Senators Lieberman and Warner introduced their climate change legislation today. The two main objectives of America's Climate Security Act (S. 2191) are to establish a federal program that successfully reduces U.S. greenhouse gas emissions by certain levels between now and 2050 to avoid the devastating events of global climate change, and while doing so make sure the U.S. economy grows. There were two adjustments that occurred in the bill from when the framework came out in August. The first is reducing greenhouse gas emissions from the electric power, manufacturing and transportation sectors by 15 percent below 2005 levels by 2020 rather than the framework proposal of 10 percent. The second adjustment is concerning free credits and the manufacturing facilities. In the framework they were to receive free credits to meet 20 percent of their emissions target until 2050, but in the actual bill the year is changed to 2036.
The Act also directs its attention toward Carbon Capture and Sequestration in Title VIII. It is here that section 1421 of the Safe Drinking Water Act is amended. Title VIII establishes that within one year of enactment of America's Climate Security Act regulations would be in place to allow for the "commercial-scale underground injection of carbon dioxide for purposes of geological sequestration to address climate change." Sec. 8004, subsection a, calls for the establishment of a task force to conduct a study of "the legal framework, environmental and safety considerations, and cost implications of potential Federal assumption of liability with respect to closed geological storage sites." This task force would submit a report to Congress no later than 18 months after the enactment of the Act. It appears that the question of liability pertaining to CCS would not be resolved until then under the Act.
Copy of the legislation.