‘‘(4) DELEGATION OF MARKET FUNCTION.— 
‘‘(A) IN GENERAL.—In carrying out the 
program under this subsection, the Secretary 
may delegate— 
‘‘(i) to 1 or more appropriate entities 
(including any Federal entity in existence 
on the date of enactment of this section), 
the administration of a national Federal 
clean energy credit market for purposes of 
establishing a transparent national market 
for the sale or trade of Federal clean en-
ergy credits; and 
‘‘(ii) to appropriate entities, the track-
ing of dispatch of clean energy generation. 
‘‘(B) ADMINISTRATION.—In making a del-
egation under subparagraph (A)(ii), the Sec-
retary shall ensure that the tracking and re-
porting of information concerning the dispatch 
of clean energy generation is transparent, 
verifiable, and independent of any generation or 
load interests subject to an obligation under 
this section. 
‘‘(5) BANKING
OF
FEDERAL
CLEAN
ENERGY 
CREDITS.— 
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‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), for purposes of achieving compliance 
with subsection (c), a Federal clean energy 
credit shall be valid for— 
‘‘(i) the calendar year during which 
the Federal clean energy credit is issued; 
or 
‘‘(ii) either of the 2 subsequent cal-
endar years. 
‘‘(B) ADJUSTMENTS.— 
‘‘(i) CALENDAR YEARS 2040 THROUGH 
2049.—For each of calendar years 2040 
through 2049, a Federal clean energy 
credit shall be valid for— 
‘‘(I) the calendar year during 
which the Federal clean energy credit 
is issued; or 
‘‘(II) the subsequent calendar 
year. 
‘‘(ii) CALENDAR
YEAR
2050
AND 
THEREAFTER.—Beginning in calendar year 
2050, a Federal clean energy credit shall 
be valid only for the calendar year during 
which the Federal clean energy credit is 
issued. 
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‘‘(f) DETERMINATION OF QUANTITY OF CREDITS.— 
‘‘(1) IN GENERAL.—Except as otherwise pro-
vided in this subsection, the quantity of Federal 
clean energy credits issued to a generator of clean 
energy shall be equal to the product obtained by 
multiplying— 
‘‘(A) the qualified generation of the gener-
ator; and 
‘‘(B) the difference between— 
‘‘(i) 1.0; and 
‘‘(ii) the quotient obtained by divid-
ing— 
‘‘(I) the carbon intensity of the 
generator, as determined in accord-
ance with subsection (g) (expressed in 
metric tons per megawatt-hour); by 
‘‘(II) the applicable carbon inten-
sity. 
‘‘(2) QUALIFIED COMBINED HEAT AND POWER 
SYSTEMS.— 
‘‘(A) IN GENERAL.—The quantity of Fed-
eral clean energy credits issued to a generator 
that is a qualified combined heat and power 
system shall be equal to the difference be-
tween— 
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‘‘(i) the product obtained by multi-
plying— 
‘‘(I) the number of megawatt- 
hours of electric energy generated by 
the qualified combined heat and power 
system; and 
‘‘(II) the difference between— 
‘‘(aa) 1.0; and 
‘‘(bb) the quotient obtained 
by dividing— 
‘‘(AA) the carbon inten-
sity of the generator, as de-
termined in accordance with 
subsection (g) (expressed in 
metric tons per megawatt- 
hour); by 
‘‘(BB) the applicable 
carbon intensity; and 
‘‘(ii) the product obtained by multi-
plying— 
‘‘(I) the number of megawatt- 
hours of electric energy generated by 
the qualified combined heat and power 
system that are consumed onsite; and 
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‘‘(II) the national weighted aver-
age of the applicable clean energy per-
centage required for the calendar year 
under subsection (c), as determined 
by the Secretary. 
‘‘(B) ADDITIONAL CREDITS.—In addition 
to Federal clean energy credits issued under 
subparagraph (A), the Secretary shall issue 
Federal clean energy credits to a generator that 
is a qualified combined heat and power system 
for greenhouse gas emissions avoided as a re-
sult of the use of the qualified combined heat 
and power system, rather than a separate ther-
mal source, to meet the onsite thermal needs of 
the generator. 
‘‘(3) QUALIFIED RENEWABLE BIOMASS.— 
‘‘(A) IN
GENERAL.—Subject to subpara-
graph (B), the quantity of Federal clean energy 
credits issued to each generator of clean energy 
using qualified renewable biomass shall be equal 
to the product obtained by multiplying— 
‘‘(i) the qualified generation of the 
generator using qualified renewable bio-
mass; and 
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‘‘(B) the qualified low-carbon fuel credit 
value 
determined 
under 
subsection 
(g)(4)(B)(iii). 
‘‘(6) CARBON CAPTURE, STORAGE, AND UTILI-
ZATION.— 
‘‘(A) DEFINITIONS.—In this paragraph, 
the terms ‘qualified carbon oxide’, ‘qualified en-
hanced oil or natural gas recovery project’, and 
‘tertiary injectant’ have the meanings given 
those terms in section 45Q of the Internal Rev-
enue Code of 1986. 
‘‘(B) QUANTITY OF CREDITS.—Except as 
otherwise provided in this subsection, the quan-
tity of Federal clean energy credits issued to 
each generator of clean energy through the cap-
ture and storage or utilization of qualified car-
bon oxide from a waste stream of the generator 
shall be equal to the product obtained by multi-
plying— 
‘‘(i) the qualified generation of the 
generator; and 
‘‘(ii) the difference between— 
‘‘(I) 1.0; and 
‘‘(II) the quotient obtained by di-
viding— 
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‘‘(aa) the carbon intensity of 
the generator, as determined in 
accordance with subsection (g) 
(expressed in metric tons per 
megawatt-hour); by 
‘‘(bb) the applicable carbon 
intensity. 
‘‘(C) ADDITIONAL
CREDITS.—In addition 
to Federal clean energy credits issued under 
subparagraph (B), the Secretary shall issue 
Federal clean energy credits to each generator 
of clean energy through the capture and storage 
or utilization of qualified carbon oxide from a 
waste stream other than the waste stream of 
the generator, or from the atmosphere directly, 
in a quantity equal to the quotient obtained by 
dividing— 
‘‘(i) the number of metric tons of 
qualified carbon oxide captured and stored 
or utilized; by 
‘‘(ii) the carbon intensity of the gener-
ator, as determined in accordance with 
subsection (g) (expressed in metric tons 
per megawatt-hour). 
‘‘(D) SPECIAL RULES.— 
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‘‘(i) REGULATIONS.— 
‘‘(I) IN
GENERAL.—Subject to 
subclause (III), not later than 1 year 
after the date of enactment of this 
section, the Secretary, in consultation 
with the Administrator of the Envi-
ronmental Protection Agency, shall 
promulgate regulations establishing— 
‘‘(aa) the conditions under 
which qualified carbon oxide may 
be safely and permanently stored 
for purposes of issuing Federal 
clean energy credits to a gener-
ator under this paragraph; and 
‘‘(bb) in accordance with 
subclause (II), the methods and 
processes by which qualified car-
bon oxide may be utilized in a 
manner that ensures the removal 
of the qualified carbon oxide 
safely and permanently from the 
atmosphere. 
‘‘(II) REQUIREMENTS.—For pur-
poses of subclause (I)(bb)— 
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‘‘(aa) utilization of qualified 
carbon oxide may include the 
production of substances, such as 
plastics and chemicals; and 
‘‘(bb) the regulations pro-
mulgated pursuant to that sub-
clause shall minimize the escape 
or further emission of qualified 
carbon oxide into the atmos-
phere. 
‘‘(III) 
EXISTING
REQUIRE-
MENTS.—In promulgating regulations 
pursuant to this clause, the Secretary 
shall incorporate any existing Federal 
requirements for the permanent geo-
logic storage of carbon oxides, includ-
ing any requirements under section 
45Q of the Internal Revenue Code of 
1986. 
‘‘(ii) ADJUSTED QUANTITY.— 
‘‘(I) 
IN
GENERAL.—Notwith-
standing subparagraphs (B) and (C), 
except as provided in subclause (II), 
the quantity of Federal clean energy 
credits issued under this paragraph to 
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a generator at which qualified carbon 
oxide is captured and used as a ter-
tiary injectant in a qualified enhanced 
oil or natural gas recovery project 
shall be reduced by 50 percent. 
‘‘(II) NO
REDUCTION.—If the 
qualified carbon oxide captured and 
used as a tertiary injectant in a quali-
fied enhanced oil or natural gas recov-
ery project by a generator achieves 
compliance with the conditions estab-
lished pursuant to clause (i)(I)(aa), 
the quantity of Federal clean energy 
credits issued to the generator shall 
not be reduced. 
‘‘(7) QUALIFIED ENERGY STORAGE SYSTEMS.— 
The quantity of Federal clean energy credits issued 
to each qualified energy storage system shall be 
equal to the product obtained by multiplying— 
‘‘(A) the electric energy dispatched and 
sold by the qualified energy storage system (ex-
pressed in megawatt-hours); and 
‘‘(B) the difference between— 
‘‘(i) 1.0; and 
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‘‘(ii) the quotient obtained by divid-
ing— 
‘‘(I) the average carbon intensity 
of the clean energy stored in the 
qualified energy storage system, as 
determined in accordance with sub-
section (g) (expressed in metric tons 
per megawatt-hour); by 
‘‘(II) the applicable carbon inten-
sity. 
‘‘(8) 
NEGATIVE
CREDITS.—Notwithstanding 
any other provision of this subsection, the Secretary 
shall not issue a negative quantity of Federal clean 
energy credits to any generator. 
‘‘(9) MAXIMUM QUANTITY OF CREDITS.—Not-
withstanding paragraphs (1) through (6), the total 
quantity of Federal clean energy credits issued 
under those paragraphs to a generator for a cal-
endar year shall not exceed the number of mega-
watt-hours of the applicable annual qualified genera-
tion of the generator. 
‘‘(10) INNOVATION MULTIPLIER.— 
‘‘(A) 
IN
GENERAL.—Notwithstanding 
paragraphs (1) through (6), until the applicable 
date described in subparagraph (C), the quan-
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tity of Federal clean energy credits issued 
under this section to— 
‘‘(i) a generator that is a qualified 
dispatchable low-emission technology or a 
qualified dispatchable zero-emission tech-
nology shall be equal to the product ob-
tained by multiplying— 
‘‘(I) the qualified generation of 
that generator; 
‘‘(II) the difference between— 
‘‘(aa) 1.0; and 
‘‘(bb) the quotient obtained 
by dividing— 
‘‘(AA) the carbon inten-
sity of the generator, as de-
termined in accordance with 
subsection (g) (expressed in 
metric tons per megawatt- 
hour); by 
‘‘(BB) the applicable 
carbon intensity; and 
‘‘(III) 1.5; 
‘‘(ii) a generator that is a dispatch-
able zero-emission technology that is not 
issued Federal clean energy credits under 
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clause (i) shall be equal to the product ob-
tained by multiplying— 
‘‘(I) the qualified generation of 
that generator; 
‘‘(II) the difference between— 
‘‘(aa) 1.0; and 
‘‘(bb) the quotient obtained 
by dividing— 
‘‘(AA) the carbon inten-
sity of the generator, as de-
termined in accordance with 
subsection (g) (expressed in 
metric tons per megawatt- 
hour); by 
‘‘(BB) the applicable 
carbon intensity; and 
‘‘(III) the appropriate multiplier, 
as determined under subparagraph 
(B)(i); and 
‘‘(iii) a generator that is a dispatch-
able low-emission technology that is not 
issued Federal clean energy credits under 
clause (i) shall be equal to the product ob-
tained by multiplying— 
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‘‘(I) the qualified generation of 
that generator; 
‘‘(II) the difference between— 
‘‘(aa) 1.0; and 
‘‘(bb) the quotient obtained 
by dividing— 
‘‘(AA) the carbon inten-
sity of the generator, as de-
termined in accordance with 
subsection (g) (expressed in 
metric tons per megawatt- 
hour); by 
‘‘(BB) the applicable 
carbon intensity; and 
‘‘(III) the appropriate multiplier, 
as determined under subparagraph 
(B)(ii). 
‘‘(B) MULTIPLIERS.—The multipliers re-
ferred to in clauses (ii)(III) and (iii)(III) of 
subparagraph (A) are— 
‘‘(i) for a dispatchable zero-emission 
technology 
described 
in 
subparagraph 
(A)(ii)— 
‘‘(I) for the period beginning on 
the date of enactment of this section 
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and ending on the date on which the 
total capacity of dispatchable zero- 
emission technologies in the United 
States is greater than 5 gigawatts, as 
determined by the Secretary, 1.25; 
‘‘(II) for the period beginning on 
the day after the date of expiration of 
the period described in subclause (I) 
and ending on the date on which the 
total capacity of dispatchable zero- 
emission technologies in the United 
States is greater than 10 gigawatts, 
as determined by the Secretary, 1.2; 
‘‘(III) for the period beginning on 
the day after the date of expiration of 
the period described in subclause (II) 
and ending on the date on which the 
total capacity of dispatchable zero- 
emission technologies in the United 
States is greater than 15 gigawatts, 
as determined by the Secretary, 1.15; 
and 
‘‘(IV) for the period beginning on 
the day after the date of expiration of 
the period described in subclause (III) 
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and ending on the date on which the 
total capacity of dispatchable zero- 
emission technologies in the United 
States is greater than 20 gigawatts, 
as determined by the Secretary, 1.1; 
and 
‘‘(ii) for a dispatchable low-emission 
technology 
described 
in 
subparagraph 
(A)(iii)— 
‘‘(I) for the period beginning on 
the date of enactment of this section 
and ending on the date on which the 
total capacity of dispatchable low- 
emission 
technologies 
and 
dispatchable 
zero-emission 
tech-
nologies in the United States is great-
er than 5 gigawatts, as determined by 
the Secretary, 1.25; 
‘‘(II) for the period beginning on 
the day after the date of expiration of 
the period described in subclause (I) 
and ending on the date on which the 
total capacity of dispatchable low- 
emission 
technologies 
and 
dispatchable 
zero-emission 
tech-
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nologies in the United States is great-
er than 10 gigawatts, as determined 
by the Secretary, 1.2; 
‘‘(III) for the period beginning on 
the day after the date of expiration of 
the period described in subclause (II) 
and ending on the date on which the 
total capacity of dispatchable low- 
emission 
technologies 
and 
dispatchable 
zero-emission 
tech-
nologies in the United States is great-
er than 15 gigawatts, as determined 
by the Secretary, 1.15; and 
‘‘(IV) for the period beginning on 
the day after the date of expiration of 
the period described in subclause (III) 
and ending on the date on which the 
total capacity of dispatchable low- 
emission 
technologies 
and 
dispatchable 
zero-emission 
tech-
nologies in the United States is great-
er than 20 gigawatts, as determined 
by the Secretary, 1.1. 
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effective beginning on January 1, 2050; 
and 
‘‘(iii) a generator described in sub-
paragraph (A)(iii) shall be determined in 
accordance with paragraphs (1) through 
(6), effective beginning on January 1, 
2040. 
‘‘(D) 
PROHIBITION
ON
DOUBLE
RE-
CEIPTS.—A generator that receives Federal 
clean energy credits under subparagraph (A) 
may not receive any additional Federal clean 
energy credit under any of paragraphs (1) 
through (6). 
‘‘(g) DETERMINATION OF CARBON INTENSITY AND 
CREDIT VALUE.— 
‘‘(1) IN
GENERAL.—For purposes of deter-
mining the quantity of Federal clean energy credits 
under subsection (f), except as otherwise provided in 
this subsection, the Secretary shall determine the 
carbon intensity of each generator using data and 
methods from the Air Emission Measurement Center 
of the Environmental Protection Agency for emission 
testing and monitoring, including— 
‘‘(A) Continuous Emission Monitoring Sys-
tems; and 
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‘‘(B) Predictive Emission Monitoring Sys-
tems. 
‘‘(2) NATURAL GAS ADJUSTMENT.—Except as 
provided in paragraph (4), the Secretary shall adjust 
the carbon intensity determined under paragraph (1) 
for each generator using natural gas by applying the 
methane leakage rates assumed in the 9-region 
MARKAL Database of the Environmental Protec-
tion Agency (commonly known as the ‘EPAUS9R 
database’). 
‘‘(3) NONEMITTING
GENERATORS.—Except as 
provided in paragraph (4), the Secretary shall assign 
a carbon intensity of zero for any generator that 
does not produce emissions on electric energy gen-
eration, including any generator that uses renewable 
energy, hydropower, or nuclear power. 
‘‘(4) DETERMINATION AND NATIONAL ACADEMY 
OF SCIENCES STUDY.—The Secretary shall— 
‘‘(A) not later than 180 days after the date 
of enactment of this section, enter into an 
agreement with the National Academy of 
Sciences, under which the Academy shall— 
‘‘(i) evaluate data, models, and meth-
odologies for quantifying lifecycle green-
house gas emissions associated with gener-
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ating electric energy from each type of sig-
nificant source of clean energy, including 
the sources described in subparagraphs (A) 
and (B) of subsection (b)(8); 
‘‘(ii) evaluate data, models, and meth-
odologies for determining the appropriate 
credit value for use in the quantification of 
Federal clean energy credits under sub-
section (f) for— 
‘‘(I) qualified renewable biomass, 
taking 
into 
consideration 
total 
lifecycle carbon dynamics, including— 
‘‘(aa) 
carbon 
absorbed 
through the regrowth of vegeta-
tion; 
‘‘(bb) avoided decomposition 
relating to the full fuel lifecycle; 
‘‘(cc) carbon sink value from 
land use changes and temporal 
changes in forest carbon seques-
tration; and 
‘‘(dd) lifecycle greenhouse 
gas emissions, including— 
‘‘(AA) 
direct 
green-
house gas emissions; and 
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‘‘(BB) significant indi-
rect greenhouse gas emis-
sions, including all stages of 
fuel and feedstock produc-
tion and distribution and 
feedstock generation or ex-
traction through the dis-
tribution and delivery of the 
finished fuel to electric con-
sumers; 
‘‘(II) qualified waste-to-energy, 
taking 
into 
consideration 
total 
lifecycle carbon dynamics, including— 
‘‘(aa) avoided decomposition 
relating to the feedstock lifecycle; 
and 
‘‘(bb) lifecycle greenhouse 
gas emissions, including— 
‘‘(AA) 
direct 
green-
house gas emissions; and 
‘‘(BB) indirect green-
house gas emissions; and 
‘‘(III) qualified low-carbon fuels, 
taking into consideration lifecycle 
greenhouse gas emissions, including— 
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‘‘(aa) direct greenhouse gas 
emissions; and 
‘‘(bb) 
significant 
indirect 
greenhouse gas emissions, includ-
ing— 
‘‘(AA) all stages of fuel 
and 
feedstock 
production 
and distribution; and 
‘‘(BB) feedstock gen-
eration 
or 
extraction 
through the distribution and 
delivery of the finished fuel 
to electric consumers; 
‘‘(iii) evaluate the appropriateness of 
the definitions contained in subsection (b) 
of the terms— 
‘‘(I) ‘qualified renewable bio-
mass’, 
taking 
into 
consideration 
whether the definition should be ex-
panded or contracted; 
‘‘(II) ‘qualified waste-to-energy’; 
and 
‘‘(III) ‘qualified low-carbon fuel’; 
‘‘(iv) if it is determined under clause 
(iii)(I) that the definition of the term 
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‘qualified renewable biomass’ should be ex-
panded, evaluate tools for determining the 
allowable carbon stock removal levels dur-
ing defined forest management operations; 
and 
‘‘(v) not later than 540 days after the 
date of enactment of this section, publish 
a report that includes— 
‘‘(I) a description of the evalua-
tions under clauses (i) through (iv); 
and 
‘‘(II) recommendations for— 
‘‘(aa) determining the car-
bon intensity, accounting for 
lifecycle greenhouse gas emis-
sions, of electric energy gen-
erated from each type of signifi-
cant source of clean energy evalu-
ated under clause (i); 
‘‘(bb) determining the credit 
value of electric energy generated 
from qualified renewable bio-
mass, qualified waste-to-energy, 
and qualified low-carbon fuels; 
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