaseous
fuel (other than petroleum coke), 1 emission allowance for each carbon dioxide
equivalent of greenhouse gas that will be emitted from the combustion of any
such fuel produced for use in the United States or imported during the calendar
year, assuming no capture or sequestration of any greenhouse gas
emissions.</text>
</paragraph><paragraph id="H14335E97AE704AEC9829BE98C5309118"><enum>(4)</enum><text>For a covered
entity that is a local distribution company, 1 emission allowance for each
carbon dioxide equivalent of greenhouse gas that will be emitted from the
combustion of the natural gas such entity delivered during the calendar year,
assuming no capture or sequestration of that greenhouse gas, and excluding any
natural gas that is delivered to a covered entity that is a facility described
in paragraph (1) or (2).</text>
</paragraph><paragraph id="H70569587A27E4FA4A80025D5F44421E7"><enum>(5)</enum><text>For a covered
entity that produced for sale or distribution, or imported, hydrofluorocarbons,
perfluorocarbons, sulfur hexafluoride, nitrogen trifluoride, or any other
fluorinated gas that is a greenhouse gas, as designated by the Administrator
under section 704, 1 emission allowance for each carbon dioxide equivalent of
such greenhouse gas produced for sale or distribution in the United States, or
imported, during the calendar year, except that this paragraph shall not apply
to hydrofluorocarbons produced or imported for sale or distribution during
calendar years 2012 through 2019.</text>
</paragraph><paragraph id="HA2A2C5A6D1B649ADB1AECC8C1C47ED"><enum>(6)</enum><text>For a covered entity
that is a geological sequestration site, 1 emission allowance for each carbon
dioxide equivalent of greenhouse gas that such site emitted in the calendar
year.</text>
</paragraph><paragraph id="H737E082076A24DA8A1667FE2F500ED79"><enum>(7)</enum><text>A covered entity
to which more than 1 of paragraphs (1) through (6) apply shall submit emission
allowances in compliance with all applicable paragraphs, except that a covered
entity shall not be required to submit more than 1 emission allowance for the
same emissions.</text>
</paragraph></subsection><subsection id="H20FBA4D324664487A29047C05DD004E9"><enum>(b)</enum><header>Notice
requirement for covered entities receiving natural gas from local distribution
companies</header><text>The owner or operator of a covered entity that is an
industrial facility and that takes delivery of natural gas from a local
distribution company shall, not later than September 1 of each calendar year,
notify such local distribution company in writing that such industrial facility
will qualify as a covered entity under this title for that calendar
year.</text>
</subsection><subsection id="HF0C6DAE84C9B4CB68BBFBCE7BFC4FB"><enum>(c)</enum><header>Alternative
compliance</header><text>A covered entity may—</text>
<paragraph id="HB75F436694A841A7A815ECA5CFB9147B"><enum>(1)</enum><text>satisfy up to 15
percent of its compliance obligations under subsection (a) by submitting in
lieu of an emission allowance an offset credit issued pursuant to subtitle
E;</text>
</paragraph><paragraph id="H60B545E43E90411DACE6F26CF8815919"><enum>(2)</enum><text>satisfy up to 15
percent of its compliance obligations under subsection (a) by submitting in
lieu of an emission allowance an international emission allowance or an
international offset credit approved by the Administrator under subtitle
F;</text>
</paragraph><paragraph id="H25BEA7741B9F4626A7CC1DC152DEA947"><enum>(3)</enum><text>submit in lieu of
an emission allowance a destruction credit obtained under subsection (f) of
this section.</text>
</paragraph></subsection><subsection id="HF8DCFB5A3E50421395F0C3BD8F43E4DD"><enum>(d)</enum><header>Retirement of
allowances and credits</header><text display-inline="yes-display-inline">Immediately upon receipt of an emission
allowance, offset credit, or destruction credit under subsection (a), the
Administrator shall retire the emission allowance, offset credit, or
destruction credit. Treatment of international emission allowances and
international offset credits submitted under this section shall be governed by
section 753.</text>
</subsection><subsection id="H7AB071DA774D4B269853A6AE224E39D"><enum>(e)</enum><header>Determination of
compliance</header><text>Not later than July 1 of each year, the Administrator
shall determine whether the owners and operators of all covered entities are in
full compliance with subsection (a) for the preceding year.</text>
</subsection><subsection id="H3D42782C38CA49228409644F3B38AAD2"><enum>(f)</enum><header>Destruction
credit</header><text>If the Administrator determines that an entity has, during
any of calendar years 2012 through 2050, converted a greenhouse gas other than
methane by thermal, chemical, or other means to another gas with a low- or
zero-global warming potential, the Administrator shall establish and distribute
to that entity a quantity of destruction credits that is equal to the number of
carbon dioxide equivalents of reduction in global warming potential achieved
through such conversion.</text>
</subsection></section><section id="H3726FBC619F747C298C3CDF46B54A171"><enum>713.</enum><header>Penalty for
noncompliance</header>
<subsection id="HB39DAD91896C403F921539C325BB4711"><enum>(a)</enum><header>Excess emissions
penalty</header>
<paragraph id="H5C1C3239B7764A49BBEC44E6CE628842"><enum>(1)</enum><header>In
general</header><text>The owner or operator of any covered entity that fails
for any year to submit to the Administrator by the deadline described in
section 712(a) or 733(c), 1 or more of the emission allowances due pursuant to
either of those sections shall be liable for the payment to the Administrator
of an excess emissions penalty.</text>
</paragraph><paragraph id="H5060B320F0994FBFB7EAF0983DC1EEF6"><enum>(2)</enum><header>Amount</header><text>The
amount of an excess emissions penalty required to be paid under paragraph (1)
shall be an amount equal to the product obtained by multiplying—</text>
<subparagraph id="H9AB484CF54354E6BBDFBDDC3B19474B"><enum>(A)</enum><text>the number of
emission allowances that the owner or operator failed to submit; and</text>
</subparagraph><subparagraph id="HA3AEC9C498784BEE88E8B41521C9FEC4"><enum>(B)</enum><text>the greater
of—</text>
<clause id="H8EEE6EAA7D3B43549F7812751622E352"><enum>(i)</enum><text>$200; or</text>
</clause><clause id="H34CBD52ADE5A4C1AA77C401B71F8444B"><enum>(ii)</enum><text>3
times the fair market value of an emission allowance during the calendar year
for which the emission allowances were due.</text>
</clause></subparagraph></paragraph><paragraph id="HA5013EF898444F0E9105AAA67F3CD6DF"><enum>(3)</enum><header>Timing</header><text>An
excess emissions penalty required under this subsection shall be immediately
due and payable to the Administrator, without demand, in accordance with such
regulations as shall be promulgated by the Administrator by the date that is 1
year after the date of enactment of this title.</text>
</paragraph><paragraph id="H54508C2048A9410FAF67CE7700519E2E"><enum>(4)</enum><header>Deposit</header><text>The
Administrator shall deposit each excess emissions penalty paid under this
subsection in the Treasury of the United States.</text>
</paragraph><paragraph id="H5073579087844100BE583608127B445C"><enum>(5)</enum><header>No effect on
liability</header><text>An excess emissions penalty due and payable by the
owner or operator of a covered entity under this subsection shall not diminish
the liability of the owner or operator for any fine, penalty, or assessment
against the owner or operator for the same violation under any other provision
of this Act or any other law.</text>
</paragraph></subsection><subsection id="H12B1037CFBED44C200EDEEB387FF0803"><enum>(b)</enum><header>Excess emission
allowance</header><text>The owner or operator of a covered entity that fails
for any year to submit to the Administrator, by the deadline described in
section 712(a) or 733(c), 1 or more of the emission allowances due pursuant to
either of those sections shall be liable to offset the excess emissions by an
equal quantity of emission allowances during—</text>
<paragraph id="H39C3291A6C4F48429D00BDEF1CAD5655"><enum>(1)</enum><text>the following
calendar year; or</text>
</paragraph><paragraph id="H417006D187B243628B26B9D0CA00735E"><enum>(2)</enum><text>such longer period
as the Administrator may prescribe.</text>
</paragraph></subsection></section></subtitle><subtitle id="H687A959AB65A47828F15DE5EA1F5A100"><enum>C</enum><header>Distribution of
Allowances</header>
<section id="H55B790C8448440AA9DE4D428A3142356"><enum>721.</enum><header>Auctions</header>
<subsection id="H3515F06A97F440C20052BF18EF74D5BA"><enum>(a)</enum><header>In
general</header><text>The Administrator shall, pursuant to regulations
promulgated under this section, auction all emission allowances established
under section 711, except as provided in section 723.</text>
</subsection><subsection id="HEACE8FB9F9F543A486E47CD9C6BD8FD"><enum>(b)</enum><header>Initial
regulations</header><text>Not later than 180 days after the date of enactment
of this title, the Administrator shall promulgate regulations governing the
auction of allowances under this section. Such regulations shall include the
following requirements:</text>
<paragraph id="H282A9EE70F014A94AADF0063E5E133A4"><enum>(1)</enum><header>Frequency; first
auction</header><text>Auctions shall be held four times per year at regular
intervals, with the first auction to be held no later than March 31,
2010.</text>
</paragraph><paragraph id="HFF3F293AE1EF40508CF4D41D8D22FD76"><enum>(2)</enum><header>Auction
schedule; current and future vintages</header><text>The Administrator shall, at
each quarterly auction, offer for sale both a portion of the allowances with
the same vintage as the year in which the auction is being conducted and a
portion of the allowances with vintages from future years. The preceding
sentence shall not apply to auctions held in 2010 and 2011, during which, by
necessity, the Administrator shall auction only allowances with a vintage year
that is later than the year in which the auction is held. Beginning with the
first auction and at each quarterly auction held thereafter, the Administrator
may offer for sale allowances with vintages of up to four years in advance of
the year in which the auction is being conducted.</text>
</paragraph><paragraph id="HDEA2976EF7E64F4C94BB9B46D6E638BB"><enum>(3)</enum><header>Auction
format</header><text>Auctions shall follow a single-round, sealed-bid, uniform
price format.</text>
</paragraph><paragraph id="HCBE9AA24975741099736458C02CB91EA"><enum>(4)</enum><header>Participation;
financial assurance</header><text>Auctions shall be open to any person, except
that the Administrator may establish financial assurance requirements to ensure
that auction participants can and will perform on their bids.</text>
</paragraph><paragraph id="H7915579938C44FF19E6B8417A028B9EE"><enum>(5)</enum><header>Disclosure of
beneficial ownership</header><text>Each bidder in the auction shall be required
to disclose the person or entity sponsoring or benefitting from the bidder’s
participation in the auction if such person or entity is, in whole or in part,
other than the bidder or the bidder’s employer.</text>
</paragraph><paragraph id="H10CEA9EC40274D4483057CC542FE9374"><enum>(6)</enum><header>Bidding
limits</header><text>No person may, directly or in concert with another
participant, purchase more than 33 percent of the allowances offered for sale
at any quarterly auction.</text>
</paragraph><paragraph id="H380ED48398FF45398BE593975DBFE623"><enum>(7)</enum><header>Publication of
information</header><text>After the auction, the Administrator shall, in a
timely fashion, publish the identities of winning bidders, the quantity of
allowances obtained by each winning bidder, and the auction clearing
price.</text>
</paragraph><paragraph id="HDC6B35BB1FBE4168BF655B00F3BBA7D7"><enum>(8)</enum><header>Other
requirements</header><text>The Administrator may include in the regulations
such other requirements or provisions as the Administrator deems necessary to
promote effective, efficient, transparent, and fair administration of auctions
under this section.</text>
</paragraph></subsection><subsection id="HDB75C5E602DD44499285C94991C58E78"><enum>(c)</enum><header>Revision of
regulations</header><text>The Administrator may, at any time, revise the
initial regulations promulgated under subsection (b) based on the
Administrator’s experience in administering allowance auctions. Such revised
regulations need not meet the requirements identified in subsection (b) if the
Administrator determines that an alternative auction design would be more
effective, taking into account factors including costs of administration,
transparency, fairness, and risks of collusion or manipulation.</text>
</subsection></section><section id="H2854C0F5A09946509E8EA7FDBB586D2E"><enum>722.</enum><header>Auction
proceeds</header>
<subsection id="H0C0050C3AF2D46940040B1EBA2400C1"><enum>(a)</enum><header>Funds
established</header><text>There are established in the Treasury of the United
States the following funds:</text>
<paragraph id="HB7173A9F1DD7465A875F40589000ABEB"><enum>(1)</enum><text>The Investing in
Climate Action and Protection Act Management Fund.</text>
</paragraph><paragraph id="H2CF20CA88E7B425AACF427F6538BD61E"><enum>(2)</enum><text>The Climate Change
Education and Outreach Fund.</text>
</paragraph><paragraph display-inline="no-display-inline" id="H7B9D26B14A1F414F8242D8AD97E220AD"><enum>(3)</enum><text>The Climate Trust
Rebate Fund.</text>
</paragraph><paragraph id="H78FADCEDFC0B4C4DAFE4E7407D6F273B"><enum>(4)</enum><text>The Low-Carbon
Technology Fund.</text>
</paragraph><paragraph id="H98C15EE8A92A4EABA911000036BAF8F"><enum>(5)</enum><text>The National Energy
Efficiency Fund.</text>
</paragraph><paragraph id="HF8F1E0E9035943B5A4B985B38E602886"><enum>(6)</enum><text display-inline="yes-display-inline">The Agriculture and Forestry Carbon
Fund.</text>
</paragraph><paragraph display-inline="no-display-inline" id="HD29B027B0C814D6EB6D303B3E1664726"><enum>(7)</enum><text display-inline="yes-display-inline">The Climate Change Worker Transition
Fund.</text>
</paragraph><paragraph id="H80AFA313FBDC43A000306BECA00005B"><enum>(8)</enum><text>The National
Climate Change Adaptation Fund.</text>
</paragraph><paragraph id="H011958B470C742D5BA74FFD9105632DF"><enum>(9)</enum><text display-inline="yes-display-inline">The Natural Resource Conservation
Fund.</text>
</paragraph><paragraph id="H8BD3D95E91CA4AFEBF4B02670000F2F7"><enum>(10)</enum><text>The International
Forest Protection Fund.</text>
</paragraph><paragraph id="H34384127725E481F85CB23CD97C89C3"><enum>(11)</enum><text>The International
Clean Technology Fund.</text>
</paragraph><paragraph id="H316EFB01ECAE4686A080D8355994ADAC"><enum>(12)</enum><text>The International
Climate Change Adaptation Fund.</text>
</paragraph></subsection><subsection id="H3D6C554CD6574FFEA3B8B447D6D1DCB"><enum>(b)</enum><header>Amounts in
funds</header><text>Each Fund established by subsection (a) shall consist of
such amounts as are deposited into the respective Fund under this
section.</text>
</subsection><subsection id="H5EDA806BA83B486AA8F22720BAED95DB"><enum>(c)</enum><header>Investing in
Climate Action and Protection Act Management Fund</header>
<paragraph id="H51495B8A1EAA4351B9D0E1425D6E7635"><enum>(1)</enum><header>In
general</header><text>For each of fiscal years 2010 through 2050, the
Administrator shall deposit into the <short-title>Investing in Climate Action and Protection
Act</short-title> Management Fund such percentage of the proceeds of the
auctions conducted by the Administrator for such fiscal year under this
section, not to exceed 0.5 percent of the total value of the proceeds from
auctions conducted in that fiscal year, as the President determines to be
sufficient to efficiently and effectively administer this title and title II of
the <short-title>Investing in Climate Action and
Protection Act</short-title>.</text>
</paragraph><paragraph id="H2480CB977B72443DB900AF5B56BF51D0"><enum>(2)</enum><header>Use of
funds</header><text>Funds from the Investing in Climate Action and Protection
Act Management Fund may be used by—</text>
<subparagraph id="H75C924003D514406905B6308BBD0D79"><enum>(A)</enum><text>the Administrator
for—</text>
<clause id="H2259E99DCB394976BCB189307DA672EE"><enum>(i)</enum><text>the costs of
carrying out this title, including the costs of promulgation of regulations,
development of policy guidance, development and operation of information
systems, certification of monitoring equipment, conducting facilities audits
and inspections, monitoring and modeling, quality assurance and verification
functions, enforcement, administration, outreach, training, field audits, and
financial management; and</text>
</clause><clause id="HA364B6D6EF564F999F1C21F400DAA4E8"><enum>(ii)</enum><text>contracting with
the National Academy of Sciences for periodic review under the Investing in
Climate Action and Protection Act; and</text>
</clause></subparagraph><subparagraph id="HCF57380AC3F649739DCDEC687E147C17"><enum>(B)</enum><text>the Federal Energy
Regulatory Commission for the costs of carrying out title II of the
<short-title>Investing in Climate Action and Protection
Act</short-title>.</text>
</subparagraph></paragraph><paragraph id="HFE1EA752B9304AB09B3322ACBF4E8097"><enum>(3)</enum><header>Treatment</header><text>Amounts
in the <short-title>Investing in Climate Action and
Protection Act</short-title> Management Fund—</text>
<subparagraph id="H8524E5353D0C4D778455A0EE8C7152C9"><enum>(A)</enum><text>shall be used only
to advance the purposes described in section 3 of the
<short-title>Investing in Climate Action and Protection
Act</short-title>;</text>
</subparagraph><subparagraph id="H293E85D77F1A4612B9E21C9CB97BED5"><enum>(B)</enum><text>are subject to the
availability of appropriations; and</text>
</subparagraph><subparagraph id="H0E7044F94ED2439A8D16F27B9B07AE52"><enum>(C)</enum><text>shall remain
available until expended.</text>
</subparagraph></paragraph></subsection><subsection id="H17D085B821714FC0882FA78D81F0B245"><enum>(d)</enum><header>Climate Change
Education and Outreach Fund</header><text>For each of the fiscal years 2010
through 2050, the Administrator shall deposit $50,000,000 from the auction
proceeds for such fiscal year in the Climate Change Education and Outreach
Fund.</text>
</subsection><subsection id="HDB25F8E9F05649088E7958A2BCD7DB00"><enum>(e)</enum><header>Use of remaining
proceeds</header>
<paragraph id="H31F0FF6F50F84CA3BF499D9E4379F026"><enum>(1)</enum><header>Fiscal years
2010 through 2019</header><text display-inline="yes-display-inline">For each of
fiscal years 2010 through 2019, the Administrator shall allocate the remaining
proceeds of the auctions conducted by the Administrator during the fiscal year
as follows:</text>
<table align-to-level="section" blank-lines-before="1" colsep="1" frame="all" line-rules="all-gen" rowsep="1" rule-weights="4.4.4.4.4.0" table-template-name="Generic: 1 text, 1 num" table-type="">
<tgroup cols="2" grid-typeface="1.1" rowsep="1" thead-tbody-ldg-size="10.10.12"><colspec coldef="txt-no-ldr" colname="column1" colwidth="269pts" min-data-value="200"></colspec><colspec align="center" coldef="fig" colname="column2" colwidth="56pts" min-data-value="10"></colspec>
<thead>
<row><entry align="center" colname="column1" morerows="0" namest="column1">Fund</entry><entry align="center" colname="column2" morerows="0" namest="column2">Percentage</entry>
</row>
</thead>
<tbody>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">General
Fund of the Treasury</entry><entry align="right" colname="column2" leader-modify="force-ldr">51</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">Climate
Trust Rebate Fund</entry><entry align="right" colname="column2" leader-modify="force-ldr">7.5</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">Low-Carbon
Technology Fund</entry><entry align="right" colname="column2" leader-modify="force-ldr">12.5</entry>
</row>
<row><entry align="left" colname="column1" leader-modify="clr-ldr" stub-definition="txt-ldr" stub-hierarchy="1">National