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S. 1766 “Low Carbon Economy Act” (Bingaman-Specter) Prepared by Tom Dower with Sen. Specter

S. 1766 “Low Carbon Economy Act” (Bingaman-Specter) Prepared by Tom Dower with Sen. Specter. Key Concepts. Set a strong environmental goal Protect the economy from short-term harm Allowance allocation reflecting costs to each sector Safety-valve (Technology Accelerator Payment)

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S. 1766 “Low Carbon Economy Act” (Bingaman-Specter) Prepared by Tom Dower with Sen. Specter

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  1. S. 1766“Low Carbon Economy Act”(Bingaman-Specter)Prepared by Tom Dower with Sen. Specter

  2. Key Concepts • Set a strong environmental goal • Protect the economy from short-term harm Allowance allocation reflecting costs to each sector Safety-valve (Technology Accelerator Payment) Domestic offsets (unlimited) International offsets (up to 10%) Trade provisions (after 2020) • Transition to low carbon economy Increase safety-valve by 5% above inflation annually Increase auction 2% annually after first 5 years Set credible targets to slow, stop and reverse emissions coinciding with technology development Avoid fuel-switching by easing transition and capping cost

  3. Structure of S. 1766 • Scope: Economy-wide (85% coverage); all GHGs • Point of regulation: Upstream natural gas; oil; non-CO2 GHGs; Downstream coal • Cost control: Technology Accelerator Payment ($12 in 2012 rising 5% annually) • Technology, adaptation, low-income: ≤$25 billion annually

  4. Caps & Targets • Bingaman-Specter 2006 levels by 2020 1990 levels by 2030 (20% below 2006) Goal of ≥60% below 2006 levels by 2050 (contingent on science, technology development, and international effort) • Lieberman-Warner 1990 levels by 2020 ≥70% below 2005 levels by 2050 • Sanders-Boxer 1990 levels by 2020 ≥80% below 1990 levels by 2050

  5. Greenhouse Gas Emissions Target

  6. Legislative Process • 07/11/07 – Senators Bingaman & Specter introduced S. 1766 “Low Carbon Economy Act” referred to EPW [cosponsors: Akaka (D-HI), Casey (D-PA), Harkin (D-IA), Murkowski (R-AK), Stevens (R-AK)] • 10/18/07 - Senators Lieberman & Warner introduced S. 2191 “America’s Climate Security Act” [cosponsors: Cardin (D-MD), Casey (D-PA), Coleman (R-MN), Collins (R-ME), Dole (R-NC), Harkin (D-IA), Klobuchar (D-MN), Nelson (D-FL)] • 10/24/07 -Subcommittee hearing • 11/01/07 – Subcommittee markup/approval of S. 2191 as amended • 11/8/07 – Full EPW Committee hearing • 11/13/07 - Full EPW Committee hearing • 11/15/07 - Full EPW Committee hearing • Full EPW (Chairwoman Boxer) markup scheduled for 12/05-06/07 • Senate floor consideration possible in 2008 • House schedule less clear – Dingell (full cmte chair) and Boucher (subcmte chair)

  7. Allowance Allocation in 2012

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