Title: Clean Energy Innovation and Deployment Act of 2021
Policy area: Energy

Summary:
Clean Energy Innovation and Deployment Act of 2021
This bill sets forth provisions to reduce greenhouse gas emissions, including by establishing (1) a Clean Energy Deployment Administration within the Department of Energy; (2) a zero-emission electricity standard; and (3) incentives, such as tax credits and grants, to power companies for the accelerated deployment of 80% and 100% zero-emission electricity systems. It also reauthorizes through FY2026 and revises the Weatherization Assistance Program.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4309 Introduced in House (IH)]

<DOC>






117th CONGRESS
  1st Session
                                H. R. 4309

 To advance innovation in and deployment of zero-emission electricity 
                  technology, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 1, 2021

 Ms. DeGette (for herself, Mr. Peters, and Ms. Kuster) introduced the 
   following bill; which was referred to the Committee on Energy and 
  Commerce, and in addition to the Committees on Science, Space, and 
  Technology, Ways and Means, Transportation and Infrastructure, and 
Education and Labor, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To advance innovation in and deployment of zero-emission electricity 
                  technology, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Clean Energy 
Innovation and Deployment Act of 2021''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
       TITLE I--INVESTMENT IN CLEAN ENERGY TECHNOLOGY INNOVATION

Sec. 100. Purpose.
           Subtitle A--Clean Energy Deployment Administration

Sec. 101. Definitions.
Sec. 102. Energy technology deployment goals.
Sec. 103. Clean Energy Deployment Administration.
Sec. 104. Administration functions.
Sec. 105. Improvements to existing clean energy investment programs.
Sec. 106. Federal credit authority.
Sec. 107. General provisions.
             Subtitle B--Carbon-Free Technology Innovation

Sec. 111. Demand efficiency technology innovation.
Sec. 112. Super hot rock geothermal energy technology innovation.
Sec. 113. Zero carbon fuel technology innovation.
Sec. 114. Advanced nuclear reactor innovation.
Sec. 115. National offshore wind energy goal.
              TITLE II--ZERO-EMISSION ELECTRICITY STANDARD

Sec. 200. Purpose.
             Subtitle A--Zero-Emission Electricity Standard

Sec. 201. Definitions.
Sec. 202. Zero-emission electricity requirement.
Sec. 203. Zero-emission electricity credit trading program.
Sec. 204. Determination and issuance of quantity of zero-emission 
                            electricity credits.
Sec. 205. Carbon Mitigation Fund.
Sec. 206. State programs.
Sec. 207. Report to Congress.
Sec. 208. Information collection.
Sec. 209. Civil penalties.
Sec. 210. Regulations.
                     Subtitle B--Methane Regulation

Sec. 211. Methane regulation.
 TITLE III--INCENTIVES FOR THE ACCELERATED DEPLOYMENT OF ZERO-EMISSION 
                              ELECTRICITY

Sec. 300. Purpose.
Subtitle A--Incentives for the Accelerated Deployment of 80-Percent and 
             100-Percent Zero-Emission Electricity Systems

Sec. 301. Zero-emission electricity acceleration investment tax credit.
Sec. 302. Zero-emission electricity acceleration grants.
Sec. 303. Recipients of certain clean energy investment tax credits.
    Subtitle B--Carbon-Targeted Zero-Emission Electricity Tax Credit

Sec. 311. Carbon-targeted zero-emission electricity tax credit.
Sec. 312. Election to treat carbon-targeted zero-emission electricity 
                            facility as energy property.
Sec. 313. Energy tax credit monetization.
               TITLE IV--LOW-INCOME RATE-PAYER PROTECTION

Sec. 400. Purpose.
Sec. 401. Weatherization assistance program.
Sec. 402. LIHEAP authorization.
           TITLE V--ENERGY WORKFORCE TRANSITION AND TRAINING

Sec. 500. Purposes and definitions.
                     Subtitle A--State Energy Plans

Sec. 501. State energy plans.
Sec. 502. Authorization of appropriations.
                Subtitle B--Energy Workforce Transition

Sec. 511. Energy Workforce Transition Office and Advisory Committee.
Sec. 512. Energy workforce transition plans and reemployment of 
                            affected workers.
            Subtitle C--Modern Energy Workforce Development

              Part 1--Modern Energy Workforce Development

Sec. 521. Modern energy workforce development.
Sec. 522. Clean Energy Jobs Training Program.
Sec. 523. University Zero-Emission Energy Leadership Program.
Sec. 524. Authorization of appropriations.
                    Part 2--Climate Resiliency Corps

Sec. 531. Establishment of the Climate Resiliency Corps.
Sec. 532. Board of Directors of the Climate Resiliency Corps.
Sec. 533. Chief executive officer of the Climate Resiliency Corps.
Sec. 534. Senior management.
Sec. 535. General employment within the Climate Resiliency Corps.
Sec. 536. Project applications.
Sec. 537. Funding.

       TITLE I--INVESTMENT IN CLEAN ENERGY TECHNOLOGY INNOVATION

SEC. 100. PURPOSE.

    The purpose of this title is to facilitate innovation in a wide 
range of zero-emission electricity technologies.

           Subtitle A--Clean Energy Deployment Administration

SEC. 101. DEFINITIONS.

    In this subtitle:
            (1) Administration.--The term ``Administration'' means the 
        Clean Energy Deployment Administration established by section 
        103.
            (2) Administrator.--The term ``Administrator'' means the 
        Administrator of the Administration.
            (3) Advisory council.--The term ``Advisory Council'' means 
        the Energy Technology Advisory Council of the Administration.
            (4) Breakthrough technology.--The term ``breakthrough 
        technology'' means a clean energy technology that--
                    (A) presents a significant opportunity to advance 
                the goals developed by the Secretary under section 102, 
                as assessed under the methodology established by the 
                Advisory Council; and
                    (B) has not been determined by the Secretary to be 
                commercially ready.
            (5) Clean energy technology.--The term ``clean energy 
        technology'' means a technology related to the production, use, 
        transmission, storage, control, or conservation of energy that 
        will contribute to the stabilization of the climate by reducing 
        greenhouse gas emissions or sequestering or utilizing carbon 
        dioxide and--
                    (A) reduce the need for additional energy supplies 
                by using existing energy supplies with greater 
                efficiency;
                    (B) transmit, distribute, or transport energy with 
                greater effectiveness through the infrastructure of the 
                United States; or
                    (C) increase and diversify the sources of energy in 
                the United States in a way that will reduce risk to 
                human health, safety, and welfare and the environment 
                and create energy security.
            (6) Cost.--The term ``cost'' has the meaning given the term 
        in section 502 of the Federal Credit Reform Act of 1990 (2 
        U.S.C. 661a).
            (7) Direct loan.--The term ``direct loan'' has the meaning 
        given the term in section 502 of the Federal Credit Reform Act 
        of 1990 (2 U.S.C. 661a).
            (8) Energy transition community.--The term ``energy 
        transition community'' has the meaning given such term in 
        section 500 of this Act.
            (9) Financial institution.--The term ``financial 
        institution'' means--
                    (A) an insured bank (as defined in section 3(h) of 
                the Federal Deposit Insurance Act (12 U.S.C. 1813(h)));
                    (B) a commercial bank or trust company;
                    (C) a private banker;
                    (D) an agency or branch of a foreign bank in the 
                United States;
                    (E) any credit union;
                    (F) a thrift institution;
                    (G) a broker or dealer registered with the 
                Securities and Exchange Commission under the Securities 
                Exchange Act of 1934 (15 U.S.C. 78a et seq.);
                    (H) a broker or dealer in securities or 
                commodities;
                    (I) an investment banker or investment company;
                    (J) an insurance company;
                    (K) a loan or finance company; and
                    (L) a green bank.
            (10) Fund.--The term ``Fund'' means the Clean Energy 
        Investment Fund established by section 105(a).
            (11) Green bank.--The term ``green bank'' means a dedicated 
        public or nonprofit specialized finance entity that--
                    (A) is designed to strategically drive private 
                capital into emerging low- and zero-emission goods and 
                services;
                    (B) uses finance tools to mitigate climate change;
                    (C) does not take deposits;
                    (D) is funded by government, public, private, or 
                charitable contributions; and
                    (E) invests alone or in conjunction with other 
                investors.
            (12) Loan guarantee.--The term ``loan guarantee'' has the 
        meaning given the term in section 502 of the Federal Credit 
        Reform Act of 1990 (2 U.S.C. 661a).
            (13) National laboratory.--The term ``National Laboratory'' 
        has the meaning given the term in section 2 of the Energy 
        Policy Act of 2005 (42 U.S.C. 15801).
            (14) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.
            (15) Security.--The term ``security'' has the meaning given 
        the term in section 2 of the Securities Act of 1933 (15 U.S.C. 
        77b).
            (16) Small business.--The term ``small business'' means a 
        business which is independently owned and operated and which is 
        not dominant in its field of operation. The term ``small 
        business'' may be further defined by the Administrator by the 
        number of employees, dollar volume of business, net worth, net 
        income, or other factors.
            (17) State.--The term ``State'' means--
                    (A) a State;
                    (B) the District of Columbia;
                    (C) the Commonwealth of Puerto Rico; and
                    (D) any other territory or possession of the United 
                States.

SEC. 102. ENERGY TECHNOLOGY DEPLOYMENT GOALS.

    (a) Goals.--Not later than 1 year after the date of enactment of 
this Act, the Secretary, in consultation with the Advisory Council, 
shall develop and publish for review and comment in the Federal 
Register near-, medium-, and long-term goals (including numerical 
performance targets at appropriate intervals to measure progress toward 
those goals) for the deployment of clean energy technologies through 
the credit support programs established by this subtitle to promote--
            (1) the deployment, by not later than 2050, of electric 
        generating capacity with net-zero greenhouse gas emissions, 
        that is sufficient to reliably meet the projected energy demand 
        of the United States in 2050;
            (2) clean energy technologies in vehicles and fuels that 
        will substantially reduce the reliance of the United States on 
        foreign sources of energy and insulate consumers from the 
        volatility of global energy markets;
            (3) a domestic commercialization and manufacturing capacity 
        that will establish the United States as a world leader in 
        clean energy technologies across multiple sectors;
            (4) the installation of electricity transmission 
        infrastructure with the capacity to provide the cost-effective 
        deployment of zero-emission electricity technologies 
        appropriate to each region of the United States;
            (5) the transformation of the building stock of the United 
        States to net zero energy consumption;
            (6) the recovery, use, and prevention of waste energy;
            (7) domestic manufacturing of clean energy technologies on 
        a scale that is sufficient to achieve price parity with 
        conventional energy sources;
            (8) domestic production of commodities and materials, 
        including steel, chemicals, polymers, and cement, through the 
        use of clean energy technologies that will establish the United 
        States as a world leader in the environmentally sustainable 
        production of such commodities and materials;
            (9) a robust, efficient, and interactive electricity 
        transmission grid that will allow for the incorporation of 
        clean energy technologies, distributed generation, smart grid 
        functions, and demand-response in each regional electric grid;
            (10) a variety of financial products intended to allow 
        owners and users of residential, retail, commercial, and 
        industrial buildings to make energy efficiency and distributed 
        generation technology investments with reasonable payback 
        periods;
            (11) technical assistance to States and other political 
        subdivisions that do not have green banks to establish 
        independent, nonprofit green banks in such States and political 
        subdivisions, including by working with relevant stakeholders 
        in such States and political subdivisions;
            (12) loan guarantees, credit enhancements, and other 
        financial products to extend the reach and effectiveness of 
        local, State, and regional financing entities, including green 
        banks, and particularly to support their ability to finance 
        local projects that--
                    (A) provide jobs;
                    (B) mitigate greenhouse gas emissions; and
                    (C) serve--
                            (i) low-income, minority, and distressed 
                        neighborhoods (within the meaning of section 
                        910 of the Housing and Community Development 
                        Act of 1992 (12 U.S.C. 2901 note; Public Law 
                        102-550)); or
                            (ii) low-income, minority, and rural 
                        consumers (within the meaning of the final rule 
                        of the Bureau of Consumer Financial Protection 
                        entitled ``Ability-to-Repay and Qualified 
                        Mortgage Standards Under the Truth in Lending 
                        Act (Regulation Z)'' (78 Fed. Reg. 6408 
                        (January 30, 2013))); and
            (13) such other goals as the Secretary, in consultation 
        with the Advisory Council, determines to be consistent with 
        this subtitle.
    (b) Revisions.--The Secretary shall revise the goals established 
under subsection (a), from time to time as appropriate, to account for 
advances in technology and infrastructure.

SEC. 103. CLEAN ENERGY DEPLOYMENT ADMINISTRATION.

    (a) Establishment.--
            (1) In general.--There is established in the Department of 
        Energy an administration, to be known as the Clean Energy 
        Deployment Administration. There shall be at the head of the 
        Administration an Administrator and a Board of Directors, who 
        shall be appointed by the President with the advice and consent 
        of the Senate.
            (2) Status.--
                    (A) In general.--The Administration (including 
                officers, employees, and agents of the Administration) 
                shall not be responsible to, or subject to the 
                authority, direction, or control of, any other officer, 
                employee, or agent of the Department of Energy other 
                than the Secretary, acting through the Administrator.
                    (B) Exemption from reorganization.--The 
                Administration shall be exempt from the reorganization 
                authority provided under section 643 of the Department 
                of Energy Organization Act (42 U.S.C. 7253).
                    (C) Inspector general.--Section 12 of the Inspector 
                General Act of 1978 (5 U.S.C. App.) is amended--
                            (i) in paragraph (1), by inserting ``the 
                        Administrator of the Clean Energy Deployment 
                        Administration;'' after ``Export-Import 
                        Bank;''; and
                            (ii) in paragraph (2), by inserting ``the 
                        Clean Energy Deployment Administration,'' after 
                        ``Export-Import Bank,''.
            (3) Offices.--
                    (A) Principal office.--The Administration shall--
                            (i) maintain the principal office of the 
                        Administration in the District of Columbia; and
                            (ii) for purposes of venue in civil 
                        actions, be considered to be a resident of the 
                        District of Columbia.
                    (B) Other offices.--The Administration may 
                establish other offices in such other places as the 
                Administration considers necessary or appropriate for 
                the conduct of the business of the Administration.
    (b) Administrator.--
            (1) In general.--The Administrator shall be--
                    (A) appointed by the President, with the advice and 
                consent of the Senate, for a 5-year term; and
                    (B) compensated at the annual rate of basic pay 
                prescribed for level II of the Executive Schedule under 
                section 5313 of title 5, United States Code.
            (2) Duties.--The Administrator shall--
                    (A) serve as--
                            (i) the Chief Executive Officer of the 
                        Administration; and
                            (ii) the Chairman of the Board of 
                        Directors;
                    (B) consult with the Secretary of Agriculture, the 
                Secretary of the Interior, the Administrator of the 
                Environmental Protection Agency, and the heads of other 
                agencies as appropriate, in carrying out the duties 
                described in this paragraph;
                    (C) ensure that--
                            (i) the Administration operates in a safe 
                        and sound manner, including maintenance of 
                        adequate capital and internal controls 
                        (consistent with section 404 of the Sarbanes-
                        Oxley Act of 2002 (15 U.S.C. 7262));
                            (ii) the operations and activities of the 
                        Administration foster liquid, efficient, 
                        competitive, and resilient energy and energy 
                        efficiency finance markets;
                            (iii) the Administration carries out this 
                        subtitle only through activities that are 
                        authorized under and consistent with this 
                        subtitle; and
                            (iv) the activities of the Administration 
                        and the manner in which the Administration is 
                        operated are consistent with the public 
                        interest;
                    (D) develop policies and procedures for the 
                Administration that will--
                            (i) promote a self-sustaining portfolio of 
                        investments that will maximize the value of 
                        investments to effectively promote clean energy 
                        technologies;
                            (ii) promote transparency and openness in 
                        Administration operations;
                            (iii) afford the Administration with 
                        sufficient flexibility to carry out this 
                        subtitle;
                            (iv) provide for the efficient processing 
                        of applications;
                            (v) promote the participation of private 
                        and public financial institutions and other 
                        sources of private capital in investments, on 
                        commercially reasonable terms, if and to the 
                        extent the capital is available; and
                            (vi) promote the availability of financial 
                        products to small business by working with 
                        entities, including green banks, that have 
                        appropriate expertise in extending credit or 
                        other relevant financial services to small 
                        businesses that are developing clean energy 
                        technologies;
                    (E) ensure, to the maximum extent practicable and 
                to the extent of available resources, that on the 
                request of any energy transition community or Indian 
                Tribe, such energy transition community or Indian Tribe 
                shall have available scientific and technical 
                information and expertise for use in the regulation, 
                development, and management of clean energy 
                technologies, either--
                            (i) directly, acting through Federal 
                        officials within the Administration; or
                            (ii) indirectly, by providing financial 
                        assistance to an energy transition community or 
                        an Indian Tribe to secure independent 
                        assistance in the regulation, development, and 
                        management of clean energy technologies; and
                    (F) with the concurrence of the Board of Directors, 
                establish expected loss reserves for the support 
                provided by the Administration consistent with section 
                104(a).
    (c) Board of Directors.--
            (1) In general.--The Board of Directors of the 
        Administration shall consist of--
                    (A) the Secretary or the designee of the Secretary, 
                who shall serve as an ex officio voting member of the 
                Board of Directors;
                    (B) the Administrator, who shall serve as the 
                Chairman of the Board of Directors; and
                    (C) 7 additional members who shall--
                            (i) be appointed by the President, with the 
                        advice and consent of the Senate, for staggered 
                        5-year terms; and
                            (ii) have experience in banking or 
                        financial services relevant to the operations 
                        of the Administration, including individuals 
                        with substantial experience in the development 
                        of energy projects, the electricity generation 
                        sector, the transportation sector, the 
                        manufacturing sector, the energy efficiency 
                        sector, or helping low-income, minority, and 
                        distressed neighborhoods (within the meaning of 
                        section 910 of the Housing and Community 
                        Development Act of 1992 (12 U.S.C. 2901 note; 
                        Public Law 102-550)) develop and benefit from 
                        clean energy technologies.
            (2) Duties.--The Board of Directors shall--
                    (A) oversee the operations of the Administration 
                and ensure industry best practices are followed in all 
                financial transactions involving the Administration;
                    (B) consult with the Administrator on the general 
                policies and procedures of the Administration to ensure 
                that the interests of the taxpayers are protected;
                    (C) ensure that the portfolio of investments of the 
                Administration are consistent with this subtitle and 
                with the long-term financial stability of the 
                Administration;
                    (D) ensure that the operations and activities of 
                the Administration are consistent with the development 
                of a robust private sector that can provide commercial 
                loans or financing products for clean energy 
                technologies; and
                    (E) not serve on a full-time basis, except that the 
                Board of Directors shall meet at least quarterly to 
                review, as appropriate, applications for credit support 
                and set policies and procedures as necessary.
            (3) Removal.--An appointed member of the Board of Directors 
        may be removed from office by the President for good cause.
            (4) Vacancies.--An appointed seat on the Board of Directors 
        that becomes vacant shall be filled by appointment by the 
        President, but only for the unexpired portion of the term of 
        the vacating member.
            (5) Compensation of members.--An appointed member of the 
        Board of Directors shall be compensated at a rate equal to the 
        daily equivalent of the annual rate of basic pay prescribed for 
        level III of the Executive Schedule under section 5314 of title 
        5, United States Code, for each day (including travel time) 
        during which the member is engaged in the performance of the 
        duties of the Board of Directors.
    (d) Energy Technology Advisory Council.--
            (1) In general.--The Administration shall have an Energy 
        Technology Advisory Council consisting of--
                    (A) 6 members selected by the Secretary; and
                    (B) 3 members selected by the Board of Directors of 
                the Administration.
            (2) Qualifications.--The members of the Advisory Council 
        shall--
                    (A) have relevant scientific expertise; and
                    (B) in the case of the members selected by the 
                Secretary under paragraph (1)(A), include 
                representatives of--
                            (i) the academic community;
                            (ii) the private research community;
                            (iii) National Laboratories;
                            (iv) the technology or project development 
                        community;
                            (v) the commercial energy financing and 
                        operations sector; and
                            (vi) the electric generation sector, 
                        including at least one person who is 
                        knowledgeable of the electric cooperative 
                        sector.
            (3) Duties.--
                    (A) Advice.--The Advisory Council shall provide 
                advice to the Administration regarding the 
                technological approaches that should be supported by 
                the Administration to meet the goals developed by the 
                Secretary under section 102.
                    (B) Methodology for assessment.--The Advisory 
                Council shall develop and publish for comment in the 
                Federal Register a methodology for the assessment of 
                clean energy technologies. Such methodology shall--
                            (i) allow the Administration to evaluate 
                        projects based on the progress likely to be 
                        achieved per-dollar invested in clean energy 
                        technology; and
                            (ii) take into account the extent to which 
                        support for a clean energy technology is likely 
                        to accrue benefits that are attributable to 
                        commercial-scale deployment taking place 
                        earlier than that which otherwise would have 
                        occurred without the support.
            (4) Term.--
                    (A) In general.--Members of the Advisory Council 
                shall have 5-year staggered terms, as determined by the 
                Secretary and the Administrator.
                    (B) Reappointment.--A member of the Advisory 
                Council may be reappointed.
            (5) Compensation.--A member of the Advisory Council, who is 
        not otherwise compensated as a Federal employee, shall be 
        compensated at a rate equal to the daily equivalent of the 
        annual rate of basic pay prescribed for level IV of the 
        Executive Schedule under section 5315 of title 5, United States 
        Code, for each day (including travel time) during which the 
        member is engaged in the performance of the duties of the 
        Advisory Council.
    (e) Staff.--
            (1) In general.--The Administrator, in consultation with 
        the Board of Directors, may--
                    (A) appoint and terminate such officers, attorneys, 
                employees, and agents as are necessary to carry out 
                this subtitle; and
                    (B) vest those personnel with such powers and 
                duties as the Administrator determines to be necessary.
            (2) Direct hire authority.--
                    (A) In general.--Notwithstanding section 3304 and 
                sections 3309 through 3318 of title 5, United States 
                Code, the Administrator may, on a determination that 
                there is a severe shortage of candidates or a critical 
                hiring need for particular positions, recruit and 
                directly appoint highly qualified critical personnel 
                with specialized knowledge important to the function of 
                the Administration into the competitive service.
                    (B) Exception.--The authority granted under 
                subparagraph (A) shall not apply to positions in the 
                excepted service or the Senior Executive Service.
                    (C) Requirements.--In exercising the authority 
                granted under subparagraph (A), the Administrator shall 
                ensure that any action taken by the Administrator--
                            (i) is consistent with the merit principles 
                        of section 2301 of title 5, United States Code; 
                        and
                            (ii) complies with the public notice 
                        requirements of section 3327 of title 5, United 
                        States Code.
                    (D) Termination of effectiveness.--The authority 
                provided by this paragraph terminates effective on the 
                date that is 3 years after the date of enactment of 
                this Act.
            (3) Critical pay authority.--
                    (A) In general.--Notwithstanding section 5377 of 
                title 5, United States Code, and without regard to the 
                provisions of that title governing appointments in the 
                competitive service or the Senior Executive Service and 
                chapters 51 and 53 of that title (relating to 
                classification and pay rates), the Administrator may 
                establish, fix the compensation of, and appoint 
                individuals to critical positions needed to carry out 
                the functions of the Administration, if the 
                Administrator certifies that--
                            (i) the positions require expertise of an 
                        extremely high level in a financial, technical, 
                        or scientific field;
                            (ii) the Administration would not 
                        successfully accomplish an important mission 
                        without such an individual; and
                            (iii) exercise of the authority is 
                        necessary to recruit an individual who is 
                        exceptionally well qualified for the position.
                    (B) Limitations.--The authority granted under 
                subparagraph (A) shall be subject to the following 
                conditions:
                            (i) The number of critical positions 
                        authorized by subparagraph (A) may not exceed 
                        20 at any given time in the Administration.
                            (ii) The term of an appointment under 
                        subparagraph (A) may not exceed 4 years.
                            (iii) An individual appointed under 
                        subparagraph (A) may not have been an 
                        Administration employee at any time during the 
                        2-year period preceding the date of 
                        appointment.
                            (iv) Total annual compensation for any 
                        individual appointed under subparagraph (A) may 
                        not exceed the highest total annual 
                        compensation payable at the rate determined 
                        under section 104 of title 3, United States 
                        Code.
                            (v) An individual appointed under 
                        subparagraph (A) may not be considered to be an 
                        employee for purposes of subchapter II of 
                        chapter 75 of title 5, United States Code.
                    (C) Notification.--Each year, the Administrator 
                shall submit to Congress a notification that lists each 
                individual appointed under this paragraph.

SEC. 104. ADMINISTRATION FUNCTIONS.

    (a) Direct Support.--
            (1) In general.--The Administration may issue direct loans, 
        letters of credit, loan guarantees, insurance products, or such 
        other credit support (including through participation as a co-
        lender or a lending member of a syndication) as the 
        Administrator considers appropriate to deploy clean energy 
        technologies if the Administrator has determined that 
        deployment of the technologies would benefit or be accelerated 
        by the support.
            (2) Eligibility criteria.--In carrying out this subsection 
        and awarding credit support to projects, the Administrator 
        shall account for--
                    (A) how the technology rates based on an evaluation 
                methodology established by the Advisory Council;
                    (B) how the project fits with the goals developed 
                by the Secretary under section 102; and
                    (C) the potential for the applicant to successfully 
                complete the project.
            (3) Risk.--
                    (A) Technology risk.--In this paragraph, the term 
                ``technology risk''--
                            (i) means risk during construction or 
                        operation associated with the design, 
                        development, or deployment of a clean energy 
                        technology from the perspective of commercial 
                        lenders, that may be increased as a result of 
                        the absence of adequate historical 
                        construction, operating, or performance data 
                        from commercial applications of the technology; 
                        and
                            (ii) includes risk associated with the 
                        cost, schedule, performance, reliability, 
                        maintenance, and the perception of risk.
                    (B) Expected loan loss reserve.--The Administrator 
                shall establish an expected loan loss reserve to 
                account for estimated losses attributable to activities 
                under this section that is consistent with the purposes 
                of--
                            (i) developing breakthrough technologies to 
                        the point at which the associated technology 
                        risk is largely mitigated;
                            (ii) achieving widespread deployment and 
                        advancing the commercial viability of clean 
                        energy technologies; and
                            (iii) advancing the goals developed by the 
                        Secretary under section 102.
                    (C) Initial expected loan loss reserve.--Until such 
                time as the Administrator determines sufficient data 
                exist to establish an expected loan loss reserve that 
                is appropriate, the Administrator shall consider 
                establishing an initial rate of 10 percent for the 
                portfolio of investments under this subtitle.
                    (D) Portfolio investment approach.--The 
                Administration shall--
                            (i) use a portfolio investment approach to 
                        mitigate risk and diversify investments across 
                        technologies;
                            (ii) to the maximum extent practicable and 
                        consistent with long-term self-sufficiency, 
                        weigh the portfolio of investments in projects 
                        to advance goals developed by the Secretary 
                        under section 102; and
                            (iii) consistent with the expected loan 
                        loss reserve established under this paragraph, 
                        provide the maximum practicable percentage of 
                        support to promote breakthrough technologies.
                    (E) Loss rate review.--
                            (i) In general.--The Board of Directors 
                        shall review on an annual basis the loss rates 
                        of the portfolio to determine the adequacy of 
                        the reserves.
                            (ii) Report.--Not later than 90 days after 
                        the date of the initiation of each review under 
                        clause (i), the Administrator shall submit to 
                        the Committee on Energy and Commerce of the 
                        House of Representatives and the Committee on 
                        Energy and Natural Resources of the Senate a 
                        report describing the results of the review and 
                        any recommended policy changes.
            (4) Application review.--
                    (A) In general.--To the maximum extent practicable 
                and consistent with sound business practices, the 
                Administration shall seek to consolidate reviews of 
                applications for credit support under this subtitle 
                such that final decisions on applications can be issued 
                not later than 180 days after the date of submission of 
                a completed application.
                    (B) Environmental review.--In carrying out this 
                subtitle, the Administration shall, to the maximum 
                extent practicable--
                            (i) avoid duplicating efforts that have 
                        already been undertaken by other agencies, 
                        including State agencies acting under Federal 
                        programs; and
                            (ii) with the advice of the Council on 
                        Environmental Quality and any other applicable 
                        agencies, use the administrative records of 
                        similar reviews conducted throughout the 
                        executive branch to develop the most 
                        expeditious review process practicable.
            (5) Wage rate requirements.--With respect to the labor 
        standards specified in this section, the Secretary of Labor 
        shall have the authority and functions set forth in 
        Reorganization Plan Numbered 14 of 1950 (64 Stat. 1267; 5 
        U.S.C. App.) and section 3145 of title 40, United States Code.
    (b) Indirect Support.--
            (1) In general.--The Administration shall develop financial 
        products and arrangements to promote widespread deployment of, 
        and private sector support of, clean energy technologies by 
        facilitating aggregation of small projects and by providing 
        indirect credit support, including credit enhancement, to 
        private and public entities, including green banks.
            (2) Financial products.--The Administration--
                    (A) in cooperation with Federal, State, local, and 
                private sector entities, shall develop debt instruments 
                that directly aggregate, or provide for the aggregation 
                of, projects for the deployment of clean energy 
                technology on a scale appropriate for residential or 
                commercial applications; and
                    (B) may insure, purchase, and make commitments to 
                purchase, any debt instrument associated with the 
                deployment of a clean energy technology (including 
                instruments secured by liens or other collateral 
                related to the funding of clean energy technology) for 
                the purposes of enhancing the availability of private 
                financing for deployment of clean energy technology.
            (3) Disposition of debt or interest.--The Administration 
        may acquire, hold, and sell or otherwise dispose of, pursuant 
        to commitments or otherwise, any debt associated with the 
        deployment of clean energy technologies or interest in the 
        debt.
            (4) Pricing.--
                    (A) In general.--The Administrator may establish 
                requirements, and impose charges or fees, which may be 
                regarded as elements of pricing, for different classes 
                of sellers, servicers, or services.
                    (B) Classification of sellers and servicers.--For 
                the purpose of subparagraph (A), the Administrator may 
                classify sellers and servicers as necessary to promote 
                transparency and liquidity and to properly characterize 
                the risk of default.
            (5) Eligibility.--The Administrator shall establish--
                    (A) eligibility criteria for loan originators, 
                sellers, and servicers seeking support for portfolios 
                of financial obligations relating to clean energy 
                technologies to ensure the capability of the loan 
                originators, sellers, and servicers to perform the 
                functions required to maintain the expected performance 
                of the portfolios; and
                    (B) such criteria, standards, guidelines, and 
                mechanisms such that, to the maximum extent 
                practicable, loan originators and sellers will be able 
                to determine the eligibility of loans for resale at the 
                time of initial lending.
            (6) Secondary market support.--
                    (A) In general.--The Administration may lend on the 
                security of, and make commitments to lend on the 
                security of, any debt that the Administration has 
                issued or is authorized to purchase under this section.
                    (B) Authorized actions.--On such terms and 
                conditions as the Administrator may prescribe, the 
                Administration may, based on the debt and with the 
                concurrence of the Board of Directors--
                            (i) give security or guarantee;
                            (ii) pay interest or other return; and
                            (iii) issue notes, debentures, bonds, or 
                        other obligations or securities.
            (7) Lending activities.--
                    (A) In general.--The Administrator shall 
                determine--
                            (i) the volume of the lending activities of 
                        the Administration; and
                            (ii) the types of loan ratios, risk 
                        profiles, interest rates, maturities, and 
                        charges or fees in the secondary market 
                        operations of the Administration.
                    (B) Objectives.--Determinations under subparagraph 
                (A) shall be consistent with the objectives of--
                            (i) providing an attractive investment 
                        environment for clean energy technologies;
                            (ii) making the operations of the 
                        Administration self-supporting over the long 
                        term; and
                            (iii) advancing the goals developed by the 
                        Secretary under section 102.

SEC. 105. IMPROVEMENTS TO EXISTING CLEAN ENERGY INVESTMENT PROGRAMS.

    (a) Clean Energy Investment Fund.--
            (1) Establishment.--There is established in the Treasury of 
        the United States a revolving fund, to be known as the Clean 
        Energy Investment Fund, consisting of--
                    (A) such amounts as are deposited in the Fund under 
                this subtitle and amendments made by this subtitle; and
                    (B) such sums as may be appropriated to the Fund.
            (2) Expenditures from fund.--
                    (A) In general.--Amounts in the Fund shall be 
                available to the Secretary for obligation without 
                fiscal year limitation, to remain available until 
                expended.
                    (B) Administrative expenses.--
                            (i) Fees.--Fees collected by the Secretary 
                        of the Treasury for expenses related to the 
                        administrative needs of the Fund shall be 
                        available without limitation to cover 
                        applicable expenses.
                            (ii) Fund.--To the extent that 
                        administrative expenses are not reimbursed 
                        through fees, an amount not to exceed 1.5 
                        percent of the amounts in the Fund as of the 
                        beginning of each fiscal year shall be 
                        available to pay the administrative expenses 
                        for the fiscal year necessary to carry out 
                        title XVII of the Energy Policy Act of 2005 (42 
                        U.S.C. 16511 et seq.).
            (3) Transfers of amounts.--
                    (A) In general.--The amounts required to be 
                transferred to the Fund under this subsection shall be 
                transferred at least monthly from the general fund of 
                the Treasury to the Fund on the basis of estimates made 
                by the Secretary of the Treasury.
                    (B) Cash flows.--Cash flows associated with costs 
                of the Fund described in section 502(5)(B) of the 
                Federal Credit Reform Act of 1990 (2 U.S.C. 661a(5)(B)) 
                shall be transferred to appropriate credit accounts.
                    (C) Adjustments.--Proper adjustment shall be made 
                in amounts subsequently transferred to the extent prior 
                estimates were in excess of or less than the amounts 
                required to be transferred.
    (b) Revisions to Loan Guarantee Program Authority.--
            (1) Definition of commercial technology.--Section 1701(1) 
        of the Energy Policy Act of 2005 (42 U.S.C. 16511(1)) is 
        amended by striking subparagraph (B) and inserting the 
        following:
                    ``(B) Exclusion.--The term `commercial technology' 
                does not include a technology solely by the use of the 
                technology in--
                            ``(i) a demonstration project funded by the 
                        Department; or
                            ``(ii) a project for which the Secretary 
                        approved a guarantee.''.
            (2) Subrogation.--Section 1702(g)(2) of the Energy Policy 
        Act of 2005 (42 U.S.C. 16512(g)(2)) is amended by striking 
        subparagraphs (B) and (C) and inserting the following:
                    ``(B) Superiority of rights.--Except as provided in 
                subparagraph (C), the rights of the Secretary, with 
                respect to any property acquired pursuant to a 
                guarantee or related agreements, shall be superior to 
                the rights of any other person with respect to the 
                property.
                    ``(C) Terms and conditions.--A guarantee agreement 
                shall include such detailed terms and conditions as the 
                Secretary determines appropriate to--
                            ``(i) protect the interests of the United 
                        States in the case of default;
                            ``(ii) have available all the patents and 
                        technology necessary for any person selected, 
                        including the Secretary, to complete and 
                        operate the project;
                            ``(iii) provide for sharing the proceeds 
                        received from the sale of project assets with 
                        other creditors or control the disposition of 
                        project assets if necessary to protect the 
                        interests of the United States in the case of 
                        default; and
                            ``(iv) provide such lien priority in 
                        project assets as necessary to protect the 
                        interests of the United States in the case of a 
                        default.''.

SEC. 106. FEDERAL CREDIT AUTHORITY.

    (a) Transfer of Functions and Authority.--
            (1) In general.--
                    (A) Deadline.--Subject to paragraph (2), on a 
                finding by the Secretary and the Administrator that the 
                Administration is sufficiently ready to assume the 
                functions, and that applicants to those programs will 
                not be unduly adversely affected, but in no case later 
                than 18 months after the date of enactment of this Act, 
                the functions and authority of the Secretary described 
                in subparagraph (B) shall be transferred to the 
                Administration.
                    (B) Functions and authority.--The functions and 
                authority of the Secretary described in this 
                subparagraph are functions and authority under--
                            (i) title XVII of the Energy Policy Act of 
                        2005 (42 U.S.C. 16511 et seq.);
                            (ii) section 2602(c) of the Energy Policy 
                        Act of 1992 (25 U.S.C. 3502(c)); and
                            (iii) financial services and program 
                        management for grant, loan, and other credit 
                        enhancement programs authorized to be 
                        administered by the Secretary under any other 
                        provision of law, as the Secretary determines 
                        appropriate.
            (2) Failure to transfer functions.--If the functions and 
        authorities are not transferred to the Administration in 
        accordance with paragraph (1), the Secretary and the 
        Administrator shall submit to Congress a report on the reasons 
        for delay and an expected timetable for transfer of the 
        functions and authorities to the Administration not later than 
        2 years after the enactment of this title and every year 
        thereafter until the functions and authorities are transferred 
        to the Administration.
            (3) Effect on existing rights and obligations.--The 
        transfer of functions and authority under this subsection shall 
        not affect the rights and obligations of any party that arise 
        under a predecessor program or authority prior to the transfer 
        under this subsection.
            (4) Transfer of fund authority.--
                    (A) In general.--On transfer of functions pursuant 
                to paragraph (1), the Administration shall have all 
                authorities to make use of the Fund reserved for the 
                Secretary before the transfer.
                    (B) Administrative expenses.--Effective beginning 
                on the date of enactment of this Act, the Administrator 
                may make use of up to 1.5 percent of the amounts in the 
                Fund as of the beginning of each fiscal year to pay 
                administrative expenses for that fiscal year to carry 
                out this subtitle.
            (5) Use.--
                    (A) In general.--Amounts in the Fund shall be 
                available for discharge of liabilities and all other 
                expenses of the Administration, including subsequent 
                transfer to the respective credit accounts.
                    (B) Liability.--All activities of the 
                Administration that could result in a liability for the 
                United States shall be transparently accounted for and 
                no obligation or liability may be incurred unless--
                            (i) the appropriate amounts are transferred 
                        to credit accounts for activities pursuant to 
                        the Federal Credit Reform Act of 1990 (2 U.S.C. 
                        661a); or
                            (ii) sufficient amounts are reserved within 
                        the Fund to account for such liabilities.
            (6) Initial investment.--
                    (A) In general.--On transfer of functions pursuant 
                to paragraph (1), out of any funds in the Treasury not 
                otherwise appropriated, the Secretary of the Treasury 
                shall transfer to the Fund to carry out this subtitle 
                $10,000,000,000, to remain available until expended.
                    (B) Receipt and acceptance.--The Fund shall be 
                entitled to receive and shall accept, and shall be used 
                to carry out this subtitle, the funds transferred to 
                the Fund under subparagraph (A), without further 
                appropriation.
            (7) Authorization of appropriations.--In addition to funds 
        made available by paragraphs (1) through (6), there are 
        authorized to be appropriated to the Fund such sums as are 
        necessary to carry out this subtitle.
    (b) Payments of Liabilities.--Any payment to discharge liabilities 
arising from agreements under this subtitle shall be made exclusively 
out of the Fund or the associated credit account, as appropriate.
    (c) Fees.--
            (1) In general.--Consistent with carrying out this 
        subtitle, the Administrator shall charge fees or collect 
        compensation generally in accordance with commercial rates.
            (2) Availability of fees.--All fees collected by the 
        Administration may be retained by the Administration and placed 
        in the Fund and may remain available to the Administration, 
        without further appropriation or fiscal year limitation, for 
        use in carrying out this subtitle.
            (3) Breakthrough technologies.--The Administration shall 
        charge the minimum amount in fees or compensation practicable 
        for breakthrough technologies, consistent with the long-term 
        viability of the Administration, unless the Administration 
        first determines that a higher charge will not impede the 
        development of the technology.
            (4) Alternative fee arrangements.--The Administration may 
        use such alternative arrangements (such as profit 
        participation, contingent fees, and other valuable contingent 
        interests) as the Administration considers appropriate to 
        compensate the Administration for the expenses of the 
        Administration and the risk inherent in the support of the 
        Administration.
    (d) Cost Transfer Authority.--Amounts collected by the 
Administration for the cost of a loan or loan guarantee shall be 
transferred by the Administration to the respective credit program 
accounts.
    (e) Supplemental Borrowing Authority.--In order to maintain 
sufficient liquidity for activities authorized under section 104(b), 
the Administration may issue notes, debentures, bonds, or other 
obligations for purchase by the Secretary of the Treasury.
    (f) Public Debt Transactions.--For the purpose of subsection (e)--
            (1) the Secretary of the Treasury may use as a public debt 
        transaction the proceeds of the sale of any securities issued 
        under chapter 31 of title 31, United States Code; and
            (2) the purposes for which securities may be issued under 
        that chapter are extended to include any purchase under this 
        subsection.
    (g) Maximum Outstanding Holding.--The Secretary of the Treasury 
shall purchase instruments issued under subsection (e) to the extent 
that the purchase would not increase the aggregate principal amount of 
the outstanding holdings of obligations under subsection (e) by the 
Secretary of the Treasury to an amount that is greater than 
$2,000,000,000.
    (h) Rate of Return.--Each purchase of obligations by the Secretary 
of the Treasury under this section shall be on terms and conditions 
established to yield a rate of return determined by the Secretary of 
the Treasury to be appropriate, taking into account the current average 
rate on outstanding marketable obligations of the United States as of 
the last day of the month preceding the purchase.
    (i) Sale of Obligations.--The Secretary of the Treasury may at any 
time sell, on terms and conditions and at prices determined by the 
Secretary of the Treasury, any of the obligations acquired by the 
Secretary of the Treasury under this section.
    (j) Public Debt Transactions.--All redemptions, purchases, and 
sales by the Secretary of the Treasury of obligations under this 
section shall be treated as public debt transactions of the United 
States.

SEC. 107. GENERAL PROVISIONS.

    (a) Immunity From Impairment, Limitation, or Restriction.--
            (1) In general.--All rights and remedies of the 
        Administration (including any rights and remedies of the 
        Administration on, under, or with respect to any mortgage or 
        any obligation secured by a mortgage) shall be immune from 
        impairment, limitation, or restriction by or under--
                    (A) any law (other than a law enacted by Congress 
                expressly in limitation of this paragraph) that becomes 
                effective after the acquisition by the Administration 
                of the subject or property on, under, or with respect 
                to which the right or remedy arises or exists or would 
                so arise or exist in the absence of the law; or
                    (B) any administrative or other action that becomes 
                effective after the acquisition.
            (2) State law.--The Administrator may conduct the business 
        of the Administration without regard to any qualification or 
        law of any State relating to incorporation.
    (b) Use of Other Agencies.--With the consent of a department, 
establishment, or instrumentality (including any field office), the 
Administration may--
            (1) use and act through any department, establishment, or 
        instrumentality; or
            (2) use, and pay compensation for, information, services, 
        facilities, and personnel of the department, establishment, or 
        instrumentality.
    (c) Procurement.--The Administrator shall be the senior procurement 
officer for the Administration for purposes of section 1702 of title 
41, United States Code.
    (d) Financial Matters.--
            (1) Investments.--Funds of the Administration may be 
        invested in such investments as the Board of Directors may 
        prescribe.
            (2) Fiscal agents.--Any Federal reserve bank or any bank 
        for which, at the time of designation by the Administrator 
        there is outstanding a designation by the Secretary of the 
        Treasury as a general or other depository of public money, may 
        be designated by the Administrator as a depositary or custodian 
        or as a fiscal or other agent of the Administration.
    (e) Jurisdiction.--Notwithstanding section 1349 of title 28, United 
States Code, or any other provision of law--
            (1) the Administration shall be considered a corporation 
        covered by sections 1345 and 1442 of title 28, United States 
        Code;
            (2) all civil actions to which the Administration is a 
        party shall be considered to arise under the laws of the United 
        States, and the district courts of the United States shall have 
        original jurisdiction of all such actions, without regard to 
        amount or value, except that the courts of appeals shall have 
        jurisdiction over civil actions pertaining to section 
        103(a)(3); and
            (3) any civil or other action, case or controversy in a 
        court of a State, or in any court other than a district court 
        of the United States, to which the Administration is a party 
        may at any time before trial be removed by the Administration, 
        without the giving of any bond or security and by following any 
        procedure for removal of causes in effect at the time of the 
        removal--
                    (A) to the district court of the United States for 
                the district and division embracing the place in which 
                the same is pending; or
                    (B) if there is no such district court, to the 
                district court of the United States for the district in 
                which the principal office of the Administration is 
                located.
    (f) Periodic Reports.--Not later than 1 year after commencement of 
operation of the Administration and at least biannually thereafter, the 
Administrator shall submit to the Committee on Energy and Commerce of 
the House of Representatives and the Committee on Energy and Natural 
Resources of the Senate a report that includes a description of--
            (1) the technologies supported by activities of the 
        Administration; and
            (2) the performance of the Administration on meeting the 
        goals developed by the Secretary under section 102.
    (g) Audits by the Comptroller General.--
            (1) In general.--The programs, activities, receipts, 
        expenditures, and financial transactions of the Administration 
        shall be subject to audit by the Comptroller General of the 
        United States under such rules and regulations as may be 
        prescribed by the Comptroller General.
            (2) Access.--The representatives of the Government 
        Accountability Office shall--
                    (A) have access to the personnel and to all books, 
                accounts, documents, records (including electronic 
                records), reports, files, and all other papers, 
                automated data, things, or property belonging to, under 
                the control of, or in use by the Administration, or any 
                agent, representative, attorney, advisor, or consultant 
                retained by the Administration, and necessary to 
                facilitate the audit;
                    (B) be afforded full facilities for verifying 
                transactions with the balances or securities held by 
                depositories, fiscal agents, and custodians;
                    (C) be authorized to obtain and duplicate any such 
                books, accounts, documents, records, working papers, 
                automated data and files, or other information relevant 
                to the audit without cost to the Comptroller General; 
                and
                    (D) have the right of access of the Comptroller 
                General to such information under section 716(c) of 
                title 31, United States Code.
            (3) Assistance and cost.--
                    (A) In general.--For the purpose of conducting an 
                audit under this subsection, the Comptroller General 
                may, in the discretion of the Comptroller General, 
                employ by contract, without regard to section 6101 of 
                title 41, United States Code, professional services of 
                firms and organizations of certified public accountants 
                for temporary periods or for special purposes.
                    (B) Reimbursement.--
                            (i) In general.--On the request of the 
                        Comptroller General, the Administration shall 
                        reimburse the General Accountability Office for 
                        the full cost of any audit conducted by the 
                        Comptroller General under this subsection.
                            (ii) Crediting.--Such reimbursements 
                        shall--
                                    (I) be credited to the 
                                appropriation account entitled 
                                ``Salaries and Expenses, Government 
                                Accountability Office'' at the time at 
                                which the payment is received; and
                                    (II) remain available until 
                                expended.
    (h) Annual Independent Audits.--
            (1) In general.--The Administrator shall--
                    (A) have an annual independent audit made of the 
                financial statements of the Administration by an 
                independent public accountant in accordance with 
                generally accepted auditing standards; and
                    (B) submit to the Secretary the results of the 
                audit.
            (2) Content.--In conducting an audit under this subsection, 
        the independent public accountant shall determine and report on 
        whether the financial statements of the Administration--
                    (A) are presented fairly in accordance with 
                generally accepted accounting principles; and
                    (B) comply with any disclosure requirements imposed 
                under this subtitle.
    (i) Financial Reports.--
            (1) In general.--The Administrator shall submit to the 
        Secretary annual and quarterly reports of the financial 
        condition and operations of the Administration, which shall be 
        in such form, contain such information, and be submitted on 
        such dates as the Secretary shall require.
            (2) Contents of annual reports.--Each annual report shall 
        include--
                    (A) financial statements prepared in accordance 
                with generally accepted accounting principles;
                    (B) any supplemental information or alternative 
                presentation that the Secretary may require; and
                    (C) an assessment (as of the end of the most recent 
                fiscal year of the Administration), signed by the chief 
                executive officer and chief accounting or financial 
                officer of the Administration, of--
                            (i) the effectiveness of the internal 
                        control structure and procedures of the 
                        Administration; and
                            (ii) the compliance of the Administration 
                        with applicable safety and soundness laws.
            (3) Special reports.--The Secretary may require the 
        Administrator to submit other reports on the condition 
        (including financial condition), management, activities, or 
        operations of the Administration, as the Secretary considers 
        appropriate.
            (4) Accuracy.--Each report of financial condition shall 
        contain a declaration by the Administrator or any other officer 
        designated by the Board of Directors of the Administration to 
        make the declaration, that the report is true and correct to 
        the best of the knowledge and belief of the officer.
            (5) Availability of reports.--Reports required under this 
        section shall be published and made publicly available as soon 
        as is practicable after receipt by the Secretary.
    (j) Scope and Termination of Authority.--
            (1) New obligations.--The Administrator shall not initiate 
        any new obligations under this subtitle on or after January 1, 
        2039.
            (2) Reversion to secretary.--The authorities and 
        obligations of the Administration shall revert to the Secretary 
        on January 1, 2039.

             Subtitle B--Carbon-Free Technology Innovation

SEC. 111. DEMAND EFFICIENCY TECHNOLOGY INNOVATION.

    (a) Report to Congress.--Not later than 1 year after the date of 
enactment of this section, the Secretary of Energy shall submit to the 
Committee on Energy and Commerce of the House of Representatives and 
the Committee on Energy and Natural Resources of the Senate a report 
describing--
            (1) recommendations for improving the modeling, 
        operational, and planning practices used for the bulk electric 
        system in order to better account for the integration of demand 
        efficiency technologies and ensuring increased resiliency, 
        mitigating peak system demand, and avoiding or deferring 
        transmission investments; and
            (2) an assessment of existing regional and interregional 
        transmission planning and siting processes and whether such 
        processes are adequate with respect to the deployment of demand 
        efficiency technologies.
    (b) Consultation.--The report under subsection (a) may be produced 
in consultation and coordination with the National Academy of Sciences.
    (c) Definition.--In this section, the term ``demand efficiency 
technologies'' includes--
            (1) advanced metering infrastructure that records 
        electricity use at defined intervals, ranging from hourly to 
        real-time and provides data to electric utilities and 
        customers, and which may include 2-way communications and 
        instantaneous data transmission;
            (2) behind-the-meter smart devices with aggregation and 
        control capabilities, which may include thermostats, heat 
        pumps, lighting controls, electric vehicle chargers, and other 
        appliances that can be equipped with communications and control 
        capabilities;
            (3) power flow control and voltage management equipment and 
        methods that allow grid operators to adjust remotely and in 
        real time the amount of electricity flowing and manage the 
        voltage on transmission lines;
            (4) dynamic line rating technologies and methods that can 
        be used to determine the maximum power flow capacity and real-
        time constraints and conditions on a transmission line; and
            (5) dynamic transformer rating technologies and methods 
        that allow electric companies and grid operators to understand 
        the real-time operating conditions of transformers.

SEC. 112. SUPER HOT ROCK GEOTHERMAL ENERGY TECHNOLOGY INNOVATION.

    (a) Demonstration Projects.--Not later than 1 year after the date 
of enactment of this section, the Secretary of Energy shall enter into 
agreements to carry out 1 or more demonstration projects of super hot 
rock engineered geothermal energy systems under which water is injected 
into the earth at a depth at which temperatures exceed 400 degrees 
Celsius and water reaches a supercritical state.
    (b) Report to Congress.--Not later than 3 years after the date of 
enactment of this section, the Secretary of Energy shall submit a 
report to Congress describing--
            (1) the demonstration projects described under subsection 
        (a);
            (2) the result of said demonstration projects;
            (3) an assessment of the potential for utilization of super 
        hot rock geothermal energy; and
            (4) a recommendation of next steps to explore the potential 
        for the utilization of super hot rock geothermal energy.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary of Energy to carry out this section 
$70,000,000 per fiscal year for each of the 5 fiscal years beginning 
after the date of enactment of this section.

SEC. 113. ZERO CARBON FUEL TECHNOLOGY INNOVATION.

    (a) Consortia.--The Secretary of Energy shall establish 1 or more 
consortia to conduct research and development in order to facilitate 
the large-scale commercial manufacture of efficient, low-cost, durable 
devices that use electricity to split water into hydrogen and oxygen. 
Activities conducted under this section shall focus on materials and 
component integration and manufacturing, and may include--
            (1) cell modeling and characterization;
            (2) scale-up and integration studies; and
            (3) membrane studies.
    (b) Report to Congress.--Not later than 1 year after the date of 
enactment of this section, the Secretary of Energy shall provide a 
report to the Committee on Energy and Commerce of the House of 
Representatives and the Committee on Energy and Natural Resources of 
the Senate that shall include--
            (1) an inventory of existing pipeline assets in the United 
        States, including a description of the materials used in and 
        the quality of the pipeline networks;
            (2) an assessment of the capacity of pipeline networks to 
        transport hydrogen and hydrogen carriers;
            (3) an assessment of the probability that embrittlement 
        could occur within pipelines of the type and quality identified 
        under paragraph (1) and an identification of the methodologies 
        used in order to conduct such assessments;
            (4) an assessment of the cost of pipeline inlay with a 
        range of materials to allow for the transportation of hydrogen 
        and hydrogen carriers;
            (5) an identification of potential high-risk areas within 
        existing infrastructure that deserve special attention with 
        respect to safety and reliability; and
            (6) a safety protocol for assessing pipeline materials and 
        system pressures in existing natural gas pipeline systems to 
        determine their ability to safely distribute blends of natural 
        gas and hydrogen and the potential for pipeline embrittlement, 
        and such a protocol may include guidelines for conducting 
        routine pipeline maintenance and inspection.
    (c) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary of Energy to carry out this section 
$10,000,000 per fiscal year for each of the 5 fiscal years beginning 
after the date of enactment of this section.

SEC. 114. ADVANCED NUCLEAR REACTOR INNOVATION.

    (a) National Reactor Innovation Center.--
            (1) Section 958(a) of the Energy Policy Act of 2005 (42 
        U.S.C. 16278(a)) is amended by striking ``to be proposed and 
        funded, in whole or in part, by the private sector''.
            (2) Section 958 of the Energy Policy Act of 2005 (42 U.S.C. 
        16278) is amended by adding at the end the following:
    ``(h) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary to carry out this section $40,000,000 for 
each of fiscal years 2023 through 2027.''.
    (b) Advanced Reactor Demonstration Program.--
            (1) Section 959A(c) of the Energy Policy Act of 2005 (42 
        U.S.C. 16279a(c)) is amended--
                    (A) in paragraph (9)(C), by striking ``and'' at the 
                end;
                    (B) in paragraph (10)(F), by striking the period at 
                the end and inserting ``; and''; and
                    (C) by adding the following:
            ``(11) carry out not less than four demonstration projects 
        of any given reactor configuration involving new or 
        significantly improved equipment, process, or production 
        method.''.
            (2) Section 959A of the Energy Policy Act of 2005 (42 
        U.S.C. 16279a) is amended by striking subsection (f) and 
        inserting the following:
    ``(f) Authorization of Appropriations.--There are authorized to be 
appropriated to the Secretary to carry out the program under this 
subsection, $1,500,000,000 for each of fiscal years 2023 through 
2027.''.

SEC. 115. NATIONAL OFFSHORE WIND ENERGY GOAL.

    It shall be a goal of the United States to deploy--
            (1) 12.5 gigawatts of offshore wind energy by January 1, 
        2025; and
            (2) 30 gigawatts of offshore wind energy by January 1, 
        2030.

              TITLE II--ZERO-EMISSION ELECTRICITY STANDARD

SEC. 200. PURPOSE.

    The purpose of this title is to achieve 100 percent net zero-
emission electricity between 2035 and 2050, depending on the 
availability of technology.

             Subtitle A--Zero-Emission Electricity Standard

SEC. 201. DEFINITIONS.

    In this subtitle:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the Environmental Protection Agency.
            (2) Affiliate.--The term ``affiliate'' has the meaning 
        given such term in section 1262 of the Energy Policy Act of 
        2005 (42 U.S.C. 16451).
            (3) Associate company.--The term ``associate company'' has 
        the meaning given such term in section 1262 of the Energy 
        Policy Act of 2005 (42 U.S.C. 16451).
            (4) Behind-the-meter generation system.--The term ``behind-
        the-meter generation system'' means a system of generation of 
        electric energy that operates on the electric consumer side of 
        the applicable utility meter.
            (5) Beneficial electrification-related reduction.--The term 
        ``beneficial electrification-related reduction'' means the net 
        reduction of the aggregate greenhouse gas emissions 
        attributable to a retail electricity supplier and an electric 
        consumer as the result of the replacement of a nonelectric 
        energy source used by the electric consumer with electric 
        energy provided by the retail electricity supplier, including 
        for the purpose of transportation, space heating, water 
        heating, or industrial processes.
            (6) Carbon dioxide equivalent.--The term ``carbon dioxide 
        equivalent'' means the number of metric tons of carbon dioxide 
        emissions with the same global warming potential over a 20-year 
        period as 1 metric ton of another greenhouse gas, including, in 
        determining such global warming potential--
                    (A) the effects of climate-carbon feedbacks for 
                both carbon dioxide and the other greenhouse gas, as 
                determined in accordance with the Fifth Assessment 
                Report of the Intergovernmental Panel on Climate 
                Change; and
                    (B) for methane, the effect of carbon dioxide 
                resulting from methane oxidation in the atmosphere.
            (7) Carbon intensity.--The term ``carbon intensity'' means 
        the carbon dioxide equivalent emissions associated with the 
        generation of 1 megawatt-hour of electric energy, as determined 
        by the Administrator under section 204.
            (8) Electric consumer.--The term ``electric consumer'' has 
        the meaning given such term in section 3 of the Public Utility 
        Regulatory Policies Act of 1978 (16 U.S.C. 2602).
            (9) Federal power marketing administration.--The term 
        ``Federal Power Marketing Administration'' means the Bonneville 
        Power Administration, the Southeastern Power Administration, 
        the Southwestern Power Administration, or the Western Area 
        Power Administration.
            (10) Generating unit.--The term ``generating unit'' means a 
        unit or system of units that--
                    (A) generates electric energy that is consumed in 
                the United States;
                    (B) generates not fewer than 20 megawatt-hours of 
                electric energy per calendar year; and
                    (C)(i) delivers electric energy to the electric 
                grid; or
                    (ii) in the case of a behind-the-meter generation 
                system--
                            (I) delivers electric energy to the 
                        electric grid; or
                            (II) generates electric energy that is 
                        consumed onsite for a useful purpose other than 
                        for generating electric energy.
            (11) Generator.--The term ``generator'' means the owner or 
        operator of a generating unit.
            (12) Greenhouse gas.--The term ``greenhouse gas'' includes 
        each of the following:
                    (A) Carbon dioxide.
                    (B) Methane.
                    (C) Nitrous oxide.
                    (D) Sulfur hexafluoride.
                    (E) Any hydrofluorocarbon.
                    (F) Any perfluorocarbon.
                    (G) Nitrogen trifluoride.
                    (H) Any fully fluorinated linear, branched, or 
                cyclic--
                            (i) alkane;
                            (ii) ether;
                            (iii) tertiary amine; or
                            (iv) aminoether.
                    (I) Any perfluoropolyether.
                    (J) Any hydrofluoropolyether.
                    (K) Any other fluorocarbon, except for a 
                fluorocarbon with a vapor pressure of less than 1 mm of 
                Hg absolute at 25 degrees Celsius.
            (13) Qualified combined heat and power system.--The term 
        ``qualified combined heat and power system'' means a system 
        that--
                    (A) uses the same energy source for the 
                simultaneous or sequential generation of electric 
                energy and thermal energy;
                    (B) produces at least--
                            (i) 20 percent of the useful energy of the 
                        system in the form of electric energy; and
                            (ii) 20 percent of the useful energy of the 
                        system in the form of useful thermal energy;
                    (C) to the extent that the system uses biomass, 
                uses only qualified renewable biomass; and
                    (D) operates with an energy efficiency percentage, 
                as determined in accordance with section 48(c)(3)(C)(i) 
                of the Internal Revenue Code of 1986, of greater than 
                60 percent on a year-round basis.
            (14) Qualified electricity generation.--
                    (A) In general.--The term ``qualified electricity 
                generation'' means the number of megawatt-hours of 
                electric energy that a generator generates using a 
                generating unit and--
                            (i) sells directly or indirectly for use by 
                        electric consumers for purposes other than 
                        resale; or
                            (ii) that is consumed onsite for a useful 
                        purpose other than for generating electric 
                        energy.
                    (B) Affiliate sales.--For purposes of calculating 
                the quantity of electric energy sold by a retail 
                electricity supplier under this paragraph, the quantity 
                of electric energy sold--
                            (i) by an affiliate of the retail 
                        electricity supplier, or an associate company 
                        of the retail electricity supplier, to an 
                        electric consumer (other than to a lessee or 
                        tenant of the affiliate or associate company) 
                        shall be treated as sold by the retail 
                        electricity supplier; and
                            (ii) by such retail electricity supplier to 
                        an affiliate, lessee, or tenant of the retail 
                        electricity supplier shall not be considered to 
                        be a sale to an electric consumer.
            (15) Qualified low-carbon fuel.--
                    (A) In general.--The term ``qualified low-carbon 
                fuel'' means a fuel that--
                            (i) is produced through any process that 
                        significantly limits or avoids greenhouse gas 
                        emissions; and
                            (ii) does not release greenhouse gas 
                        emissions during combustion.
                    (B) Inclusion.--The term ``qualified low-carbon 
                fuel'' includes, subject to subparagraph (A)--
                            (i) ammonia; and
                            (ii) hydrogen.
            (16) Qualified renewable biomass.--
                    (A) In general.--The term ``qualified renewable 
                biomass'' means--
                            (i) any crop byproduct, or crop residue, 
                        harvested from actively managed, or fallow, 
                        agricultural nonforested land that was cleared 
                        before January 1, 2021, if the harvesting of 
                        the byproduct or residue does not lead to a net 
                        decline in soil organic matter for the 
                        applicable land;
                            (ii) any cellulose, hemicellulose, or 
                        lignin that is derived from a woody or nonwoody 
                        plant that is planted for ``closed-loop 
                        biomass'', as defined in section 45(c)(2) of 
                        the Internal Revenue Code of 1986, on land that 
                        was, as of January 1, 2021--
                                    (I) actively managed cropland or 
                                fallow and nonforested cropland, as 
                                defined by the Department of 
                                Agriculture;
                                    (II) a brownfield site (as defined 
                                in section 101(39) of the Comprehensive 
                                Environmental Response, Compensation, 
                                and Liability Act of 1980 (42 U.S.C. 
                                9601(39))); or
                                    (III) an abandoned mine site;
                            (iii) nonhazardous algal or other micro-
                        crop matter;
                            (iv) waste--
                                    (I) that is burned in a qualified 
                                combined heat and power system; and
                                    (II) that is--
                                            (aa) a gas that is 
                                        primarily composed of methane, 
                                        and that has been generated 
                                        entirely from the decomposition 
                                        of organic matter, including 
                                        sewage, food waste, animal 
                                        waste, and agricultural waste;
                                            (bb) nonhazardous landscape 
                                        or right-of-way trimmings;
                                            (cc) vegetative matter 
                                        removed from an area located 
                                        not more than 200 yards from a 
                                        building, residence, or 
                                        campground for the purpose of 
                                        protecting structures from 
                                        wildfire;
                                            (dd) any byproduct of a 
                                        wood mill or paper mill 
                                        operation, including lignin in 
                                        spent pulping liquors, that is 
                                        demonstrated to otherwise be 
                                        burned for energy onsite;
                                            (ee) plant material removed 
                                        for the purposes of invasive or 
                                        noxious plant species control; 
                                        or
                                            (ff) downed wood from 
                                        extreme weather events; and
                            (v) food waste.
                    (B) Limit of inclusion of invasive species.--Except 
                as provided in subparagraph (A)(iv)(II)(ee), the term 
                ``qualified renewable biomass'' does not include any 
                matter that the Secretary of Agriculture, in 
                consultation with other Federal or State departments 
                and agencies the Secretary determines appropriate, 
                determines is derived from--
                            (i) a plant that is invasive or noxious; or
                            (ii) a species or varieties of plants that 
                        are potentially invasive.
                    (C) Oversight.--The Administrator shall consult 
                with the Chiefs of the United States Forest Service, 
                the Fish and Wildlife Service, and the Natural 
                Resources Conservation Service in implementing 
                subparagraphs (A) and (B).
                    (D) Emissions.--The term ``qualified renewable 
                biomass'' does not include any biomass the processing 
                or combustion of which results in emissions of--
                            (i) an air pollutant for which air quality 
                        criteria has been issued under section 108 of 
                        the Clean Air Act (42 U.S.C. 7408); or
                            (ii) a hazardous air pollutant (as defined 
                        in section 112 of the Clean Air Act (42 U.S.C. 
                        7412(b))).
            (17) Qualified waste-to-energy.--The term ``qualified 
        waste-to-energy'' means electric energy generated--
                    (A) from the combustion of--
                            (i) post-recycled municipal solid waste, 
                        provided such combustion does not result in 
                        emissions of--
                                    (I) an air pollutant for which air 
                                quality criteria has been issued under 
                                section 108 of the Clean Air Act (42 
                                U.S.C. 7408); or
                                    (II) a hazardous air pollutant (as 
                                defined in section 112 of the Clean Air 
                                Act (42 U.S.C. 7412));
                            (ii) gas produced from the gasification or 
                        pyrolization of post-recycled municipal solid 
                        waste;
                            (iii) waste described in paragraph 
                        (16)(A)(iv)(II);
                            (iv) other animal waste or animal 
                        byproducts;
                            (v) food waste;
                            (vi) a gas that is primarily composed of 
                        methane, and that has been generated entirely 
                        from the decomposition of organic matter, 
                        including sewage, food waste, animal waste, and 
                        agricultural waste; or
                            (vii) if diverted from or separated from 
                        other waste out of a municipal waste stream--
                                    (I) paper products that are not 
                                commonly recyclable;
                                    (II) solid-wood yard waste, 
                                pallets, or crates; or
                                    (III) manufacturing and 
                                construction debris; and
                    (B) at a facility that the Administrator has 
                certified, within the past 3 years, is in compliance 
                with all applicable Federal and State environmental 
                permits.
            (18) Retail electricity supplier.--The term ``retail 
        electricity supplier'', as determined for each calendar year, 
        means an entity in the United States that sold not fewer than 
        20 megawatt-hours of electric energy to electric consumers for 
        purposes other than resale during the preceding calendar year.
            (19) Sale.--The term ``sale'', when used with respect to 
        electric energy, has the meaning given such term in section 
        3(13) of the Public Utility Regulatory Policies Act of 1978 (16 
        U.S.C. 2602(13)).
            (20) State.--Except as otherwise provided in this title, 
        the term ``State'' means a State of the United States and any 
        district, commonwealth, territory, or possession of the United 
        States.
            (21) Zero-emission electricity.--The term ``zero-emission 
        electricity'' means the amount, in megawatt-hours, of electric 
        energy generated by a generating unit that is not associated 
        with the release of greenhouse gases into the atmosphere, as 
        calculated by multiplying--
                    (A) the qualified electricity generation of the 
                generating unit; by
                    (B) the number that equals--
                            (i) 1.0; less
                            (ii) the quotient obtained by dividing--
                                    (I) the carbon intensity of the 
                                generating unit; by
                                    (II) 0.82.
            (22) Zero-emission electricity credit.--The term ``zero-
        emission electricity credit'' means a credit issued pursuant to 
        section 204.

SEC. 202. ZERO-EMISSION ELECTRICITY REQUIREMENT.

    (a) Zero-Emission Electricity Requirement.--
            (1) Credit submission requirement.--
                    (A) In general.--Except as otherwise provided in 
                this section, effective beginning with calendar year 
                2023, for each calendar year, not later than June 1 of 
                the following calendar year, each retail electricity 
                supplier shall submit to the Administrator a quantity 
                of zero-emission electricity credits that is equal to--
                            (i) for each of calendar years 2023 and 
                        2024, the quantity of zero-emission electricity 
                        credits determined under paragraph (3) for the 
                        retail electricity supplier for such calendar 
                        year; and
                            (ii) for calendar year 2025 and each 
                        calendar year thereafter, the average of the 
                        quantity of zero-emission electricity credits 
                        determined under paragraph (3) for the retail 
                        electricity supplier for such calendar year and 
                        the two prior calendar years.
                    (B) Accounting for undercompliance due to energy 
                loss.--Notwithstanding subparagraph (A)(ii), beginning 
                in 2035, and for each calendar year thereafter, if the 
                percentage of national undercompliance due to energy 
                loss is greater than 1 for the calendar year, a retail 
                electricity supplier that has a percentage of 
                individual undercompliance due to energy loss that is 
                greater than 1 for the calendar year shall submit to 
                the Administrator a quantity of zero-emission 
                electricity credits that is equal to the number 
                obtained by dividing--
                            (i) the quantity of zero-emission 
                        electricity credits described in subparagraph 
                        (A)(ii); by
                            (ii) the number that equals 1 minus--
                                    (I) the percentage of national 
                                undercompliance due to energy loss for 
                                the calendar year; divided by
                                    (II) 100.
            (2) Voluntary assignment of compliance obligation by public 
        power utilities and electric cooperatives.--Any retail 
        electricity supplier that is an electric cooperative, a State, 
        or any political subdivision of a State, may elect to enter 
        into an agreement with a political subdivision of a State, an 
        electric cooperative that has an obligation to serve such 
        retail electricity supplier, or a generator, to assign any 
        reporting or compliance obligation under this title to such 
        other political subdivision of a State, electric cooperative, 
        or generator. An assignment made under this paragraph shall be 
        established through a binding agreement executed among the 
        relevant parties.
            (3) Quantity of zero-emission electricity credits.--
                    (A) In general.--For each calendar year, the 
                Administrator shall determine a quantity of zero-
                emission electricity credits for a retail electricity 
                supplier that is equal to the product obtained by 
                multiplying--
                            (i) the total quantity of electric energy, 
                        in megawatt-hours, consumed by electric 
                        consumers of the retail electricity supplier 
                        during the calendar year, that is provided by 
                        the retail electricity supplier or by a behind-
                        the-meter generation system, as reported under 
                        subsection (b); by
                            (ii) the minimum percentage of zero-
                        emission electricity for the calendar year.
                    (B) Deduction for beneficial electrification.--
                            (i) Deduction.--To account for beneficial 
                        electrification, in calculating the total 
                        quantity of electric energy consumed by 
                        electric consumers of a retail electricity 
                        supplier under subparagraph (A)(i), the 
                        Administrator shall deduct a quantity, in 
                        megawatt-hours, determined in accordance with 
                        clause (ii).
                            (ii) Determination.--The Administrator 
                        shall make a determination of the quantity of 
                        electric energy, in megawatt-hours, associated 
                        with beneficial electrification-related 
                        reductions for a retail electricity supplier 
                        for a calendar year. Such determination shall 
                        be made on the basis of--
                                    (I) the carbon intensity of the 
                                electric energy sold by the retail 
                                electricity supplier that results in 
                                such beneficial electrification-related 
                                reductions; and
                                    (II) the greenhouse gas emissions 
                                of nonelectric energy sources that were 
                                replaced with electric energy provided 
                                by the retail electricity supplier 
                                which results in such beneficial 
                                electrification-related reductions.
                            (iii) Phase-out of deduction.--In 
                        determining the quantity of electric energy to 
                        deduct under clause (ii), the Administrator 
                        shall ensure that the deduction is reduced to 
                        zero at the same rate that the minimum 
                        percentage of zero-emission electricity 
                        increases to 100 percent.
                    (C) System support resource.--For any calendar year 
                in which a generating unit that is owned by a retail 
                electricity supplier has been designated a System 
                Support Resource by the Federal Energy Regulatory 
                Commission and is thereby required, by an Independent 
                System Operator or Regional Transmission Organization, 
                or under a State-regulated resource planning process, 
                to remain in operation because retirement of the 
                generating unit would harm the reliability of the 
                electric energy transmission system, in calculating the 
                total quantity of electric energy consumed by electric 
                consumers of the retail electricity supplier under 
                subparagraph (A)(i), the Administrator shall deduct the 
                quantity of megawatt-hours of electricity generated by 
                such generating unit during such calendar year.
            (4) Average credit prices.--For each calendar year, the 
        Administrator shall--
                    (A) analyze the market for zero-emission 
                electricity credits in order to determine the average 
                annual price of zero-emission electricity credits for 
                the calendar year;
                    (B) determine whether the average annual price of a 
                zero-emission electricity credit determined under 
                subparagraph (A) is less than the breakthrough credit 
                price under paragraph (6) for the calendar year; and
                    (C) publish the determinations made under 
                subparagraphs (A) and (B) by not later than January 31 
                of the year following the calendar year.
            (5) Definitions.--In this subsection:
                    (A) Annual percentage increase.--
                            (i) In general.--Except as provided in 
                        clause (ii), the term ``annual percentage 
                        increase'' means, with respect to a retail 
                        electricity supplier, the product obtained by 
                        multiplying--
                                    (I) the difference between 100 
                                percent and the baseline zero-emission 
                                electricity percentage; by--
                                    (II) \1/27\.
                            (ii) Accelerated annual percentage 
                        increase.--Notwithstanding clause (i), 
                        beginning with calendar year 2026, if the 
                        Administrator determines under paragraph (4) 
                        that the average annual price of a zero-
                        emission electricity credit for each of the 3 
                        or more calendar years prior to a calendar year 
                        (in this clause referred to as ``the applicable 
                        calendar year'') is less than the breakthrough 
                        credit price for the applicable calendar year, 
                        the term ``annual percentage increase'' means, 
                        for the 1 calendar year that begins 4 years 
                        after the end of the applicable calendar year, 
                        the percentage that is--
                                    (I) twice the percentage described 
                                in clause (i) if the period of 
                                breakthrough credit prices is 3 
                                consecutive calendar years;
                                    (II) three times the percentage 
                                described in clause (i) if the period 
                                of breakthrough credit prices is 4 
                                consecutive calendar years;
                                    (III) four times the percentage 
                                described in clause (i) if the period 
                                of breakthrough credit prices is 5 
                                consecutive calendar years;
                                    (IV) five times the percentage 
                                described in clause (i) if the period 
                                of breakthrough credit prices is 6 
                                consecutive calendar years; and
                                    (V) six times the percentage 
                                described in clause (i) if the period 
                                of breakthrough credit prices is 7 
                                consecutive calendar years.
                    (B) Baseline zero-emission electricity 
                percentage.--
                            (i) In general.--The term ``baseline zero-
                        emission electricity percentage'' means, with 
                        respect to a retail electricity supplier, the 
                        average percentage of the electric energy 
                        consumed by all electric consumers of the 
                        retail electricity supplier that is zero-
                        emission electricity during calendar years 
                        2017, 2018, and 2019.
                            (ii) Election.--For any retail electricity 
                        supplier served by an Independent System 
                        Operator or a Regional Transmission 
                        Organization, or participating in a joint unit 
                        commitment and centralized economic dispatch 
                        system regulated by the Federal Energy 
                        Regulatory Commission, the retail electricity 
                        supplier may elect to set its baseline zero-
                        emission electricity percentage under clause 
                        (i) on the basis of the zero-emission 
                        electricity and electric energy consumed by 
                        either--
                                    (I) all electric consumers of the 
                                retail electricity supplier; or
                                    (II) all electric consumers served 
                                by the Independent System Operator, 
                                Regional Transmission Organization, or 
                                the applicable joint unit commitment 
                                and centralized economic dispatch 
                                system that serves the retail 
                                electricity supplier.
                            (iii) Notification of election.--A retail 
                        electricity supplier shall inform the 
                        Administrator of its election under clause (ii) 
                        not later than 180 days after the date of 
                        enactment of this Act.
                    (C) Breakthrough credit price.--The term 
                ``breakthrough credit price'' means, for a calendar 
                year, the price listed in the table under paragraph (6) 
                labeled ``breakthrough credit price''.
                    (D) Minimum percentage of zero-emission 
                electricity.--The term ``minimum percentage of zero-
                emission electricity'' means, with respect to a retail 
                electricity supplier--
                            (i) for each of calendar years 2023 and 
                        2024, the baseline zero-emission electricity 
                        percentage;
                            (ii) for each of calendar years 2025 
                        through 2050, the amount, not to exceed 100 
                        percent, obtained by adding--
                                    (I) the minimum percentage of zero-
                                emission electricity for the previous 
                                calendar year; and
                                    (II) the annual percentage 
                                increase; and
                            (iii) for each calendar year after 2050, 
                        100 percent.
                    (E) Percentage of individual undercompliance due to 
                energy loss.--The term ``percentage of individual 
                undercompliance due to energy loss'' means, with 
                respect to a calendar year, for a retail electricity 
                supplier, the number that is equal to--
                            (i) 100; multiplied by
                            (ii) the number that is equal to--
                                    (I) the number that is obtained by 
                                dividing--
                                            (aa) the number of zero-
                                        emission electricity credits 
                                        that the retail electricity 
                                        supplier would be required to 
                                        submit to the Administrator but 
                                        for paragraph (1)(B); by
                                            (bb) the number of 
                                        megawatt-hours of electric 
                                        energy sold by the retail 
                                        electricity supplier to 
                                        electric consumers; less
                                    (II) the number that is obtained by 
                                dividing--
                                            (aa) the number of zero-
                                        emission electricity credits 
                                        awarded by the Administrator to 
                                        generators for the electric 
                                        energy that is sold by the 
                                        retail electricity supplier to 
                                        electric consumers; by
                                            (bb) the number of 
                                        megawatt-hours of electric 
                                        energy generated by the 
                                        generators that is provided to 
                                        the retail electricity supplier 
                                        for sale to electric consumers.
                    (F) Percentage of national undercompliance due to 
                energy loss.--The term ``percentage of national 
                undercompliance due to energy loss'' means, with 
                respect to a calendar year, the number that is equal 
                to--
                            (i) 100; multiplied by
                            (ii) the number that is equal to--
                                    (I) the number that is obtained by 
                                dividing--
                                            (aa) the total number of 
                                        zero-emission electricity 
                                        credits that all retail 
                                        electricity suppliers would be 
                                        required to submit but for 
                                        paragraph (1)(B); by
                                            (bb) the total number of 
                                        megawatt-hours of electric 
                                        energy sold by retail 
                                        electricity suppliers to 
                                        electric consumers; less
                                    (II) the number that is obtained by 
                                dividing--
                                            (aa) the total number of 
                                        zero-emission electricity 
                                        credits awarded by the 
                                        Administrator to all 
                                        generators; by
                                            (bb) the total number of 
                                        megawatt-hours of electric 
                                        energy generated by all 
                                        generators.
                    (G) Period of breakthrough credit prices.--The term 
                ``period of breakthrough credit prices'' means the 
                number of consecutive calendar years for which the 
                average annual price of a zero-emission electricity 
                credit is less than the breakthrough credit price for 
                each such year, as determined by the Administrator 
                under paragraph (4).
            (6) Alternative compliance payments; breakthrough credit 
        prices.--For a calendar year, amounts of alternative compliance 
        payments and breakthrough credit prices are as follows:


------------------------------------------------------------------------
                        Breakthrough  Credit     Alternative compliance
   Calendar year               Price                     payment
------------------------------------------------------------------------
           2023                     $10.75                     $21.50
           2024                     $11.50                     $23.00
           2025                     $12.25                     $24.50
           2026                     $13.00                     $26.00
           2027                     $13.75                     $27.50
           2028                     $14.50                     $29.00
           2029                     $15.25                     $30.50
           2030                     $16.00                     $32.00
           2031                     $16.75                     $33.50
           2032                     $17.50                     $35.00
           2033                     $18.25                     $36.50
           2034                     $19.00                     $38.00
           2035                     $19.75                     $39.50
           2036                     $20.50                     $41.00
           2037                     $21.25                     $42.50
           2038                     $22.00                     $44.00
           2039                     $22.75                     $45.50
           2040                     $23.50                     $47.00
           2041                     $24.25                     $48.50
           2042                     $25.00                     $50.00
           2043                     $25.75                     $51.50
           2044                     $26.50                     $53.00
           2045                     $27.25                     $54.50
           2046                     $28.00                     $56.00
           2047                     $28.75                     $57.50
           2048                     $29.50                     $59.00
           2049                     $30.25                     $60.50
  2050 and each                     $31.00                    $62.00.
   calendar year
      thereafter
------------------------------------------------------------------------

    (b) Reporting on Behind-the-Meter Generation Systems.--Effective 
beginning in calendar year 2023, each retail electricity supplier 
serving one or more behind-the-meter generation systems may, not later 
than January 1 of each calendar year, submit to the Administrator--
            (1) verification of the carbon intensity of behind-the-
        meter generation systems connected to the retail electricity 
        supplier; and
            (2) the quantity of electric energy generated by each such 
        behind-the-meter generation system that is consumed for a 
        useful purpose by electric consumers served by the retail 
        electricity supplier.
    (c) Alternative Compliance Payments.--A retail electricity supplier 
may satisfy the requirements of subsection (a) with respect to a 
calendar year, in whole or in part, by submitting to the Administrator, 
in lieu of each zero-emission electricity credit that would otherwise 
be due, an alternative compliance payment equal to the amount 
determined for such calendar year in accordance with the table in 
subsection (a)(6), adjusted for inflation.
    (d) Determination of Inadequate Availability of Zero-Emission 
Electricity Technology.--
            (1) Petition for determination.--A retail electricity 
        supplier (referred to in this subsection as the ``petitioner'') 
        may submit to the Administrator a petition for the 
        Administrator to make a determination of inadequate 
        availability of technology relating to zero-emission 
        electricity with respect to a calendar year.
            (2) Conditions.--The Administrator shall make an 
        affirmative determination under paragraph (1) (referred to in 
        this title as a ``determination of inadequate availability of 
        technology'') for a calendar year only if--
                    (A) a petition is submitted to the Administrator by 
                January 31 of the following calendar year;
                    (B) the average annual price of zero-emission 
                electricity credits is equal to or greater than the 
                alternative compliance payment under subsection (a)(6) 
                for such calendar year;
                    (C) the Administrator determines the number of 
                megawatt-hours of zero-emission electricity that could 
                have been generated or purchased by the petitioner 
                using technology that was available during the time 
                interval addressed by the petition--
                            (i) at or below the cost per megawatt-hour 
                        of the technology used to generate the 
                        electricity sold by the petitioner in the 
                        previous calendar year; and
                            (ii) while enabling the petitioner to 
                        operate its system at an adequate level of 
                        reliability; and
                    (D) the number of megawatt-hours determined under 
                subparagraph (C) is less than the number of zero-
                emission electricity credits the petitioner would be 
                required to submit under subsection (a).
            (3) Credit submission.--Notwithstanding subsection (a)(1), 
        if the Administrator makes a determination of inadequate 
        availability of technology for a petitioner for a calendar 
        year, as described under this subsection, the petitioner shall 
        not be required to submit for such calendar year more than the 
        number of zero-emission electricity credits equal to the number 
        of megawatt-hours determined under paragraph (2)(C).
            (4) Carbon mitigation awards.--For the calendar year 
        identified under paragraph (3), if the Administrator makes one 
        or more determinations of inadequate availability of technology 
        under this subsection, the Administrator shall award under 
        section 205(b) an amount of money equal to the sum of--
                    (A) the total amount paid by retail electricity 
                suppliers as alternative compliance payments; and
                    (B) the total amount of the alternative compliance 
                payments that would have been made by the petitioner or 
                petitioners but for the determination of inadequate 
                availability of technology made under paragraph (2).
    (e) Exemptions.--
            (1) Recipients of acceleration investment credits.--A 
        qualified zero-emission electricity taxpayer that receives a 
        zero-emission electricity acceleration investment credit for a 
        calendar year under section 45V of the Internal Revenue Code of 
        1986, as added by section 301 of this Act, shall not be subject 
        to the requirements to submit zero-emission electricity credits 
        under this section for such calendar year and each calendar 
        year thereafter.
            (2) Recipients of acceleration grants.--An eligible 
        electricity provider that is awarded a grant under section 
        302(a)(1) of this Act for a calendar year shall not be subject 
        to the requirements to submit zero-emission electricity credits 
        under this section for such calendar year and each calendar 
        year thereafter, as long as the condition described under 
        section 302(a)(1)(A) continues to be met.

SEC. 203. ZERO-EMISSION ELECTRICITY CREDIT TRADING PROGRAM.

    (a) Establishment.--Not later than 1 year after the date of 
enactment of this Act, the Administrator shall establish a zero-
emission electricity credit trading program under which--
            (1) the Administrator shall record, track, auction, and 
        transfer zero-emission electricity credits; and
            (2) a generator to whom such zero-emission electricity 
        credits are issued may sell or otherwise transfer those 
        credits, as provided or allowed by applicable contracts, 
        through--
                    (A) any auction established under the zero-emission 
                electricity credit trading program;
                    (B) direct sales; or
                    (C) other transactional arrangements that sell 
                electric energy or generating capacity either 
                separately or combined with the transfer of zero-
                emission electricity credits, including transactions 
                that pair zero-emission electricity credits with the 
                demand of the retail electricity supplier.
    (b) Administration.--In carrying out the program under this 
section, the Administrator shall ensure that a zero-emission 
electricity credit may be--
            (1) submitted only once under section 202(a); and
            (2) only purchased by, transferred to, or otherwise secured 
        by a retail electricity supplier.
    (c) Delegation of Market Function.--
            (1) In general.--In carrying out the program under this 
        section, the Administrator may delegate, to one or more 
        appropriate entities--
                    (A) the administration of a transparent national 
                market for the sale or trade of zero-emission 
                electricity credits; and
                    (B) the tracking of dispatch of zero-emission 
                electricity generation.
            (2) Administration.--In making a delegation under paragraph 
        (1), the Administrator shall ensure that the tracking and 
        reporting of information concerning zero-emission electricity 
        generation is transparent, verifiable, and independent of any 
        entities subject to an obligation under this title.
    (d) Banking of Zero-Emission Electricity Credits.--A zero-emission 
electricity credit may be used for compliance with the requirements of 
section 202 for--
            (1) the calendar year for which the zero-emission 
        electricity credit is issued (in this subsection referred to as 
        ``the applicable calendar year''); and
            (2)(A) any of the 5 calendar years following the applicable 
        calendar year, if the Administrator determines under section 
        202(a)(4) that the average annual price of a zero-emission 
        electricity credit is equal to or less than the breakthrough 
        credit price for each of the 3 calendar years prior to the 
        applicable calendar year; or
            (B) if the Administrator has not made the determination 
        under subparagraph (A)--
                    (i) any of the 5 calendar years following the 
                applicable calendar year, if the applicable calendar 
                year is any of calendar years 2023 through 2029;
                    (ii) any of the 4 calendar years following the 
                applicable calendar year, if the applicable calendar 
                year is any of calendar years 2030 through 2034;
                    (iii) any of the 3 calendar years following the 
                applicable calendar year, if the applicable calendar 
                year is any of calendar years 2035 through 2039; and
                    (iv) any of the 2 calendar years following the 
                applicable calendar year, if the applicable calendar 
                year is 2040 or any calendar year thereafter.

SEC. 204. DETERMINATION AND ISSUANCE OF QUANTITY OF ZERO-EMISSION 
              ELECTRICITY CREDITS.

    (a) Issuance of Zero-Emission Electricity Credits.--The 
Administrator shall issue to each generator a quantity of zero-emission 
electricity credits determined in accordance with this section not 
later than March 1 of the calendar year after the calendar year for 
which the zero-emission electricity credits are issued.
    (b) General Rules on Credit Issuance.--Except as otherwise provided 
in this section, the Administrator shall issue to a generator 
generating zero-emission electricity during a calendar year a quantity 
of zero-emission electricity credits for such generation that is equal 
to the amount of zero-emission electricity of the generator for the 
calendar year.
    (c) General Rules on Determining Carbon Intensity.--The 
Administrator shall determine the carbon intensity of each generating 
unit of a generator. Such determination shall be made--
            (1) 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 systems; and
                    (B) predictive emission monitoring systems; and
            (2) with respect to a determination of the carbon intensity 
        of any generating unit using qualified renewable biomass or 
        qualified low-carbon fuel, or generating qualified waste-to-
        energy, in consultation with--
                    (A) the Secretary of Agriculture; and
                    (B) the Secretary of the Interior.
    (d) Carbon Intensity for Certain Categories of Generating Units.--
            (1) Generating units utilizing technologies without direct 
        emissions.--The Administrator shall assign a carbon intensity 
        of zero for any generating unit of a generator that does not 
        produce direct emissions of any greenhouse gas in generating 
        electric energy, including any generating unit that generates 
        electric energy only through the use of solar, wind, ocean, 
        current, wave, tidal, geothermal, nuclear energy, or hydropower 
        technology, except as provided under paragraphs (2) and (3).
            (2) Generating units utilizing technologies utilizing 
        fossil fuels.--
                    (A) Accounting for upstream greenhouse gas 
                emissions.--In determining the carbon intensity of each 
                generating unit using coal, natural gas, or oil, the 
                Administrator shall account for--
                            (i) the direct emissions of any greenhouse 
                        gas of the generating unit, which shall not 
                        include the qualified carbon oxide that is 
                        captured and safely and permanently stored or 
                        utilized; and
                            (ii)(I) the average amounts of carbon 
                        dioxide and methane emissions, in terms of 
                        carbon dioxide equivalent, that occur during 
                        extraction, flaring, processing, transmission, 
                        and transportation of coal, natural gas, or oil 
                        that is utilized for the generation of 
                        electricity in the United States; or
                            (II) with respect to a generator that the 
                        Administrator determines under subparagraph (B) 
                        has demonstrated that the coal, natural gas, or 
                        oil consumed by such generator is associated 
                        with the release of smaller amounts of carbon 
                        dioxide and methane emissions than the amounts 
                        described in subclause (I), such smaller 
                        amounts.
                    (B) Determination.--
                            (i) Best available science.--In making a 
                        determination under this paragraph, the 
                        Administrator shall utilize the best available 
                        science, including with respect to the 
                        measurement of low-frequency high-emission 
                        events, including by using data from the 
                        detection of natural gas flaring from the 
                        satellite observations of the National Oceanic 
                        and Atmospheric Administration.
                            (ii) Accounting for upstream methane waste 
                        prevention.--The Administrator may determine 
                        that a generator has demonstrated that the 
                        fossil fuel consumed by such generator is 
                        associated with the release of smaller amounts 
                        of carbon dioxide and methane emissions than 
                        the amounts described in subparagraph 
                        (A)(ii)(I) if the generator--
                                    (I) submits a petition for such 
                                determination to the Administrator by 
                                January 31 after the calendar year for 
                                which such determination is sought;
                                    (II) accounts in the petition for 
                                low-frequency, high-emission events; 
                                and
                                    (III) uses in the petition direct 
                                measurements of the applicable 
                                facilities, which may include 
                                measurements made in the course of 
                                participation in a voluntary program or 
                                public disclosure of the quantified 
                                methane emission intensity of the 
                                applicable facilities.
                            (iii) Public availability.--The information 
                        provided to the Administrator by a generator to 
                        make a determination under this subparagraph 
                        shall be available to the public upon such 
                        determination.
                    (C) Definition.--In this paragraph, the term 
                ``qualified carbon oxide'' has the meaning given the 
                term in section 45Q of the Internal Revenue Code of 
                1986.
                    (D) Standards.--The Administrator shall promulgate 
                the standards for measurement necessary to implement 
                this paragraph not later than 2 years after the date of 
                enactment of this Act, and shall update such standards 
                every 5 years thereafter, based on the best available 
                science and technology.
            (3) Hydropower utilizing a new reservoir.--In determining 
        the carbon intensity of each generating unit using hydropower 
        associated with a reservoir constructed after the date of 
        enactment of this Act, the Administrator shall account for the 
        greenhouse gas emissions that can be attributed to the 
        hydropower facility, including the applicable new reservoir.
    (e) Quantity of Credits Issued for Certain Categories of Generating 
Units.--
            (1) Qualified combined heat and power systems.--
                    (A) In general.--The Administrator shall issue to a 
                generator generating zero-emission electricity during a 
                calendar year using a generating unit that is a 
                qualified combined heat and power system a quantity of 
                zero-emission electricity credits for such generation 
                that is equal to--
                            (i) the number that represents the amount 
                        of zero-emission electricity generated by such 
                        generating unit during such calendar year; less
                            (ii) the product obtained by multiplying--
                                    (I) the number of megawatt-hours of 
                                electric energy generated by the 
                                qualified combined heat and power 
                                system that are consumed onsite during 
                                such calendar year; by
                                    (II) the average of the minimum 
                                percentage of zero-emission electricity 
                                (as defined in section 202(a)(5)) for 
                                the calendar year for retail 
                                electricity suppliers in the region of 
                                the generator, as determined by the 
                                Administrator.
                    (B) Additional credits.--In addition to zero-
                emission electricity credits issued under subparagraph 
                (A), the Administrator shall issue to a generator 
                described in subparagraph (A) zero-emission electricity 
                credits for greenhouse gas emissions avoided as a 
                result of the use of the applicable qualified combined 
                heat and power system, rather than a separate thermal 
                source, to meet the thermal needs of the generator or 
                one or more additional entities.
                    (C) Applicability.--This paragraph shall not apply 
                with respect to a qualified combined heat and power 
                system using qualified renewable biomass.
            (2) Qualified renewable biomass.--The Administrator shall 
        issue to a generator generating zero-emission electricity 
        during a calendar year using qualified renewable biomass a 
        quantity of zero-emission electricity credits for such 
        generation that is equal to the product obtained by 
        multiplying--
                    (A) the qualified electricity generation of the 
                generator that was generated using qualified renewable 
                biomass during such calendar year; by
                    (B) the average carbon intensity of the generating 
                units of the generator that use qualified renewable 
                biomass.
            (3) Qualified waste-to-energy.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the Administrator shall issue to a generator 
                generating zero-emission electricity during a calendar 
                year that is qualified waste-to-energy a quantity of 
                zero-emission electricity credits for such generation 
                that is equal to the product obtained by multiplying--
                            (i) the qualified waste-to-energy of the 
                        generator that is qualified electricity 
                        generation during such calendar year; by
                            (ii) the average carbon intensity of the 
                        generating units of the generator used to 
                        generate qualified waste-to-energy.
                    (B) Exception.--Zero-emission electricity credits 
                for zero-emission electricity that is qualified waste-
                to-energy generated using qualified renewable biomass 
                shall be issued in accordance with paragraph (2).
            (4) Qualified low-carbon fuels.--
                    (A) In general.--Except as provided in subparagraph 
                (C), the Administrator shall issue to a generator 
                generating zero-emission electricity during a calendar 
                year using qualified low-carbon fuels a quantity of 
                zero-emission electricity credits for such generation 
                that is equal to the product obtained by multiplying--
                            (i) the qualified electricity generation of 
                        the generator that was generated using 
                        qualified low-carbon fuels during such calendar 
                        year; by
                            (ii) the average carbon intensity of the 
                        generating units of the generator that use 
                        qualified low-carbon fuels.
                    (B) Adjustment for production.--In determining the 
                carbon intensity of each generating unit using a 
                qualified low-carbon fuel, the Administrator shall 
                account for the greenhouse gas emissions associated 
                with the production of such qualified low-carbon fuel.
                    (C) No double counting.--The Administrator shall 
                not issue zero-emission electricity credits for 
                electric energy generated using a qualified low-carbon 
                fuel that is generated using electric energy for which 
                a generator is issued a zero-emission electricity 
                credit under this title.
            (5) Direct air capture of carbon dioxide.--The 
        Administrator shall issue to an entity that captures carbon 
        dioxide from the atmosphere, and safely and permanently stores 
        or utilizes such carbon dioxide, 1 zero-emission electricity 
        credit for every 0.82 metric tons of carbon dioxide equivalent 
        that is captured and safely and permanently stored or utilized.
            (6) Special rules.--
                    (A) Regulations.--Subject to subparagraph (B), not 
                later than 1 year after the date of enactment of this 
                Act, for purposes of issuing zero-emission electricity 
                credits under this section, the Administrator shall 
                promulgate regulations establishing--
                            (i) the conditions under which carbon 
                        dioxide may be safely and permanently stored;
                            (ii) the methods and processes by which 
                        carbon dioxide may be utilized in a manner that 
                        ensures the removal of the carbon dioxide 
                        safely and permanently from the atmosphere, 
                        including utilization in the production of 
                        substances, such as plastics and chemicals; and
                            (iii) requirements to account for the risk 
                        that some fraction of the carbon dioxide 
                        intended to be permanently stored or utilized 
                        may nevertheless be emitted into the 
                        atmosphere.
                    (B) Existing requirements.--In promulgating 
                regulations pursuant to this paragraph, the 
                Administrator shall incorporate any existing 
                requirements for the permanent geologic storage of 
                carbon dioxide, including any requirements promulgated 
                under section 45Q of the Internal Revenue Code of 1986.
    (f) Maximum Quantity of Credits.--Except as provided under 
subsection (e)(1), the total quantity of zero-emission electricity 
credits issued under this section to a generator for a calendar year 
shall not exceed the number of megawatt-hours of the qualified 
electricity generation of the generator for the calendar year.
    (g) No Negative Credits.--Notwithstanding any other provision of 
this title, the Administrator shall not issue a negative quantity of 
zero-emission electricity credits to any generator.
    (h) Facilities Outside the United States.--With respect to 
electricity generated by a facility or generating unit that is located 
outside of the United States, a zero-emission electricity credit may be 
issued only with respect to electricity that is sold for resale in the 
United States.
    (i) Contracts.--A zero-emission electricity credit issued for 
electricity that is--
            (1) sold for resale under a contract in effect on the date 
        of enactment of this title shall be issued to the purchasing 
        retail electricity supplier in proportion to the zero-emission 
        electricity purchased by such retail electricity supplier under 
        the contract, unless otherwise provided by the contract; and
            (2) sold for resale under a contract in which a generating 
        unit is not specified, shall be issued to the purchasing retail 
        electricity supplier in proportion to the ratio of zero-
        emission electricity generation from the generator making such 
        sale for resale.
    (j) Federal Power Marketing Administration.--A zero-emission 
electricity credit issued for electricity that is generated by a 
Federal Power Marketing Administration shall be transferred to the 
retail electricity supplier that is purchasing the electricity.
    (k) Recipients of Acceleration Investment Credits.--A qualified 
zero-emission electricity taxpayer that receives a zero-emission 
electricity acceleration investment credit for a calendar year under 
section 45V of the Internal Revenue Code of 1986, as added by section 
301 of this Act, shall not be issued any zero-emission electricity 
credits under this section for such calendar year or any calendar year 
thereafter.
    (l) Recipients of Acceleration Grants.--An eligible electricity 
provider that receives a grant during a calendar year under section 
302(a)(1) of this Act shall not be issued any zero-emission electricity 
credits under this section for such calendar year or any calendar year 
thereafter.

SEC. 205. CARBON MITIGATION FUND.

    (a) Carbon Mitigation Fund.--
            (1) Creation of fund.--There is hereby established a trust 
        fund, to be known as the ``Carbon Mitigation Fund'', consisting 
        of such amounts as may be appropriated to such fund as provided 
        in this section.
            (2) Administration.--The Carbon Mitigation Fund shall be 
        administered by the Administrator.
            (3) Transfers to trust fund.--There are hereby appropriated 
        to the Carbon Mitigation Fund each year amounts equal to the 
        sum of the amounts that are--
                    (A) attributable to alternative compliance payments 
                made pursuant to section 202;
                    (B) equal to the alternative compliance payments 
                that would have been made by any petitioners under 
                section 202 but for a determination of inadequate 
                availability of technology made by the Administrator 
                under section 202(d); and
                    (C) collected as a civil penalty under section 209.
            (4) Expenditures.--Amounts in the Carbon Mitigation Fund 
        shall be available without further appropriation or fiscal year 
        limitation to carry out the program under subsection (b).
    (b) Program.--
            (1) In general.--The Administrator shall carry out a 
        program to award funds to entities to carry out activities in 
        States that avoid emissions of greenhouse gases or remove 
        carbon dioxide from the atmosphere.
            (2) Activities.--Activities for which the Administrator may 
        award funds under the program carried out pursuant to this 
        subsection include--
                    (A) improvements to the energy efficiency of 
                existing facilities and devices;
                    (B) improvements to the electrical grid;
                    (C) the replacement of natural gas space heaters, 
                natural gas water heaters, and natural gas stoves, with 
                electric appliances;
                    (D) the replacement of fossil fuel-powered vehicles 
                owned by State and local agencies with electric 
                vehicles or other low-carbon fuel vehicles;
                    (E) the replacement of fossil fuel-powered ground 
                airport and seaport vehicles with electric vehicles or 
                other low-carbon fuel vehicles;
                    (F) installation of fast charging stations for 
                electric vehicles along highways and other public roads 
                in urban areas and rural areas;
                    (G) beneficial electrification-related reductions 
                not otherwise identified in this paragraph;
                    (H) activities that capture carbon dioxide from the 
                atmosphere and safely and permanently store or utilize 
                such carbon dioxide in accordance with section 
                204(e)(6); and
                    (I) any activity that is endorsed by a generator or 
                a retail electricity supplier that results in a net 
                reduction of emissions of greenhouse gases.
            (3) Exclusions.--The Administrator may not award funds to 
        an entity under the program carried out pursuant to this 
        subsection for any activity for which the entity--
                    (A) has been issued a zero-emission electricity 
                credit; or
                    (B) received a deduction of megawatt-hours under 
                section 202(a)(3)(B) to account for beneficial 
                electrification-related reductions.
            (4) Criteria.--The Administrator may only award funds under 
        the program carried out pursuant to this subsection for an 
        activity for which the Administrator determines that--
                    (A) the amount of carbon dioxide emissions avoided 
                or removed from the atmosphere by the activity will be 
                adequately confirmed through monitoring, reporting, and 
                verification;
                    (B) the risk that some amount of the carbon dioxide 
                that is removed from the atmosphere by the activity may 
                reenter the atmosphere at a later date is adequately 
                reflected through a discounting of the amount described 
                in paragraph (5)(C)(ii);
                    (C) the risk that some amount of the greenhouse 
                gases, the emission of which is avoided by the 
                activity, may enter the atmosphere at a later date is 
                adequately reflected through a discounting of the 
                amount described in paragraph (5)(C)(i);
                    (D) the risk that the activity may directly or 
                indirectly increase the release of greenhouse gases 
                from another location has been adequately addressed;
                    (E) the activity is not required, or being fully 
                supported financially by, a Federal, State, or local 
                law, program, or activity; and
                    (F) if the activity involves land use, the 
                activity--
                            (i) aligns with the Sustainable Development 
                        Goals of the United Nations, including being 
                        consistent with the conservation of biological 
                        diversity and natural ecosystems (including 
                        forests and grasslands); and
                            (ii) maintains ecosystem services and other 
                        social and environmental benefits.
            (5) Proposals.--In order to qualify for an award of funds 
        under this subsection, an entity shall submit to the 
        Administrator a proposal that--
                    (A) describes the activity to be carried out with 
                the award of funds;
                    (B) identifies the amount of money for which the 
                entity is applying;
                    (C) identifies the amount, to be measured in one-
                year increments, of--
                            (i) greenhouse gas emissions to be avoided 
                        by the activity, measured in terms of carbon 
                        dioxide equivalent; and
                            (ii) carbon dioxide to be removed from the 
                        atmosphere by the activity, measured in metric 
                        tons;
                    (D) identifies the bid amount, expressed as dollars 
                per metric ton, which shall be the quotient obtained by 
                dividing the amount identified under subparagraph (B) 
                by the total amount identified under subparagraph (C);
                    (E) provides any information required by the 
                Administrator in order to make a determination 
                described in paragraph (4); and
                    (F) provides any other certifications the 
                Administrator determines appropriate.
            (6) Deadlines.--
                    (A) Promulgation.--Not later than January 1, 2024, 
                the Administrator shall promulgate regulations to 
                implement this section, including specifying the 
                information required to be included in proposals under 
                paragraph (5).
                    (B) Solicitation.--Not later than February 1, 2024, 
                and each February 1 thereafter, the Administrator shall 
                solicit proposals for activities described in paragraph 
                (1) for which the Administrator may award funds under 
                the program carried out pursuant to this subsection.
                    (C) Identification.--Not later than June 1, 2024, 
                and each June 1 thereafter, the Administrator shall 
                identify proposals that have been submitted by March 1 
                of such calendar year for activities described in 
                paragraph (1) that qualify for an award of funds under 
                the program carried out pursuant to this subsection.
                    (D) Award of funds.--Not later than August 1, 2024, 
                and each August 1 thereafter, the Administrator shall 
                award to entities funds available in the Carbon 
                Mitigation Fund established by subsection (a) for 
                activities described in proposals identified under 
                subparagraph (C).
            (7) Awards to most cost-effective activities.--The 
        Administrator shall award funds to entities for activities 
        described in proposals identified under paragraph (6)(C)--
                    (A) beginning by awarding funds to the entity 
                submitting such a proposal with the lowest bid amount 
                identified pursuant to paragraph (5)(D); and
                    (B) then awarding funds to entities sequentially by 
                entity submitting such a proposal with the next lowest 
                bid amount so identified until all funds are awarded.
    (c) Consultation.--The Administrator shall consult with the 
Secretary of the Interior and the Secretary of Agriculture in 
promulgating regulations to measure, monitor, and verify any natural 
sequestration activities awarded under this section.

SEC. 206. STATE PROGRAMS.

    (a) Savings Provision.--
            (1) In general.--Except as provided in paragraph (2) and 
        subject to subsection (b), nothing in this title affects the 
        authority of a State or a political subdivision of a State to 
        adopt or enforce any law or regulation relating to--
                    (A) clean energy or renewable energy;
                    (B) the regulation of a retail electricity 
                supplier; or
                    (C) greenhouse gas emissions reduction.
            (2) Federal law.--Except as otherwise provided in this 
        section, no law or regulation of a State or a political 
        subdivision of a State may relieve a retail electricity 
        supplier from compliance with an applicable requirement of this 
        title.
    (b) Coordination.--The Administrator, in consultation with States 
that have State clean energy programs in effect, shall facilitate, to 
the maximum extent practicable, coordination between the implementation 
of this title and the relevant State clean energy program.
    (c) Qualified States.--
            (1) Determination.--
                    (A) In general.--The Administrator, in consultation 
                with States that have State clean energy programs in 
                effect, shall determine whether each such State is a 
                qualified State.
                    (B) Deadlines.--The Administrator shall make a 
                determination under subparagraph (A)--
                            (i) not later than January 1, 2022, with 
                        respect to a State that has a State clean 
                        energy program in effect on the date of 
                        enactment of this Act, and every 5 years 
                        thereafter; and
                            (ii) not later than 6 months after the date 
                        of the enactment by a State, after the date of 
                        enactment of this Act, of a new or modified 
                        existing State clean energy program, and every 
                        5 years thereafter.
                    (C) Period.--A determination under this paragraph 
                shall be effective until the earlier of--
                            (i) the date that is 5 years after the date 
                        of the determination; or
                            (ii) the date on which the Administrator 
                        makes a subsequent determination under this 
                        paragraph with respect to the applicable State.
            (2) Compliance.--If the Administrator determines, under 
        paragraph (1), that a State is a qualified State, a retail 
        electricity supplier that is subject to and in compliance with 
        the State clean energy program of such qualified State shall be 
        deemed to be in compliance with the requirements of this title 
        for the period during which the determination is effective.
            (3) Prohibition against double counting.--The 
        Administrator, in consultation with States, shall develop a 
        protocol to ensure that a zero-emission electricity credit may 
        not be issued under this title with respect to an amount of 
        electric energy for which one or more State clean energy 
        credits are issued under, and used for compliance with, a State 
        clean energy program in a qualified State.
    (d) Qualified Electricity Generation Eligible in Both State and 
Federal Programs.--
            (1) Issuance of credit.--In a State that is not a qualified 
        State, 1 megawatt-hour of zero-emission electricity is eligible 
        to be issued both a State clean energy credit and a zero-
        emission electricity credit pursuant to this title.
            (2) Retirement of state credits.--Retirement of a State 
        clean energy credit for compliance with a State law in a State 
        that is not a qualified State shall not prevent a retail 
        electricity supplier from submitting a zero-emission 
        electricity credit issued for the same megawatt-hour of zero-
        emission electricity for compliance with this title.
            (3) Submission of federal credits.--Submission of a zero-
        emission electricity credit for compliance with this title 
        shall not prevent a retail electricity supplier from retiring a 
        State clean energy credit issued for the same megawatt-hour of 
        qualified electricity generation for compliance with a State 
        law.
    (e) Definitions.--In this section:
            (1) Qualified state.--The term ``qualified State'' means a 
        State--
                    (A) that has a State clean energy program; and
                    (B) in which the retail electricity suppliers in 
                the State, in the aggregate, sell--
                            (i) a quantity of zero-emission electricity 
                        that is greater than the quantity of zero-
                        emission electricity represented by the zero-
                        emission electricity credits the retail 
                        electricity suppliers, in the aggregate, would 
                        otherwise be required to submit under section 
                        202; or
                            (ii) of the total amount of electric energy 
                        sold in the State, a percentage of zero-
                        emission electricity that is greater than the 
                        average minimum percentage of zero-emission 
                        electricity required for all retail electricity 
                        suppliers under section 202.
            (2) State clean energy credit.--The term ``State clean 
        energy credit'' means a certificate corresponding to the 
        electricity generated from renewable or other zero-emission 
        electricity sources that is issued under a law enacted by a 
        State.
            (3) State clean energy program.--The term ``State clean 
        energy program'' means one or more State requirements, 
        including laws and regulations--
                    (A) under which retail electricity suppliers in the 
                State are required to sell--
                            (i) a quantity of zero-emission 
                        electricity; or
                            (ii) of the total amount of electric energy 
                        sold in the State, a percentage of zero-
                        emission electricity; and
                    (B) for which there are compliance mechanisms, 
                including the imposition of penalties, that are at 
                least as effective in enforcing compliance with such 
                requirements as the system of enforcement under this 
                title.

SEC. 207. REPORT TO CONGRESS.

    Not later than January 1, 2035, the Administrator shall submit to 
Congress a report with an evaluation and a forecast of the remaining 
barriers to achieving generation of electric energy with no emissions 
of greenhouse gases.

SEC. 208. INFORMATION COLLECTION.

    The Administrator may require any retail electricity supplier, 
generator, or other entity that the Administrator determines 
appropriate, to submit to the Administrator any information the 
Administrator determines to be appropriate to carry out this title.

SEC. 209. CIVIL PENALTIES.

    (a) In General.--Subject to subsection (b)--
            (1) a retail electricity supplier that fails to meet the 
        requirements of section 202 shall be subject to a civil penalty 
        in an amount equal to the product obtained by multiplying--
                    (A) the aggregate quantity of zero-emission 
                electricity credits that the retail electricity 
                supplier failed to submit for the calendar year to 
                comply with section 202; by
                    (B) 300 percent of the amount of alternative 
                compliance payment for the calendar year, as determined 
                under section 202(a)(6); and
            (2) an entity required to submit information pursuant to 
        section 208 that violates such section by failing to submit the 
        information, or submitting false or misleading information, 
        shall be subject to a civil penalty of $25,000 for each day 
        during which such violation continues.
    (b) Waivers and Mitigation.--
            (1) Force majeure.--The Administrator may mitigate or waive 
        a civil penalty under subsection (a) if the applicable retail 
        electricity supplier or other entity was unable to comply with 
        an applicable requirement for reasons outside of the reasonable 
        control of the retail electricity supplier or other entity.
            (2) Reduction for state penalties.--The Administrator shall 
        reduce the amount of a penalty determined under subsection (a) 
        by the amount paid by the applicable retail electricity 
        supplier to a State for failure to comply with the requirement 
        of a State renewable energy program, if the Administrator 
        determines that the State requirement is more stringent than 
        the applicable requirement of this title.

SEC. 210. REGULATIONS.

    (a) Deadline.--Except as otherwise provided in this title, not 
later than 2 years after the date of enactment of this title, the 
Administrator shall promulgate regulations to implement this title.
    (b) Consultation.--The Administrator shall consult with the 
Secretary of Energy in promulgating regulations under this title.

                     Subtitle B--Methane Regulation

SEC. 211. METHANE REGULATION.

    (a) National Goal.--The goal of this section is to reduce steadily 
the quantity of United States methane emissions from the oil and 
natural gas sector such that the quantity of methane emissions in 
calendar year 2030 from the oil and natural gas sector is at least 90 
percent below the quantity of methane emissions in calendar year 2012 
from such sector.
    (b) Existing Authority.--Using existing authority of the 
Environmental Protection Agency, the Administrator shall issue 
regulations pursuant to section 111 of the Clean Air Act (42 U.S.C. 
7411) to control methane emissions from the oil and natural gas sector 
to achieve the national goal established in subsection (a).
    (c) Covered Sources.--The regulations promulgated pursuant to this 
section shall apply to sources of methane from every segment of oil and 
natural gas systems, including oil and natural gas production, 
processing, transmission, distribution, and storage.
    (d) Regulations To Meet the National Goal.--
            (1) Deadline.--Not later than December 31, 2023, the 
        Administrator shall promulgate final regulations under section 
        111 of the Clean Air Act (42 U.S.C. 7411) to achieve the 
        national goal established in subsection (a).
            (2) Contents.--The regulations required by paragraph (1) 
        shall provide for the establishment, implementation, and 
        enforcement of standards of performance for new sources and 
        existing sources, and guidelines for States, that include 
        requirements for--
                    (A) new and existing natural gas transmission and 
                distribution pipelines to reduce methane emissions by 
                application of the best system of venting and leakage 
                reduction;
                    (B) new sources, and existing sources, with 
                equipment that handles liquefied natural gas to reduce 
                methane emissions from that equipment by application of 
                the best system of emission reduction; and
                    (C) new and existing offshore petroleum and natural 
                gas production facilities to reduce methane emissions 
                by application of the best system of emission 
                reduction.
    (e) Definitions.--In this section:
            (1) Administrator.--The term ``Administrator'' means the 
        Administrator of the Environmental Protection Agency.
            (2) Existing source; new source; standard of performance.--
        The terms ``existing source'', ``new source'', and ``standard 
        of performance'', have the meaning given such terms in section 
        111(a) of the Clean Air Act (42 U.S.C. 7411(a)).

 TITLE III--INCENTIVES FOR THE ACCELERATED DEPLOYMENT OF ZERO-EMISSION 
                              ELECTRICITY

SEC. 300. PURPOSE.

    The purpose of this title is to provide support for any given power 
company to accelerate the deployment of an 80-percent zero-emission 
electricity generation system as early as possible before 2030 and a 
100-percent zero-emission electricity generation system as early as 
possible before 2035.

Subtitle A--Incentives for the Accelerated Deployment of 80-Percent and 
             100-Percent Zero-Emission Electricity Systems

SEC. 301. ZERO-EMISSION ELECTRICITY ACCELERATION INVESTMENT TAX CREDIT.

    (a) In General.--Subpart E of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by inserting after 
section 48C the following new section:

``SEC. 48D. ZERO-EMISSION ELECTRICITY ACCELERATION INVESTMENT CREDIT.

    ``(a) In General.--For purposes of section 46, in the case of a 
taxpayer who is a qualified zero-emission electricity taxpayer, the 
zero-emission electricity acceleration investment credit shall be the 
applicable percentage of the cost of any qualified zero-emission 
electricity generating unit.
    ``(b) Applicable Percentage.--For purposes of this section--
            ``(1) In general.--Except as provided in paragraph (2), 
        with respect to qualified zero-emission electricity generating 
        units placed in service after the date of the enactment of this 
        section, the applicable percentage shall be determined under 
        the following table:
``In the case of property placed in The applicable percentage shall be:
        service in a taxable year 
        beginning in:
        Any year before 2026...............................         50%
        2026...............................................         48%
        2027...............................................         46%
        2028...............................................         44%
        2029...............................................         42%
        2030...............................................         40%
        2031...............................................         38%
        2032...............................................         36%
        2033...............................................         34%
        2034...............................................         32%
        2035...............................................         30%
        Any year thereafter................................          0%

            ``(2) Special rule for taxpayers achieving 80-percent zero-
        emission electricity before 2031.--In the case of a taxpayer 
        who is a qualified zero-emission electricity taxpayer solely by 
        reason of subsection (c)(3)(B), the applicable percentage shall 
        be--
                    ``(A) in the case of property placed in service in 
                a taxable year beginning before January 1, 2031, 7 
                percentage points less than the applicable percentage 
                otherwise determined with respect to such property for 
                the taxable year under paragraph (1), and
                    ``(B) in the case of property placed in service in 
                any taxable year beginning after December 31, 2030, 
                zero.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Qualified zero-emission electricity generating 
        unit.--The term `qualified zero-emission electricity generating 
        unit' means a generating unit--
                    ``(A) that is placed into service after the date of 
                enactment of this section, and
                    ``(B) the operation of which does not result in the 
                release of carbon dioxide into the atmosphere.
            ``(2) Generating unit.--The term `generating unit' has the 
        meaning given such term in section 201 of the Clean Energy 
        Innovation and Deployment Act of 2021.
            ``(3) Qualified zero-emission electricity taxpayer.--
                    ``(A) In general.--The term `qualified zero-
                emission electricity taxpayer' means, for a taxable 
                year, a taxpayer who--
                            ``(i) does not own a generating unit that 
                        emits carbon dioxide at any point during such 
                        taxable year, and
                            ``(ii) for such taxable year, owns non-
                        emitting electricity generating units with a 
                        generating capacity that is equal to or greater 
                        than the annual average generating capacity of 
                        generating units owned by such taxpayer during 
                        the 5-year period ending on the date of the 
                        enactment of this section.
                    ``(B) Special rule for taxpayers achieving 80-
                percent zero-emission electricity.--In the case of a 
                taxpayer not described in subparagraph (A) who for any 
                taxable year generates not less than 80 percent of the 
                electricity sold by such eligible electricity provider 
                using generating units the operation of which does not 
                result in the release of carbon dioxide into the 
                atmosphere (taking into account units placed in service 
                during such taxable year), such taxpayer shall be 
                treated as a qualified zero-emission electricity 
                taxpayer.
    ``(d) Credit Limited to Replacement of Past Electricity Generating 
Capacity.--In the case of a taxpayer whose electricity generation 
capacity exceeds the annual average generating capacity of generating 
units owned by such taxpayer during the 5-year period ending on the 
date of the enactment of this section, there shall not be taken into 
account under subsection (a) the cost of any qualified zero-emission 
electricity generating unit (or a portion thereof) placed in service to 
the extent, under such rules as the Secretary may by regulation 
prescribe, such excess generation is allocable to such qualified zero-
emission electricity generating unit (or a portion thereof).
    ``(e) Transferability.--
            ``(1) In general.--If the qualified zero-emission 
        electricity taxpayer elects to transfer all (or any portion 
        specified in the election) of the credit determined under this 
        section for any taxable year with respect to any qualified 
        zero-emission electricity generating unit to an eligible 
        project partner for a specified period, then, the eligible 
        project partner specified in such election (and not the 
        taxpayer) shall be treated for purposes of this title with 
        respect to such credit (or such portion thereof) as the person 
        producing and selling the electricity to which such credit (or 
        portion thereof) relates.
            ``(2) Deduction for payments in connection with transfer.--
        There shall be allowed as a deduction under part VI of 
        subchapter B an amount equal to the amount paid by a taxpayer 
        as consideration for a transfer described in paragraph (1).
            ``(3) Eligible project partner.--
                    ``(A) For purposes of this subsection, the term 
                `eligible project partner' means, with respect to any 
                qualified zero-emission electricity generating unit, 
                any person who--
                            ``(i) has an ownership interest in such 
                        qualified zero-emission electricity generating 
                        unit,
                            ``(ii) provided equipment for or services 
                        in the construction of such qualified zero-
                        emission electricity generating unit,
                            ``(iii) provides electric transmission or 
                        distribution services for such qualified zero-
                        emission electricity generating unit,
                            ``(iv) purchases electricity from such 
                        qualified zero-emission electricity generating 
                        unit pursuant to a contract, or
                            ``(v) provides financing for such qualified 
                        zero-emission electricity generating unit.
                    ``(B) For purposes of subparagraph (A)(v), any 
                amount paid as consideration for a transfer described 
                in paragraph (1) shall not be treated as financing of a 
                qualified zero-emission electricity generating unit.
            ``(4) Taxable year in which credit taken into account.--In 
        the case of any credit (or portion thereof) with respect to 
        which an election is made under paragraph (1), such credit 
        shall be taken into account in the first taxable year of the 
        eligible project partner ending with, or after, the electing 
        taxpayer's taxable year with respect to which the credit was 
        determined.
            ``(5) Limitations on election.--
                    ``(A) Time for election.--An election under this 
                subsection to transfer any portion of the credit 
                allowed under this section shall be made not later than 
                the due date for the return of tax for the electing 
                taxpayer's taxable year with respect to which the 
                credit was determined.
                    ``(B) No further transfers.--No election may be 
                made under this subsection by a taxpayer with respect 
                to any portion of the credit allowed under this section 
                which has been previously transferred to such taxpayer 
                under this paragraph.
                    ``(C) Treatment of transfer under private use 
                rules.--For purposes of section 141(b)(1), any benefit 
                derived by an eligible project partner in connection 
                with an election under this subsection shall not be 
                taken into account as a private business use.
                    ``(D) Additional election requirements.--The 
                Secretary may prescribe such regulations as may be 
                appropriate to carry out the purposes of this 
                subsection, including--
                            ``(i) rules for determining which persons 
                        are eligible project partners with respect to 
                        any energy property, and
                            ``(ii) requiring information to be included 
                        in an election under paragraph (1) or imposing 
                        additional reporting requirements.
    ``(f) Termination.--This section shall apply to taxable years 
ending before January 1, 2050.''.
    (b) Part of Investment Credit.--Section 46 of such Code is amended 
by striking ``and'' at the end of paragraph (5), by striking the period 
at the end of paragraph (6) and inserting ``, and'', and by adding at 
the end the following new paragraph:
            ``(7) the zero-emission electricity acceleration investment 
        credit.''.
    (c) Direct Pay.--
            (1) In general.--Section 6431(a) of such Code, as added by 
        this Act, is amended by striking ``or'' at the end of paragraph 
        (2), by redesignating paragraph (3) as paragraph (4), and by 
        inserting after paragraph (2) the following new paragraph:
            ``(3) any portion of a zero-emission electricity 
        acceleration investment credit which would (without regard to 
        this section) be determined under section 48D originally placed 
        in service after December 31, 2021,''.
            (2) Conforming amendment.--Section 6431(d) of such Code, as 
        added by this Act, is amended--
                    (A) by striking ``section 48 or the'' and inserting 
                ``section 48, the'', and
                    (B) by inserting after ``section 45'' the 
                following: ``, or the zero-emission electricity 
                acceleration investment credit determined under section 
                48D''.
    (d) Normalization.--The penultimate sentence of section 50(d) is 
amended by inserting after ``the application of section 48(a)(5) is 
elected'' the following: ``or any qualified zero-emission electricity 
generating unit with respect to which the zero-emission electricity 
acceleration investment credit is determined under section 48D''.
    (e) Clerical Amendment.--The table of sections for subpart E of 
part IV of subchapter A of chapter 1 of such Code is amended by 
inserting after the item relating to section 48C the following new 
item:

``Sec. 48D. Zero-emission electricity acceleration investment 
                            credit.''.
    (f) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of the enactment of 
this Act.

SEC. 302. ZERO-EMISSION ELECTRICITY ACCELERATION GRANTS.

    (a) In General.--Upon application, the Secretary of Energy shall, 
subject to the requirements of this section and the availability of 
appropriations for such purpose, provide a grant in an amount specified 
under subsection (b) to an eligible electricity provider that, during a 
calendar year, places into service one or more qualified zero-emission 
electricity generating units and either--
            (1)(A) permanently retires every existing carbon-emitting 
        generating unit owned by the eligible electricity provider; and
            (B) replaces the generation capacity of the carbon-emitting 
        generating units described in subparagraph (A) with the 
        generation capacity of such qualified zero-emission electricity 
        generating unit or units in sufficient amounts to satisfy the 
        condition specified in subsection (c); or
            (2) generates not less than 80 percent of the electricity 
        sold by such eligible electricity provider using generating 
        units the operation of which does not result in the release of 
        carbon dioxide into the atmosphere.
    (b) Grant Amount.--
            (1) In general.--The amount of the grant under subsection 
        (a) with respect to any qualified zero-emission electricity 
        generating unit placed in service during a calendar year shall 
        be the applicable percentage of the cost of such qualified 
        zero-emission electricity generating unit.
            (2) Applicable percentage.--For purposes of paragraph (1), 
        the term ``applicable percentage'' means--
                    (A) for grants provided under subsection (a)(1)--
                            (i) 50 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service between the date of 
                        enactment of this Act and December 31, 2025;
                            (ii) 48 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2026;
                            (iii) 46 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2027;
                            (iv) 44 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2028;
                            (v) 42 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2029;
                            (vi) 40 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2030;
                            (vii) 38 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2031;
                            (viii) 36 percent in the case of a 
                        qualified zero-emission electricity generating 
                        unit that is placed into service during 
                        calendar year 2032;
                            (ix) 34 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2033;
                            (x) 32 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2034; and
                            (xi) 30 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2035; and
                    (B) for grants provided under subsection (a)(2)--
                            (i) 43 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service between the date of 
                        enactment of this Act and December 31, 2025;
                            (ii) 41 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2026;
                            (iii) 39 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2027;
                            (iv) 37 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2028;
                            (v) 35 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2029; and
                            (vi) 33 percent in the case of a qualified 
                        zero-emission electricity generating unit that 
                        is placed into service during calendar year 
                        2030.
    (c) Conditions for the Grant.--No grant shall be made under this 
section unless the Secretary of Energy determines that the eligible 
electricity provider, as of December 31st of the calendar year the 
qualified zero-emission electricity generating unit for which a grant 
will be provided is placed in service, owns generating units that have 
an aggregate generation capacity that is not less than the annualized 
amount of generation capacity that is owned by such eligible 
electricity provider during the 5-year period ending on the date of the 
enactment of this section.
    (d) Application of Certain Rules.--In making grants under 
subsection (a)(1), the Secretary of Energy shall apply rules similar to 
the rules of section 50 of the Internal Revenue Code of 1986 (other 
than subsections (b)(3) and (b)(4)(A)(i) thereof). In applying such 
rules, if an eligible electricity provider acquires a carbon-emitting 
generating unit after a grant is made to the eligible electricity 
provider, the Secretary shall provide for the recapture of the 
appropriate percentage of the grant amount in such manner as the 
Secretary determines appropriate.
    (e) Duration.--Grants may be made--
            (1) under subsection (a)(1) for qualified zero-emission 
        electricity generating units that are placed into service after 
        the date of enactment of this Act through calendar year 2035; 
        and
            (2) under subsection (a)(2) for qualified zero-emission 
        electricity generating units that are placed into service after 
        the date of enactment of this Act through calendar year 2030.
    (f) Definitions.--For purposes of this section:
            (1) Carbon-emitting generating unit.--The term ``carbon-
        emitting generating unit'' means a generating unit the 
        operation of which results in the release of carbon dioxide to 
        the atmosphere.
            (2) Eligible electricity provider.--The term ``eligible 
        electricity provider'' means an entity in the United States 
        that--
                    (A) owns one or more generating units; and
                    (B) sells the electricity generated by such 
                generating units.
            (3) Generating unit.--The term ``generating unit'' has the 
        meaning given such term in section 201 of the Clean Energy 
        Innovation and Deployment Act of 2021.
            (4) Qualified zero-emission electricity generating unit.--
        The term ``qualified zero-emission electricity generating 
        unit'' means a generating unit--
                    (A) that is placed into service after the date of 
                enactment of this section; and
                    (B) the operation of which does not result in the 
                release of carbon dioxide into the atmosphere.

SEC. 303. RECIPIENTS OF CERTAIN CLEAN ENERGY INVESTMENT TAX CREDITS.

    Any person who--
            (1) is allowed a tax credit under section 45V of the 
        Internal Revenue Code of 1986 for any taxable year shall not be 
        provided a grant under section 302 during any fiscal year; and
            (2) receives a grant under section 302 during any fiscal 
        year shall not be allowed a tax credit under section 45V of 
        such Code for any taxable year.

    Subtitle B--Carbon-Targeted Zero-Emission Electricity Tax Credit

SEC. 311. CARBON-TARGETED ZERO-EMISSION ELECTRICITY TAX CREDIT.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by adding at the end 
the following:

``SEC. 45U. CARBON-TARGETED ZERO-EMISSION ELECTRICITY TAX CREDIT.

    ``(a) Amount of Credit.--
            ``(1) In general.--For purposes of section 38, the carbon-
        targeted zero-emission electricity tax credit for any taxable 
        year is an amount equal to the product of--
                    ``(A) 2.4 cents, multiplied by
                    ``(B) the kilowatt hours of electricity--
                            ``(i) produced by the taxpayer--
                                    ``(I) from qualified energy 
                                resources, and
                                    ``(II) at a qualified facility, and
                            ``(ii) sold by the taxpayer to an unrelated 
                        person during the taxable year.
            ``(2) Redevelopment credit.--A qualified facility shall 
        receive an additional 0.5 cents per KWh if such facility is 
        placed in service on a brownfield site (as defined in 42 U.S.C. 
        9601(39)), landfill, abandoned mine, or reclamation site.
            ``(3) Credit gradient for co-benefits.--The Secretary shall 
        develop an additional credit, in consultation with the 
        Secretary of Agriculture and the Director of the Fish and 
        Wildlife Service, for new development or redevelopment projects 
        on degraded lands that would enhance ecological co-benefits 
        including--
                    ``(A) biodiversity,
                    ``(B) habitat connectivity, and
                    ``(C) water quality.
            ``(4) Non-fossil fuel combustion and gasification.--In the 
        case of a qualified facility that produces electricity through 
        combustion or gasification of a non-fossil fuel, the carbon 
        dioxide emissions rate for such facility shall be equal to the 
        net rate of carbon dioxide emitted into the atmosphere by such 
        facility (taking into account the amount of lifecycle 
        greenhouse gas emissions), in the production of electricity, 
        expressed as grams of CO2e per KWh.
            ``(5) Specific requirements.--In the case of biomass-based 
        electricity production, a qualified facility must meet the 
        required definition of renewable biomass.
            ``(6) Carbon capture and sequestration equipment.--For 
        purposes of this subsection, the amount of greenhouse gases 
        emitted into the atmosphere by a qualified facility in the 
        production of electricity shall not include any qualified 
        carbon dioxide or other carbon oxide (as defined in section 
        45Q(c)(1)(B)) that is captured by the taxpayer and--
                    ``(A) disposed of by the taxpayer in secure 
                geological storage in a manner that satisfies the 
                measures established by regulation under section 
                45Q(f)(2), or
                    ``(B) utilized by the taxpayer in a manner 
                described in section 45Q(f)(5).
            ``(7) Only production in the united states taken into 
        account.--Consumption or sales shall be taken into account 
        under this section only with respect to electricity, the 
        production of which is within the United States or any 
        territory or possession of the United States.
            ``(8) Combined heat and power system property.--For 
        purposes of paragraph (1)(C), the kilowatt hours of electricity 
        produced by a taxpayer at a qualified facility shall include 
        any production in the form of useful thermal energy by any 
        combined heat and power system property within such facility.
            ``(9) Inflation adjustment.--
                    ``(A) In general.--In the case of a calendar year 
                beginning after 2022, the 2.4 cent amount in subsection 
                (b)(1)(A) shall be adjusted by multiplying such amount 
                by the inflation adjustment factor for the calendar 
                year in which the sale or use of the electricity 
                occurs. If any amount as increased under the preceding 
                sentence is not a multiple of 0.1 cent, such amount 
                shall be rounded to the nearest multiple of 0.1 cent.
                    ``(B) Annual computation.--The Secretary shall, not 
                later than April 1 of each calendar year, determine and 
                publish in the Federal Register the inflation 
                adjustment factor for such calendar year in accordance 
                with this subsection.
                    ``(C) Inflation adjustment factor.--The term 
                `inflation adjustment factor' means, with respect to a 
                calendar year, a fraction, the numerator of which is 
                the GDP implicit price deflator for the preceding 
                calendar year and the denominator of which is the GDP 
                implicit price deflator for the calendar year 2021. The 
                term `GDP implicit price deflator' means the most 
                recent revision of the implicit price deflator for the 
                gross domestic product as computed and published by the 
                Department of Commerce before March 15 of the calendar 
                year.
    ``(b) Definitions.--For purposes of this section--
            ``(1) Carbon dioxide emission rate.--For purposes of this 
        section, the term `carbon dioxide emissions rate' means the 
        amount of carbon dioxide emitted into the atmosphere by a 
        qualified facility in the production of electricity, expressed 
        as grams of CO2e per KWh.
            ``(2) CO2e per kwh.--The term `CO2e per KWh' means, with 
        respect to any greenhouse gas, the equivalent volume of carbon 
        dioxide emitted (as determined based on relative global warming 
        potential) per kilowatt hour of electricity produced.
            ``(3) Qualified facility.--The term `qualified facility' 
        means a facility that is--
                    ``(A) used for the generation of electricity, and
                    ``(B) originally placed in service after December 
                31, 2021, and before the United States electricity-
                generating sector emits a net total of zero carbon 
                dioxide-equivalent emissions, after accounting for 
                carbon dioxide removal strategies,
                    ``(C) located in a qualifying State, and
                    ``(D) certified to produce electricity at a carbon 
                dioxide emission rate below the qualifying facility 
                emission rate.
            ``(4) Limitations.--
                    ``(A) 10-year credit.--For purposes of this 
                section, a facility shall only be treated as a 
                qualified facility during the 10-year period beginning 
                on the date the facility was originally placed in 
                service.
                    ``(B) Existing facilities.--In the case of a 
                facility that was placed in service before January 1, 
                2022, but is otherwise described in paragraph (3), such 
                facility shall be a qualified facility, but only to the 
                extent of the increased amount of electricity produced 
                at the facility by reason of the following:
                            ``(i) a new unit placed in service after 
                        December 31, 2021, or
                            ``(ii) any efficiency improvements or 
                        additions of capacity placed in service after 
                        December 31, 2021.
            ``(5) Qualified facility emission rate.--The qualified 
        facility emission rate is 150 grams of CO2e per KWh.
            ``(6) Qualifying state.--
                    ``(A) In general.--The term `qualifying state' 
                means a state determined by the Secretary, in 
                consultation with the Secretary of Energy, to have an 
                above-median marginal carbon dioxide emission rate for 
                the electricity sector.
                    ``(B) Publication.--The Secretary shall annually 
                publish the list of such States.
            ``(7) Marginal carbon dioxide emission rate.--The term 
        `marginal carbon dioxide emission rate' is defined as the 
        short-run marginal emission rate for end-use load, which is the 
        rate of emissions that would be induced by a marginal increase 
        in a region's load at a specific point in time. The value is 
        the emission rate of whichever generator would have served the 
        marginal increase in load, modified by any relevant 
        transmission, distribution, and efficiency losses.
            ``(8) Combined heat and power system property.--For 
        purposes of this paragraph, the term `combined heat and power 
        system property' has the same meaning given such term by 
        section 48(c)(3) (without regard to subparagraphs (A)(iv), (B), 
        and (D) thereof).
            ``(9) Renewable biomass.--
                    ``(A) In general.--The term `renewable biomass' 
                means--
                            ``(i) crop byproducts or crop residues 
                        that--
                                    ``(I) are harvested from actively 
                                managed or fallow agricultural land 
                                that is cleared prior to January 1, 
                                2021, and
                                    ``(II) are procured at a rate that 
                                adequately maintains soil carbon and 
                                prevents erosion;
                            ``(ii) `closed-loop biomass' as defined in 
                        section 1914(c)(B)(2) of the Energy Policy Act 
                        of 1992 harvested from land cleared prior to 
                        January 1, 2021;
                            ``(iii) byproducts of wood or paper mill 
                        operations, including lignin in spent pulping 
                        liquors;
                            ``(iv) algae;
                            ``(v) nonhazardous plant matter derived 
                        from waste--
                                    ``(I) including separated yard 
                                waste, landscape right-of-way 
                                trimmings, and food waste; but
                                    ``(II) not including municipal 
                                solid waste, recyclable waste paper, 
                                painted, treated or pressurized wood, 
                                or wood contaminated with plastic or 
                                metals; and
                            ``(vi) vegetative matter removed from 
                        within 200 yards of any man-made structure or 
                        campground for the purposes of hazardous fuels 
                        thinning.
                    ``(B) Exclusion of invasive species.--
                            ``(i) In general.--Notwithstanding 
                        subparagraph (A), except as provided in clause 
                        (ii), the term `renewable biomass' does not 
                        include any matter derived from a plant that is 
                        invasive or noxious, or from a species or 
                        variety of plants that credible risk assessment 
                        tools or other credible sources determine is 
                        potentially invasive, as determined by the 
                        Secretary, in consultation with other 
                        appropriate Federal or State departments and 
                        agencies.
                            ``(ii) Exception.--The term `renewable 
                        biomass' includes matter derived from a plant 
                        that is invasive or noxious, or from a species 
                        or variety of plants that credible risk 
                        assessment tools or other credible sources 
                        determine is potentially invasive, if--
                                    ``(I) the matter was removed for 
                                purposes of control or eradication of 
                                the invasive, noxious, or potentially 
                                invasive plant; and
                                    ``(II) the invasive, noxious, or 
                                potentially invasive plant was not 
                                planted for the purpose of using the 
                                plant as an energy crop.
            ``(10) Degraded lands.--The term `degraded lands' means 
        land that has lost a large degree of its natural productivity 
        due to human-caused processes, the scope of which shall be 
        defined by the Secretary, in consultation with the Secretary of 
        Agriculture and the Director of the Fish and Wildlife Service.
    ``(c) Transferability.--
            ``(1) In general.--If, with respect to a credit under 
        subsection (a) for any taxable year--
                    ``(A) a qualified facility would be the taxpayer 
                (but for this subparagraph),
                    ``(B) such facility elects the application of this 
                paragraph for such taxable year with respect to all (or 
                any portion specified in such election) of such credit, 
                and
                    ``(C) the eligible project partner specified in 
                such election, and not the qualified facility, shall be 
                treated as the taxpayer for purposes of this title with 
                respect to such credit (or such portion thereof).
            ``(2) Eligible project partner.--For purposes of this 
        paragraph, the term `eligible project partner' means any person 
        who--
                    ``(A) is responsible for, or participates in, the 
                design or construction of the qualified facility to 
                which the credit under subsection (a) relates,
                    ``(B) is a financial institution providing 
                financing for the construction or operation of such 
                facility, or
                    ``(C) has an ownership interest in such facility.
    ``(d) Special Rules.--
            ``(1) Production attributable to the taxpayer.--In the case 
        of a qualified facility in which more than 1 person has an 
        ownership interest, except to the extent provided in 
        regulations prescribed by the Secretary, production from the 
        facility shall be allocated among such persons in proportion to 
        their respective ownership interests in the gross sales from 
        such facility.
            ``(2) Related persons.--Persons shall be treated as related 
        to each other if such persons would be treated as a single 
        employer under the regulations prescribed under section 52(b). 
        In the case of a corporation which is a member of an affiliated 
        group of corporations filing a consolidated return, such 
        corporation shall be treated as selling electricity to an 
        unrelated person if such electricity is sold to such a person 
        by another member of such group.
            ``(3) Pass-thru in the case of estates and trusts.--Under 
        regulations prescribed by the Secretary, rules similar to the 
        rules of subsection (d) of section 52 shall apply.
    ``(e) Additional Considerations.--For purposes of subsection 
(b)(3), the Secretary shall take into consideration only those 
facilities that--
            ``(1) ensure laborers and mechanics employed by contractors 
        and subcontractors in the performance of any qualifying 
        advanced energy project shall be paid wages at rates not less 
        than the prevailing rates on projects of a similar character in 
        the locality as determined by the Secretary of Labor, in 
        accordance with subchapter IV of chapter 31 of title 40, United 
        States Code,
            ``(2) ensure that, to the maximum extent feasible, iron, 
        steel, and manufactured products used in the facility are 
        produced in the United States, and
            ``(3) prioritize hiring of dislocated workers who were 
        previously employed in manufacturing, coal power plants, or 
        coal mining.''.
    (b) Administration of Credit.--The Secretary of the Treasury shall 
implement the carbon-targeted zero-emission electricity tax credit 
under section 45 of the Internal Revenue Code of 1986, as added by this 
Act, in consultation with the Secretary of Energy.
    (c) Credit Part of General Business Credit.--Section 38(b) is 
amended by striking ``plus'' at the end of paragraph (32), by striking 
the period at the end of paragraph (33) and inserting ``, plus'', and 
by adding at the end the following new paragraph:
            ``(34) the carbon-targeted zero-emission electricity tax 
        credit determined under section 45U.''.
    (d) Clerical Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 is amended by adding at the end 
the following new item:

``Sec. 45U. Carbon-targeted zero-emission electricity tax credit.''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 312. ELECTION TO TREAT CARBON-TARGETED ZERO-EMISSION ELECTRICITY 
              FACILITY AS ENERGY PROPERTY.

    (a) In General.--Section 48(a)(5)(C)(i) of the Internal Revenue 
Code of 1986 is amended--
            (1) by striking ``which is a qualified facility (within the 
        meaning of section 45)'' and inserting the following: ``which 
        is--
                                    ``(I) a qualified facility (within 
                                the meaning of section 45)'',
            (2) by inserting ``or'' at the end, and
            (3) by adding at the end the following new subclause:
                                    ``(II) a qualified facility (as 
                                defined in section 45U(b)(3)).''.
    (b) Increase in Credit Percentage for Certain Facilities.--Section 
48(a)(5) of such Code is amended by adding at the end the following new 
subparagraph:
                    ``(G) Increase in credit percentage for carbon-
                targeted zero-emission electricity facility placed in 
                service on brownfield site.--In the case of a qualified 
                facility described in section 45U(a)(2), subparagraph 
                (A)(ii) shall be applied by substituting `35 percent' 
                for `30 percent'.''.
    (c) Normalization Rules.--Section 50(d) of such Code is amended by 
adding at the end the following new sentence: ``At the election of a 
taxpayer with respect to public utility property, the rules of the 
section 46(f) referred to in paragraph (2) shall not apply to energy 
property (as defined in section 48(a)(3)) which is a qualified facility 
(as defined in section 45U(b)(3)) with respect to which the application 
of section 48(a)(5) is elected. Such election shall be made on a 
property-by-property basis on a timely filed return for the taxable 
year in which such property is placed in service, and once made, may be 
revoked only with the consent of the Secretary.''.
    (d) Conforming Amendments.--
            (1) Section 48(a)(5)(B) of such Code is amended by 
        inserting ``or 45U'' after ``section 45''.
            (2) Section 48(a)(5)(C)(ii) of such Code is amended by 
        inserting ``(in the case of a qualified facility described in 
        clause (i)(I))'' after ``which is''.
    (e) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

SEC. 313. ENERGY TAX CREDIT MONETIZATION.

    (a) In General.--Subchapter B of chapter 65 of the Internal Revenue 
Code of 1986 is amended by adding at the end the following new section:

``SEC. 6431. ELECTIVE PAYMENT OF PRODUCTION AND INVESTMENT TAX CREDITS 
              FOR CARBON-TARGETED ZERO-EMISSION ELECTRICITY FACILITIES.

    ``(a) Energy Property.--In the case of a taxpayer making an 
election (at such time and in such manner as the Secretary may provide) 
under this section with respect to--
            ``(1) any portion of an energy credit which would (without 
        regard to this section) be determined under section 48 with 
        respect to a qualified facility (as defined in section 
        45U(b)(3)) originally placed in service after December 31, 
        2021,
            ``(2) any portion of a carbon-targeted zero-emission 
        electricity tax credit which would (without regard to this 
        section) be determined under section 45U with respect to 
        property originally placed in service after December 31, 2021, 
        or
            ``(3) any portion of a credit carryforward to the extent 
        attributable to the portion of such a credit that is allowed 
        under section 38(a)(1) (determined without regard to section 
        38(c)) for taxable years ending after December 31, 2021,
such taxpayer shall be treated as making a payment against the tax 
imposed by subtitle A for the taxable year equal to such amount.
    ``(b) Timing.--The payment described in subsection (a) shall be 
treated as made on the later of the due date of the return of tax 
(determined without extensions) for such taxable year or the date on 
which such return is filed.
    ``(c) Exclusion From Gross Income.--Gross income of the taxpayer 
shall be determined without regard to this section.
    ``(d) Denial of Double Benefit.--Solely for purposes of section 38, 
in the case of a taxpayer making an election under this section, the 
energy credit determined under section 48 or the renewable electricity 
production credit determined under section 45 shall be reduced by the 
amount of the portion of such credit with respect to which the taxpayer 
makes such election.
    ``(e) Special Rules.--
            ``(1) In the case of a taxpayer making an election under 
        this section, the credit subject to such an election shall be 
        determined notwithstanding--
                    ``(A) section 50(b)(3); and
                    ``(B) section 50(b)(4) for an entity described in 
                50(b)(4)(A)(i).
            ``(2) In the case of a mutual or cooperative electric 
        company described in this paragraph or an organization 
        described in section 1381(a)(2), income received or accrued in 
        connection with the refunding or direct payment of credit under 
        this section shall be treated as an amount collected from 
        members for the sole purpose of meeting losses and expenses.''.
    (b) Clerical Amendment.--The table of sections for subchapter B of 
chapter 65 of such Code is amended by adding at the end the following 
new item:

``Sec. 6431. Elective payment of production and investment tax credits 
                            for carbon-targeted zero-emission 
                            electricity facilities.''.
    (c) Effective Date.--The amendments made by this section shall 
apply to taxable years ending after the date of the enactment of this 
Act.

               TITLE IV--LOW-INCOME RATE-PAYER PROTECTION

SEC. 400. PURPOSE.

    The purpose of this title is to provide low-income residents 
technical and financial assistance to help reduce energy bills, 
including by making homes more energy efficient.

SEC. 401. WEATHERIZATION ASSISTANCE PROGRAM.

    (a) Dwelling Unit Averages.--Section 415(c) of the Energy 
Conservation and Production Act (42 U.S.C. 6865(c)) is amended--
            (1) in paragraph (1), by striking ``$6,500 per dwelling 
        unit'' and inserting ``$10,000 per dwelling unit''; and
            (2) in paragraph (4), by striking ``$3,000 per dwelling 
        unit'' and inserting ``$8,000 per dwelling unit''.
    (b) Authorization.--Section 422 of the Energy Conservation and 
Production Act (42 U.S.C. 6872) is amended by striking paragraphs (1) 
and (2) and inserting the following:
            ``(1) $350,000,000 for fiscal year 2022;
            ``(2) $400,000,000 for fiscal year 2023;
            ``(3) $500,000,000 for fiscal year 2024;
            ``(4) $600,000,000 for fiscal year 2025; and
            ``(5) $700,000,000 for fiscal year 2026.''.

SEC. 402. LIHEAP AUTHORIZATION.

    Section 2602 of the Low-Income Home Energy Assistance Act of 1981 
(42 U.S.C. 8621) is amended--
            (1) in subsection (b), by striking ``through 2007'' and 
        inserting ``through 2030''; and
            (2) in subsection (d)--
                    (A) in paragraph (1), by striking ``through 2004'' 
                and inserting ``through 2030''; and
                    (B) in paragraph (2), by striking ``through 2004'' 
                and inserting ``through 2030''.

           TITLE V--ENERGY WORKFORCE TRANSITION AND TRAINING

SEC. 500. PURPOSES AND DEFINITIONS.

    (a) Purposes.--The purposes of this title are to provide for a 
transition to a modern energy system, including by ensuring that--
            (1) the United States has a workforce prepared to address 
        the needs of the modern energy system;
            (2) workers in declining energy sectors and in 
        disenfranchised communities acquire well-paying jobs in growing 
        energy sectors;
            (3) communities, especially those that are 
        disproportionately vulnerable to the impacts of climate change 
        and other pollution, can be made resilient to the impacts of 
        climate change; and
            (4) communities that are primarily dependent on fossil fuel 
        revenues can be made resilient to the economic impacts of 
        energy transition.
    (b) Definitions.--In this title:
            (1) Advisory committee.--The term ``Advisory Committee'' 
        means the Energy Workforce Transition Advisory Committee 
        established by section 511(e).
            (2) Apprenticeship program.--The term ``apprenticeship 
        program'' means an apprenticeship registered under the Act of 
        August 16, 1937 (29 U.S.C. 50 et seq.) (commonly known as the 
        ``National Apprenticeship Act''), that meets the requirements 
        of parts 29 and 30 of title 29, Code of Federal Regulations, as 
        in effect on December 30, 2019.
            (3) Director.--The term ``Director'' means the Director of 
        the Office.
            (4) Energy-related facility.--The term ``energy-related 
        facility'' includes a coal mine, a coal-fueled electric 
        generating facility, an oil and natural gas extraction 
        operation, or a natural gas-fueled electric generating 
        facility.
            (5) Energy-related industrial facility.--The term ``energy-
        related industrial facility'' includes a facility in the 
        manufacturing and transportation supply chains of an energy-
        related facility.
            (6) Energy transition community.--The term ``energy 
        transition community'' means a municipality, county, region, or 
        Tribal or indigenous community that has been affected since 
        calendar year 2008 or later, or that demonstrates it will be 
        impacted in the next 36 months, by the loss of 50 or more jobs 
        in total as a result of the closure of a energy-related 
        facility, a energy-related industrial facility, or other type 
        of energy-related entity, as determined by the Director.
            (7) Energy transition worker.--The term ``energy transition 
        worker'' means a worker, including a worker employed by 
        contractors or subcontractors, who is terminated, laid off from 
        employment, or whose work hours have been reduced, on or after 
        the date of enactment of this Act, from a energy-related 
        facility, energy-related industrial facility, or other type of 
        energy-related entity.
            (8) Energy workforce transition plan.--The term ``Energy 
        Workforce Transition Plan'' means the plan developed under 
        section 511(e).
            (9) Environmental justice community.--The term 
        ``environmental justice community'' means a community with 
        significant representation of communities of color, low-income 
        communities, or Tribal and indigenous communities, that 
        experiences, or is at risk of experiencing, higher or more 
        adverse human health or environmental effects.
            (10) Indian tribe.--The term ``Indian Tribe'' has the 
        meaning given such term in section 4 of the Indian Self-
        Determination and Education Assistance Act (25 U.S.C. 5304).
            (11) Institution of higher education.--The term 
        ``institution of higher education'' has the meaning given such 
        term in section 101 of the Higher Education Act of 1965 (20 
        U.S.C. 1001).
            (12) Labor organization.--The term ``labor organization'' 
        has the meaning given such term in section 2 of the National 
        Labor Relations Act (29 U.S.C. 152).
            (13) Local educational agency.--The term ``local 
        educational agency'' has the meaning given such term in section 
        8101 of the Elementary and Secondary Education Act of 1965 (20 
        U.S.C. 7801).
            (14) Local workforce development board.--The term ``local 
        workforce development board'' means a board established under 
        section 107 of the Workforce Innovation and Opportunity Act (29 
        U.S.C. 3122).
            (15) Member of the reserve components of the armed 
        forces.--The term ``member of the reserve components of the 
        Armed Forces'' means a member of the--
                    (A) Army National Guard of the United States;
                    (B) Army Reserve;
                    (C) Navy Reserve;
                    (D) Marine Corps Reserve;
                    (E) Air National Guard of the United States;
                    (F) Air Force Reserve; or
                    (G) Coast Guard Reserve.
            (16) Minority institution.--The term ``minority 
        institution'' has the meaning given that term in section 365(3) 
        of the Higher Education Act of 1965 (20 U.S.C. 1067k(3)).
            (17) Nonprofit organization.--The term ``nonprofit 
        organization'' means a group organized for purposes other than 
        generating profit and in which no part of the organization's 
        income is distributed to its members, directors, or officers.
            (18) Office.--The term ``Office'' means the Energy 
        Workforce Transition Office established by section 511.
            (19) Pre-apprenticeship.--The term ``pre-apprenticeship'' 
        means, with respect to a program, an initiative or set of 
        strategies that--
                    (A) is designed to prepare participants to enter an 
                apprenticeship program;
                    (B) is carried out by an eligible sponsor that has 
                a documented partnership with one or more sponsors of 
                apprenticeship programs; and
                    (C) includes each of the following:
                            (i) Training (including a curriculum for 
                        the training) aligned with industry standards 
                        related to an apprenticeship program and 
                        reviewed and approved annually by sponsors of 
                        the apprenticeship program within the 
                        documented partnership that will prepare 
                        participants by teaching the skills and 
                        competencies needed to enter one or more 
                        apprenticeship programs.
                            (ii) Hands-on training and theoretical 
                        education for participants that does not 
                        displace a paid employee.
                            (iii) A formal agreement with a sponsor of 
                        an apprenticeship program that would enable 
                        participants who successfully complete the pre-
                        apprenticeship program--
                                    (I) to enter into the 
                                apprenticeship program if a place in 
                                the program is available and if the 
                                participant meets the qualifications of 
                                the apprenticeship program; and
                                    (II) to earn credits towards the 
                                apprenticeship program.
            (20) Secretary.--The term ``Secretary'' means the Secretary 
        of Energy.
            (21) Tribal or indigenous community.--The term ``Tribal or 
        indigenous community'' means a population of people who are 
        members of--
                    (A) a federally recognized Indian Tribe;
                    (B) a State-recognized Indian Tribe;
                    (C) an Alaska Native or Native Hawaiian community 
                or organization; or
                    (D) any other community of indigenous people 
                located in a State.
            (22) Underemployed.--The term ``underemployed'' means with 
        respect to an individual, an individual who is--
                    (A) employed at less than full-time because they 
                are unable to obtain full-time employment; or
                    (B) employed at a job that is inadequate to their 
                training or economic needs.
            (23) Veteran of the armed forces.--The term ``veteran of 
        the Armed Forces'' means a person who served in the active 
        military, naval, or air service and who was discharged or 
        released under conditions other than dishonorable.
            (24) Wage differential benefit.--The term ``wage 
        differential benefit'' means the difference between the wages 
        and other benefits provided by--
                    (A) a worker's wages and benefits earned in a 
                energy-related facility, energy-related industrial 
                facility, or other energy-related entity on the day 
                before the worker is terminated, laid off, or given a 
                reduction in work hours; and
                    (B) the worker's current wages and benefits, if 
                any, after such a termination, lay-off, or reduction in 
                work hours.

                     Subtitle A--State Energy Plans

SEC. 501. STATE ENERGY PLANS.

    (a) In General.--Section 362(d) of the Energy Policy and 
Conservation Act (42 U.S.C. 6322(d)) is amended--
            (1) in paragraph (16), by striking ``; and'' and inserting 
        a semicolon;
            (2) by redesignating paragraph (17) as paragraph (18); and
            (3) by inserting after paragraph (16) the following:
            ``(17) a State energy plan developed in accordance with 
        section 367; and''.
    (b) State Energy Plans.--Part D of title III of the Energy Policy 
and Conservation Act (42 U.S.C. 6321 et seq.) is amended by adding at 
the end the following:

``SEC. 367. STATE ENERGY PLANS.

    ``(a) In General.--The Secretary may provide financial assistance 
to a State to develop a State energy plan, for inclusion in a State 
energy conservation plan under section 362(d), to provide for--
            ``(1) the elimination of net greenhouse gas emissions;
            ``(2) improved air and water quality;
            ``(3) conservation of natural resources;
            ``(4) reduction and elimination of environmental injustice; 
        and
            ``(5) workforce transition planning.
    ``(b) Contents.--A State developing a State energy plan under this 
section shall include in such plan, measures to--
            ``(1) ensure that the full social cost of carbon pollution 
        is factored into decision making associated with electricity 
        generation and utility investments in energy efficiency and 
        electric vehicle infrastructure;
            ``(2) promote investments in a distribution system that 
        takes advantage of technology advancement and supports reduced 
        pollution, consumer choice, and a resilient and reliable 
        system;
            ``(3) address the need to site transmission lines and new 
        electricity generating units efficiently;
            ``(4) evaluate the role of existing resources as part of 
        utility planning to accelerate the transition to low-cost 
        carbon emissions reductions;
            ``(5) engage with regional partners to explore the 
        potential benefits of regional markets;
            ``(6) support utility leadership in its efforts to 
        transition to sources of electricity that result in net zero 
        greenhouse gas emissions;
            ``(7) support infrastructure upgrades and smart grid 
        investments to improve system-wide efficiency;
            ``(8) support building codes for new and retrofitted 
        buildings that promote the energy efficiency of buildings and 
        the electric grid;
            ``(9) support improved appliance efficiency standards;
            ``(10) support investments in electric vehicle 
        infrastructure in ways that will ensure a more efficient grid 
        and greater adoption of electric vehicles, including in rural 
        areas;
            ``(11) support workforce and economic transition planning 
        for communities impacted by a changing energy landscape, as 
        informed by the Energy Workforce Transition Plan developed 
        under section 511 of the Clean Energy Innovation and Deployment 
        Act of 2021, and the Clean Energy Jobs Training Program 
        established under section 522 of such Act;
            ``(12) support sustainable recreation and tourism in 
        workforce and economic transition planning;
            ``(13) eliminate the disproportionate burden of adverse 
        human health or environmental effects on communities of color, 
        low-income communities, and Tribal or indigenous communities in 
        such State, as determined by the Secretary;
            ``(14) support increased acknowledgment of, and 
        considerations for, indigenous and Tribal sovereignty; and
            ``(15) develop strategies to support local clean energy 
        goals facilitating utility-community cooperation and private 
        sector partnerships.
    ``(c) Coordination.--In developing a State energy plan under this 
section, a State shall coordinate, as appropriate, with--
            ``(1) State regulatory authorities (as defined in section 3 
        of the Public Utility Regulatory Policies Act of 1978);
            ``(2) electric utilities;
            ``(3) Regional Transmission Organizations (as defined in 
        section 3 of the Federal Power Act) and Independent System 
        Operators (as defined in section 3 of the Federal Power Act);
            ``(4) private entities, including representatives from the 
        power sector and clean energy industry;
            ``(5) State agencies, metropolitan planning organizations, 
        and local governments;
            ``(6) the Energy Workforce Transition Office established by 
        section 511 of the Clean Energy Innovation and Deployment Act 
        of 2021; and
            ``(7) labor organizations, such as those representing 
        workers in the construction, manufacturing, or energy sectors.
    ``(d) Technical Assistance.--Upon request of the Governor of a 
State, the Secretary shall provide information and technical assistance 
in the development, implementation, or revision of a State energy 
plan.''.

SEC. 502. AUTHORIZATION OF APPROPRIATIONS.

    (a) State Energy Conservation Plans.--Section 365(f) of the Energy 
Policy and Conservation Act (42 U.S.C. 6325(f)) is amended to read as 
follows:
    ``(f) Authorization of Appropriations.--
            ``(1) State energy conservation plans.--For the purpose of 
        carrying out this part, there is authorized to be appropriated 
        $100,000,000 for each of fiscal years 2022 through 2026.
            ``(2) State energy plans.--In addition to the amounts 
        authorized under paragraph (1), for the purpose of carrying out 
        section 367, there is authorized to be appropriated $25,000,000 
        for each of fiscal years 2022 through 2026.''.
    (b) Transportation Electrification.--Section 131 of the Energy 
Independence and Security Act of 2007 (42 U.S.C. 17011) is amended--
            (1) in subsection (b)(6), by striking ``2008 through 2012'' 
        and inserting ``2022 through 2026''; and
            (2) in subsection (c)(4), by striking ``2008 through 2013'' 
        and inserting ``2022 through 2026''.

                Subtitle B--Energy Workforce Transition

SEC. 511. ENERGY WORKFORCE TRANSITION OFFICE AND ADVISORY COMMITTEE.

    (a) Establishment.--There is hereby established within the 
Department of Energy an office, to be known as the Energy Workforce 
Transition Office.
    (b) Exemption From Reorganization.--The Office shall be exempt from 
the reorganization authority provided under section 643 of the 
Department of Energy Organization Act (42 U.S.C. 7253).
    (c) Director.--The Secretary shall appoint as the head of the 
Office a Director, who shall manage the operations of the Office.
    (d) Duties of the Office.--The duties of the Office shall be to--
            (1) identify or estimate, to the extent practicable, with 
        respect to the period that begins on the date of enactment of 
        this Act and ends on January 1, 2030--
                    (A) the timing and location of facility closures 
                and job terminations or layoffs in energy-related 
                facilities, energy-related industrial facilities, and 
                other energy-related entities; and
                    (B) the impact of such terminations, layoffs, or 
                reduced work hours on affected workers (including those 
                employed by a contractor or subcontractor), businesses, 
                and energy transition communities; and
            (2) provide administrative, logistical, research, and 
        policy support and recommendations to the Advisory Committee.
    (e) Energy Workforce Transition Advisory Committee.--
            (1) Establishment.--There is hereby established an advisory 
        committee, to be known as the Energy Workforce Transition 
        Advisory Committee.
            (2) Energy workforce transition plan.--
                    (A) In general.--The Advisory Committee shall 
                develop and finalize a plan, to be known as the Energy 
                Workforce Transition Plan.
                    (B) Purpose.--The purpose of the Energy Workforce 
                Transition Plan is to identify, align, and streamline 
                resources to assist workers and communities impacted by 
                the transition to a clean energy economy.
                    (C) Public meetings.--In developing the Energy 
                Workforce Transition Plan, the Advisory Committee shall 
                hold no less than 4 public meetings in energy 
                transition communities, with opportunities for members 
                of the public to provide input.
                    (D) Contents.--The Energy Workforce Transition Plan 
                shall include--
                            (i) a description of the challenges that 
                        energy transition communities encounter, 
                        including challenges associated with economic 
                        and employment transition, and challenges 
                        particular to certain regions;
                            (ii) a description of benefits, grants, and 
                        other sources of funding to address the 
                        challenges described under clause (i) that may 
                        be accessed from Federal, State, local, and 
                        other sources without additional legislative 
                        authority or approval;
                            (iii) a description of sources of funding 
                        to address the challenges described under 
                        clause (i) that require additional legislative 
                        authority or approval;
                            (iv) recommendations for aligning local, 
                        State, Federal, and other resources to invest 
                        in energy transition communities and energy 
                        transition workers;
                            (v) recommendations for establishing 
                        benefits for energy transition workers, 
                        including consideration of--
                                    (I) benefits similar in type, 
                                amount, and duration to Federal 
                                benefits that are not otherwise 
                                available to all energy transition 
                                workers, including pensions;
                                    (II) wage differential benefits for 
                                energy transition workers, including 
                                consideration of eligibility and the 
                                duration of the benefits; and
                                    (III) collaboration with existing 
                                or future employers of energy 
                                transition workers and relevant labor 
                                organizations, to inform energy 
                                transition workers how to apply for 
                                wage differential and other eligible 
                                benefits;
                            (vi) recommendations for grants and other 
                        programmatic support for energy transition 
                        communities, and entities that support energy 
                        transition communities, including--
                                    (I) grants and other programmatic 
                                support provided by counties, 
                                municipalities, cities, or other 
                                political subdivisions of a State;
                                    (II) grants and other programmatic 
                                support provided Indian Tribes;
                                    (III) apprenticeships programs;
                                    (IV) grants and other programmatic 
                                support to be provided by institutions 
                                of higher education; and
                                    (V) grants and other programmatic 
                                support to be provided by public or 
                                private nonprofit organizations or 
                                associations;
                            (vii) recommendations for establishing 
                        community transition resource centers in energy 
                        transition communities, in order to provide 
                        such communities a source of current 
                        information regarding the resources described 
                        in this subparagraph;
                            (viii) identification of the projected 
                        short-term and long-term costs of each activity 
                        recommended in the Energy Workforce Transition 
                        Plan, including worker benefits, grant 
                        programs, and other activities;
                            (ix) identification of the potential 
                        sources for sustainable short-term and long-
                        term funding for implementing the activities 
                        recommended in the Energy Workforce Transition 
                        Plan;
                            (x) the potential advantages or 
                        disadvantages of extending activities 
                        recommended in the Energy Workforce Transition 
                        Plan to other sectors and industries affected 
                        by similar economic disruptions; and
                            (xi) recommendations, made in consultation 
                        with relevant Federal agencies, including the 
                        Department of Labor, and relevant State 
                        authorities, for efficient implementation of 
                        the activities recommended in the Energy 
                        Workforce Transition Plan.
                    (E) Report to congress.--Not later than January 1, 
                2023, the Advisory Committee shall submit to Congress 
                the Energy Workforce Transition Plan, as well as any 
                recommendations to be considered in order to better 
                achieve the plan.
            (3) Membership.--The Advisory Committee shall consist of 
        the following members:
                    (A) Ex officio members as follows:
                            (i) A representative of the Department of 
                        Labor.
                            (ii) A representative of the Economic 
                        Development Administration of the Department of 
                        Commerce.
                            (iii) A representative of the Executive 
                        Office of the President.
                    (B) The following members appointed by the 
                Director:
                            (i) 4 representatives of energy transition 
                        workers, including at least one from a union 
                        representing coal workers, one from a building 
                        trades union, and one from a union representing 
                        other energy transition workers.
                            (ii) 3 representatives from energy 
                        transition communities.
                            (iii) 2 representatives with professional 
                        economic development or workforce retraining 
                        experience.
                            (iv) 2 representatives of environmental 
                        justice communities.
                            (v) 2 representatives of electric utilities 
                        that, on the date of enactment of this Act, 
                        operate a energy-related facility.
            (4) Term.--Except as otherwise provided in this section, 
        the term of appointment or designation of a member of the 
        Advisory Committee shall end on January 1, 2027.
            (5) Expenses.--In accordance with section 5703 of title 5, 
        United States Code, each member of the Advisory Committee may 
        receive payment of a per diem and reimbursement for actual and 
        necessary expenses.
            (6) Chair.--The Advisory Committee shall elect a chair from 
        among its members to serve for a term not to exceed 2 years, as 
        determined appropriate by the Advisory Committee.
            (7) Meetings.--The Advisory Committee shall meet at least 
        once every quarter. The chair of the Advisory Committee may 
        call such additional meetings as are necessary for the Advisory 
        Committee, with the Secretary, to develop and submit to 
        Congress the Energy Workforce Transition Plan.
            (8) Engagement of others.--The Advisory Committee may 
        engage additional nonvoting members or advisors to provide 
        additional expertise as needed.
            (9) Termination.--Section 14(a) of the Federal Advisory 
        Committee Act shall not apply to the Advisory Committee.

SEC. 512. ENERGY WORKFORCE TRANSITION PLANS AND REEMPLOYMENT OF 
              AFFECTED WORKERS.

    (a) Submission.--The owner or operator of an energy-related 
facility shall to the extent practicable submit to the Director a 
workforce transition plan--
            (1) with respect to a coal-fueled electric generating 
        facility with a capacity of more than 50 megawatts, not later 
        than 6 months before the closure of the facility;
            (2) with respect to a coal mine with a capacity of more 
        than 4,000,000 short tons of coal per year, not later than 6 
        months before the closure of the coal mine; and
            (3) with respect to an energy-related facility not 
        described under paragraph (1) or (2), not later than 90 days 
        before the closure of the facility.
    (b) Contents.--To the extent practicable, a workforce transition 
plan submitted under subsection (a) shall include estimates of--
            (1) the number of workers, including those employed by a 
        contractor or subcontractor, employed by the energy-related 
        facility before the closure of the facility;
            (2) the total number of such workers, including those 
        employed by a contractor or subcontractor, whose employment, as 
        a result of the closure of the energy-related facility, will--
                    (A) be retained;
                    (B) be eliminated; and
                    (C) be given a reduction in hours;
            (3) with respect to the workers, including those employed 
        by a contractor or subcontractor, whose existing jobs will be 
        eliminated as a result of the closure of the energy-related 
        facility the total number, and the number by job 
        classification, of workers--
                    (A) whose employment will end without being offered 
                other employment;
                    (B) who will retire as planned, be offered early 
                retirement, or leave on their own;
                    (C) who will be retained by being transferred to 
                other activities under the employment of the owner or 
                operator; and
                    (D) who will be retained to continue to work for 
                the owner or operator in a new job classification; and
            (4) with respect to the workers, including those employed 
        by a contractor or subcontractor, whose existing jobs will be 
        retained during the closure of the energy-related facility, the 
        total number, and the number by job classification, of workers 
        who will work on the decommissioning and environmental 
        remediation of the facility; and
            (5) if an owner or operator is replacing a energy-related 
        facility with a new electric generating facility, the number 
        of--
                    (A) workers from the closed energy-related facility 
                who will be employed at the new electric generating 
                facility; and
                    (B) jobs at the new electric generating facility 
                that will be outsourced to contractors or 
                subcontractors.
    (c) Privacy.--A workforce transition plan submitted under 
subsection (a) shall not include information that violates privacy of 
workers or confidential business information.
    (d) Regulations.--Not later than 1 year after the date of enactment 
of this Act, the Secretary shall promulgate regulations to implement 
this subtitle.
    (e) Compliance.--The owner or operator of an energy-related 
facility shall face a fine or fee, as determined appropriate by the 
Secretary, should they fail to submit a workforce transition plan in 
accordance with this section.

            Subtitle C--Modern Energy Workforce Development

              PART 1--MODERN ENERGY WORKFORCE DEVELOPMENT

SEC. 521. MODERN ENERGY WORKFORCE DEVELOPMENT.

    (a) Establishment.--The Secretary, in consultation with the 
Secretary of Labor, shall establish and carry out a comprehensive and 
nationwide program (referred to in this section as the ``Program'') to 
improve education and training for jobs in energy-related industries 
(including manufacturing, engineering, construction, and retrofitting 
jobs in energy-related industries) to increase the number of skilled 
workers trained to work in energy-related industries with existing or 
expected worker shortages.
    (b) Workforce Development.--
            (1) In general.--In carrying out the Program, the Secretary 
        shall--
                    (A) offer available resources to energy transition 
                workers and underrepresented groups, including 
                religious and ethnic minorities, women, veterans, 
                individuals with disabilities, and socioeconomically 
                disadvantaged individuals, to enter into science, 
                technology, engineering, and mathematics fields;
                    (B) offer available resources to institutions of 
                higher education to equip students with the skills, 
                training, and technical expertise necessary to fill 
                existing or expected worker shortages in energy-related 
                industries;
                    (C) provide internships, fellowships, and 
                traineeships at the Department of Energy, including at 
                National Laboratories;
                    (D) provide energy workforce-related research 
                grants and technical assistance to institutions of 
                higher education, with priority given to minority 
                institutions;
                    (E) ensure that internships, fellowships, 
                traineeships, apprenticeships, and pre-apprenticeships 
                provide the necessary skills and certifications for 
                employment in energy-related industries with existing 
                or expected worker shortages;
                    (F) ensure alignment with the goals defined under 
                the Minorities in Energy Initiative of the Department 
                of Energy;
                    (G) ensure alignment with other programs that are 
                carrying out the Minorities in Energy Initiative of the 
                Department of Energy;
                    (H) to the maximum extent practicable, collaborate 
                with and support State workforce development programs 
                to maximize the efficiency of the Program; and
                    (I) work with labor organizations and institutions 
                of higher education to promote pre-apprenticeship as a 
                pathway to an energy-related career through an 
                apprenticeship program.
            (2) Priority.--In carrying out the Program, the Secretary 
        shall--
                    (A) prioritize the education and training of energy 
                transition workers and underrepresented groups, 
                including religious and ethnic minorities, women, 
                veterans, individuals with disabilities, and 
                socioeconomically disadvantaged individuals for jobs in 
                energy-related industries, especially construction; and
                    (B) partner with labor organizations that have 
                multi-year records of training and supporting energy 
                transition workers and underrepresented groups to 
                successful completion of pre-apprenticeship and 
                apprenticeship programs.
    (c) Direct Assistance.--
            (1) In general.--In carrying out the Program, the Secretary 
        shall provide direct assistance (including financial assistance 
        awards, technical expertise, and guidance) to local educational 
        agencies, local workforce development boards, institutions of 
        higher education, nonprofit organizations, labor organizations, 
        apprenticeship programs, and pre-apprenticeship programs.
            (2) Distribution.--The Secretary shall distribute direct 
        assistance under paragraph (1) in a manner that--
                    (A) is reflective of the needs of, and demand for 
                jobs in, an energy-related industry; and
                    (B) is consistent with the information obtained 
                under subsections (e)(4) and (j).
            (3) Restriction.--In providing financial assistance awards 
        under paragraph (1) for education and training relating to 
        construction, eligible entities shall only include 
        apprenticeship programs, and pre-apprenticeship programs that 
        have an articulation agreement with one or more apprenticeship 
        programs.
    (d) Resource Center.--The Secretary shall establish an online 
resource center--
            (1) to maintain and update information and resources on 
        training programs for jobs in energy-related industries 
        (including manufacturing, engineering, construction, and 
        retrofitting jobs in energy-related industries); and
            (2) to connect local educational agencies, State 
        educational agencies, institutions of higher education, local 
        workforce development boards, State workforce development 
        boards, nonprofit organizations, labor organizations, 
        apprenticeship programs and pre-apprenticeship programs that 
        are working to develop and implement training programs for the 
        jobs described in paragraph (1) to share resources, approaches, 
        and best practices.
    (e) Collaboration and Report.--In carrying out the Program, the 
Secretary shall--
            (1) collaborate with local educational agencies, 
        institutions of higher education, local workforce development 
        boards, Tribal or indigenous community leadership, nonprofit 
        organizations, labor organizations, apprenticeship programs and 
        pre-apprenticeship programs, and energy-related industries;
            (2) facilitate the sharing of best practices and approaches 
        that best suit local, State, and national needs;
            (3) encourage and foster collaboration, mentorship, and 
        partnership between--
                    (A) industry partners, local workforce development 
                boards, Tribal or indigenous community leadership, 
                nonprofit organizations, labor organizations, 
                apprenticeship and pre-apprenticeship programs, that 
                provide effective training programs for jobs in energy-
                related industries; and
                    (B) local educational agencies, State educational 
                agencies, and institutions of higher education that 
                seek to establish those programs; and
            (4) collaborate with the Secretary of Labor, the 
        Commissioner of the Bureau of Labor Statistics, the Secretary 
        of Commerce, the Director of the Bureau of the Census, labor 
        organizations, and energy-related industries--
                    (A) to develop a comprehensive and detailed 
                understanding of the workforce needs of, and job 
                opportunities in, energy-related industries, by State 
                and by region; and
                    (B) to publish an annual report on job creation in 
                the sectors of energy-related industries identified 
                under subsection (j).
    (f) Best Practices for Educational Institutions.--
            (1) In general.--The Secretary, in collaboration with the 
        Secretary of Education, the Secretary of Commerce, the 
        Secretary of Labor, and the Director of the National Science 
        Foundation, shall develop and report best practices for 
        providing students with skills necessary for jobs in energy-
        related industries (including manufacturing, engineering, 
        construction, and retrofitting jobs in energy-related 
        industries) to local educational agencies, institutions of 
        higher education, and apprenticeship programs.
            (2) Energy efficiency and community energy resiliency 
        initiatives.--The Secretary shall develop and provide best 
        practices for teaching students and the families of those 
        students about energy efficiency and community energy 
        resiliency.
            (3) Input from industry labor organizations.--In carrying 
        out paragraphs (1) and (2), the Secretary shall solicit input 
        from energy-related industries and labor organizations, 
        especially sectors with existing or expected worker shortages 
        or expertise in energy efficiency.
            (4) STEM education.--In carrying out paragraphs (1) and 
        (2), the Secretary shall promote education in science, 
        technology, engineering, and mathematics.
    (g) Outreach to Minority Institutions.--In carrying out the 
Program, the Secretary shall--
            (1) increase the Department of Energy's outreach to 
        minority institutions, including historically Black 
        universities and colleges, community colleges, and Tribal 
        institutions;
            (2) work with minority institutions to increase the number 
        of skilled minorities and women qualified for jobs in energy-
        related industries (including manufacturing, engineering, 
        construction, and retrofitting jobs in energy-related 
        industries);
            (3) work with energy-related industries to improve 
        opportunities for students of minority institutions to 
        participate in industry internships and cooperative work-study 
        programs; and
            (4) work with the Directors of the National Laboratories to 
        increase the participation of students from minority 
        institutions in internships, fellowships, training programs, 
        and employment at those laboratories.
    (h) Outreach to Energy Transition Workers.--The Secretary shall--
            (1) work with employers and job trainers, including 
        apprenticeship and pre-apprenticeship programs, in preparing 
        energy transition workers for emerging jobs in energy-related 
        industries (including manufacturing, engineering, construction, 
        and retrofitting jobs in energy-related industries);
            (2) work with energy transition workers to increase the 
        number of individuals trained for jobs in energy-related 
        industries (including manufacturing, engineering, construction, 
        and retrofitting jobs in energy-related industries); and
            (3) work with labor organizations and energy-related 
        industry partners to improve opportunities for energy 
        transition workers to participate in industry internships, 
        cooperative work-study programs, apprenticeships, and pre-
        apprenticeships.
    (i) Enrollment in Training and Apprenticeship and Pre-
Apprenticeship Programs.--The Secretary shall provide assistance to 
industry, local workforce development boards, State workforce 
development boards, nonprofit organizations, labor organizations, and 
apprenticeship programs in identifying students and other candidates, 
including energy transition workers and underrepresented groups, 
including religious and ethnic minorities, women, veterans, individuals 
with disabilities, and socioeconomically disadvantaged individuals, to 
enroll in training and apprenticeship programs and pre-apprenticeship 
programs for jobs in energy-related industries.
    (j) Guidelines To Develop Skills for a Modern Energy Industry 
Workforce.--The Secretary shall, in collaboration with energy-related 
industries and labor organizations, identify the sectors within each 
energy-related industry that have the greatest demand for workers and 
develop guidelines for the skills necessary to work in those sectors. 
The Secretary shall identify the sectors in consultation with a broad 
cross-section of the energy industry, including relevant energy 
industry organizations, public and private employers, labor 
organizations, postsecondary education institutions, and workforce 
development boards.
    (k) Rule of Construction.--Nothing in this section authorizes any 
department, agency, officer, or employee of the Federal Government to 
exercise any direction, supervision, or control over--
            (1) the curriculum, program of instruction, or 
        instructional content of any State, local educational agency, 
        or school; or
            (2) the selection of library resources, textbooks, or other 
        printed or published instructional materials used by any State, 
        local educational agency, or school.

SEC. 522. CLEAN ENERGY JOBS TRAINING PROGRAM.

    (a) Definitions.--In this section:
            (1) Eligible entity.--The term ``eligible entity'' means a 
        National Laboratory, business, or labor organization that 
        demonstrates success in placing graduates of pre-apprenticeship 
        or apprenticeship programs in jobs relevant to such programs 
        and--
                    (A) is directly involved with zero-emission 
                electricity technology, energy efficiency, or other 
                activity that results in a reduction in greenhouse gas 
                emissions, as determined by the Secretary;
                    (B) works on behalf of a business or labor 
                organization that is directly involved with zero-
                emission electricity technology, energy efficiency, or 
                other activity that results in a reduction in 
                greenhouse gas emissions, as determined by the 
                Secretary;
                    (C) provides services related to--
                            (i) zero-emission electricity technology 
                        deployment and maintenance and energy 
                        efficiency;
                            (ii) grid modernization; or
                            (iii) reduction in greenhouse gas emissions 
                        through the use of zero-emission energy 
                        technologies;
                    (D) has knowledge of technician workforce needs of 
                a National Laboratory or covered facility of the 
                National Nuclear Security Administration and the 
                associated security requirements of such laboratory or 
                facility;
                    (E) demonstrates experience in implementing and 
                operating apprenticeship programs or pre-apprenticeship 
                programs that provide a direct pathway to an energy-
                related career; or
                    (F) demonstrates success in placing graduates of 
                pre-apprenticeship or apprenticeship programs in jobs 
                relevant to such programs.
            (2) National laboratory.--The term ``National Laboratory'' 
        means any of the following laboratories owned by the Department 
        of Energy:
                    (A) Ames Laboratory.
                    (B) Argonne National Laboratory.
                    (C) Brookhaven National Laboratory.
                    (D) Fermi National Accelerator Laboratory.
                    (E) Idaho National Laboratory.
                    (F) Lawrence Berkeley National Laboratory.
                    (G) Lawrence Livermore National Laboratory.
                    (H) Los Alamos National Laboratory.
                    (I) National Energy Technology Laboratory.
                    (J) National Renewable Energy Laboratory.
                    (K) Oak Ridge National Laboratory.
                    (L) Pacific Northwest National Laboratory.
                    (M) Princeton Plasma Physics Laboratory.
                    (N) Sandia National Laboratories.
                    (O) Savannah River National Laboratory.
                    (P) Stanford Linear Accelerator Center.
                    (Q) Thomas Jefferson National Accelerator Facility.
            (3) Program.--The term ``Program'' means the Clean Energy 
        Jobs Training Program established under subsection (b).
    (b) Establishment.--The Secretary, in consultation with the 
Secretary of Labor, shall establish a program, to be known as the Clean 
Energy Jobs Training Program, to provide competitively awarded cost-
shared grants to eligible entities to pay for on-the-job training of a 
new or existing employee--
            (1) to work in zero-emission electricity generation, energy 
        efficiency, or grid modernization;
            (2) to work otherwise on the reduction of greenhouse gas 
        emissions; or
            (3) to participate in a pre-apprenticeship program that 
        provides a direct pathway to an energy-related career in 
        construction through one or more apprenticeship programs.
    (c) Grants.--
            (1) In general.--An eligible entity desiring a grant under 
        the Program shall submit to the Secretary an application at 
        such time, in such manner, and containing such information as 
        the Secretary may require.
            (2) Priority for targeted communities.--In providing grants 
        under the Program, the Secretary shall give priority to an 
        eligible entity that--
                    (A) recruits employees--
                            (i) from the one or more communities that 
                        are served by the eligible entity; and
                            (ii) that are minorities, women, veterans, 
                        individuals from Indian Tribes or Tribal 
                        organizations, or energy transition workers;
                    (B) provides trainees with the opportunity to 
                obtain real-world experience;
                    (C) has fewer than 100 employees; and
                    (D) in the case of a pre-apprenticeship program, 
                demonstrates--
                            (i) a multi-year record of successfully 
                        recruiting energy transition workers, 
                        minorities, women, and veterans for training 
                        and supporting such individuals to a successful 
                        completion of a pre-apprenticeship program; and
                            (ii) a successful multi-year record of 
                        placing the majority of pre-apprenticeship 
                        program graduates into apprenticeship programs 
                        in the construction industry.
            (3) Use of grant for federal share.--
                    (A) In general.--An eligible entity shall use a 
                grant received under the Program to--
                            (i) pay the Federal share of the cost of 
                        providing on-the-job training for an employee, 
                        in accordance with subparagraph (B); or
                            (ii) in the case of a pre-apprenticeship 
                        program--
                                    (I) recruit minorities, women, and 
                                veterans for training;
                                    (II) support those individuals in 
                                the successful completion of the pre-
                                apprenticeship program; and
                                    (III) carry out any other activity 
                                of the pre-apprenticeship program, as 
                                determined to be appropriate by the 
                                Secretary of Labor, in consultation 
                                with the Secretary.
                    (B) Federal share amount.--The Federal share 
                described in subparagraph (A)(i) shall not exceed--
                            (i) in the case of an eligible entity with 
                        20 or fewer employees, 45 percent of the cost 
                        of on-the-job training for an employee;
                            (ii) in the case of an eligible entity with 
                        not fewer than 21 employees and not more than 
                        99 employees, 37.5 percent of the cost of on-
                        the-job training for an employee;
                            (iii) in the case of an eligible entity 
                        with not fewer than 100 employees, 25 percent 
                        of the cost of on-the-job training for an 
                        employee; and
                            (iv) in the case of an eligible entity that 
                        administers a pre-apprenticeship program, 75 
                        percent of the cost of the pre-apprenticeship 
                        program.
            (4) Employer payment of non-federal share.--
                    (A) In general.--The non-Federal share of the cost 
                of providing on-the-job training for an employee under 
                a grant received under the Program shall be paid in 
                cash or in kind by the employer of the employee 
                receiving the training or by a nonprofit organization.
                    (B) Inclusions.--The non-Federal share described in 
                subparagraph (A) may include the amount of wages paid 
                by the employer to the employee during the time that 
                the employee is receiving on-the-job training, as 
                fairly evaluated by the Secretary of Labor.
            (5) Construction.--In providing grants under the Program 
        for training, recruitment, and support relating to 
        construction, eligible entities shall only include pre-
        apprenticeship programs that have an articulation agreement 
        with one or more apprenticeship programs.
            (6) Grant amount.--An eligible entity may not receive more 
        than $1,000,000 per fiscal year in grant funds under the 
        Program.

SEC. 523. UNIVERSITY ZERO-EMISSION ENERGY LEADERSHIP PROGRAM.

    (a) Establishment.--
            (1) In general.--Subtitle E of title IX of the Energy 
        Policy Act of 2005 is amended by adding at the end the 
        following:

``SEC. 959D. UNIVERSITY ZERO-EMISSION ENERGY LEADERSHIP PROGRAM.

    ``(a) Establishment.--The Secretary of Energy shall establish a 
program, to be known as the University Zero-Emission Energy Leadership 
Program.
    ``(b) Use of Funds.--Amounts made available to carry out the 
University Zero-Emission Energy Leadership Program--
            ``(1) shall be used to provide financial assistance for 
        scholarships, fellowships, and research and development 
        projects at institutions of higher education in areas relevant 
        to departmental missions in research, development, 
        demonstration, and deployment activities for zero-emission 
        technologies;
            ``(2) may be used to provide financial assistance to 
        businesses to offset the costs of a partnership with, or 
        investments in, institutions of higher education in areas 
        relevant to departmental missions in research, development, 
        demonstration, and deployment activities for zero-emission 
        technologies; and
            ``(3) may be used to provide financial assistance for a 
        scholarship, fellowship, or multiyear research and development 
        project that does not align directly with a departmental 
        mission, if the activity for which assistance is provided 
        promotes a zero-emission energy transition.''.
            (2) Table of contents.--The table of contents for the 
        Energy Policy Act of 2005 is further amended by adding after 
        the item relating to section 959D the following:

``Sec. 959D. University Zero-Emission Energy Leadership Program.''.
    (b) Repeal.--The Energy and Water Development and Related Agencies 
Appropriations Act, 2009 is amended by striking section 313.

SEC. 524. AUTHORIZATION OF APPROPRIATIONS.

    There are authorized to be appropriated to carry out this part such 
sums as may be necessary for each of fiscal years 2022 through 2035.

                    PART 2--CLIMATE RESILIENCY CORPS

SEC. 531. ESTABLISHMENT OF THE CLIMATE RESILIENCY CORPS.

    (a) General Authority.--The President shall establish a wholly 
owned Government corporation, to be known as the Climate Resiliency 
Corps, to employ residents of the United States who are unemployed or 
underemployed, in the construction, maintenance, and carrying out of 
projects of a public nature in connection with, but not limited to--
            (1) mitigating the effects of disasters and other trends 
        related to climate change, including by--
                    (A) assessing community resilience to the impacts 
                of climate change;
                    (B) collecting, monitoring, and analyzing data 
                related to climate change and disasters;
                    (C) developing a plan to improve community 
                resilience to the impacts of climate change through 
                resilient infrastructure; and
                    (D) building and maintaining resilient 
                infrastructure, including by--
                            (i) preserving, protecting, and restoring 
                        habitat;
                            (ii) stabilizing shorelines;
                            (iii) removing invasive species and 
                        planting native species of trees, plants and 
                        groundcover;
                            (iv) constructing bioswales and water bars;
                            (v) improving drainage systems through use 
                        of permeable surfaces and rain gardens;
                            (vi) removing hazardous fuels;
                            (vii) conducting prescribed burns;
                            (viii) establishing defensible space;
                            (ix) retrofitting buildings; and
                            (x) planting urban forestry, trees, and 
                        landscapes;
            (2) preparing communities for disasters of a type projected 
        as a result of climate change, including by--
                    (A) organizing community-based resiliency 
                coalitions and working groups;
                    (B) providing disaster preparedness or community 
                emergency response team training to community-based 
                organizations and residents; and
                    (C) providing education on climate change, 
                disaster, and resilience at community-based 
                organizations and schools;
            (3) responding to disasters, including--
                    (A) establishing and managing volunteers, 
                distribution centers, and shelters;
                    (B) supporting disaster response activities and 
                centers, including fire camps;
                    (C) clearing fallen trees and branches;
                    (D) boarding up windows and doors and tarping 
                roofs; and
                    (E) mucking and gutting homes and buildings;
            (4) recovering from disasters, including--
                    (A) clearing debris;
                    (B) repairing and rebuilding homes and buildings;
                    (C) replanting native trees and plants;
                    (D) restoring habitat; and
                    (E) stabilizing shoreline and hillsides; and
            (5) other activities that are determined appropriate by the 
        Chief Executive Officer and the Board of Directors of the 
        Climate Resiliency Corps.
    (b) Enhancing Climate Resiliency in Disproportionately Impacted 
Communities.--Not less than 40 percent of the amounts made available 
for the Climate Resiliency Corps shall be used to enhance the climate 
resiliency of environmental justice communities through activities 
described in subsection (a).
    (c) Incorporation.--
            (1) In general.--The Advisory Committee shall be deemed the 
        incorporator of Climate Resiliency Corps, and the incorporation 
        shall be held to have been effected from the date of the first 
        meeting of the Advisory Committee.
            (2) Corporate office.--The Climate Resiliency Corps shall--
                    (A) maintain an office in the District of Columbia; 
                and
                    (B) for purposes of venue in civil actions, be 
                considered to be a resident of the District of 
                Columbia.
    (d) Role of Federal Agencies.--To operate the Climate Resiliency 
Corps, the President may authorize partnerships with existing Federal 
departments and agencies, including the Department of Labor, the 
Department of Defense, the National Guard Bureau, the Department of the 
Interior, the Department of Agriculture, the Army Corps of Engineers, 
the Department of Transportation, the Department of Energy, the 
Environmental Protection Agency, and other Federal Governmental 
corporations.

SEC. 532. BOARD OF DIRECTORS OF THE CLIMATE RESILIENCY CORPS.

    (a) Voting Membership of the Board of Directors.--
            (1) In general.--The Climate Resiliency Corps shall have a 
        Board of Directors (hereinafter referred to as the Board of 
        Directors) consisting of--
                    (A) 7 voting members appointed by the President, by 
                and with the advice and consent of the Senate, not more 
                than 4 of whom shall be from the same political party; 
                and
                    (B) the chief executive officer of the Climate 
                Resiliency Corps.
            (2) Chairperson.--One of the voting members of the Board of 
        Directors shall be designated by the President to serve as 
        Chairperson thereof.
            (3) Congressional recommendations.--Not later than 30 days 
        after the date of enactment of this Act, the majority leader of 
        the Senate, the minority leader of the Senate, the Speaker of 
        the House of Representatives, and the minority leader of the 
        House of Representatives shall each submit a recommendation to 
        the President for appointment of a voting member of the Board 
        of Directors, after consultation with the appropriate 
        committees of Congress.
    (b) Powers and Duties of the Board of Directors.--The Board of 
Directors shall--
            (1) as soon as is practicable after the date on which all 
        members are appointed, approve or disapprove senior management 
        appointed by the chief executive officer;
            (2) not later than 180 days after the date on which all 
        members are appointed--
                    (A) develop and approve the bylaws of the Climate 
                Resiliency Corps, including bylaws for the regulation 
                of the affairs and conduct of the business of the 
                Climate Resiliency Corps;
                    (B) establish subcommittees, including an audit 
                committee that is composed solely of members of the 
                Board of Directors who are independent of the senior 
                management of the Corps;
                    (C) develop and approve, in consultation with 
                senior management, a conflict-of-interest policy for 
                the Board of Directors and for senior management;
                    (D) approve or disapprove internal policies that 
                the chief executive officer shall submit to the Board 
                of Directors; and
                    (E) approve or disapprove a 1-year business plan 
                and budget for the Climate Resiliency Corps;
            (3) ensure that the Climate Resiliency Corps is at all 
        times operated in a manner that is consistent with this part, 
        by--
                    (A) monitoring and assessing the effectiveness of 
                the Corps;
                    (B) periodically reviewing internal policies;
                    (C) reviewing and approving annual business plans, 
                annual budgets, and long-term strategies submitted by 
                the chief executive officer;
                    (D) reviewing and approving annual reports 
                submitted by the chief executive officer;
                    (E) engaging one or more external auditors; and
                    (F) reviewing and approving all changes to the 
                organization of senior management;
            (4) establish such other criteria, requirements, or 
        procedures as the Board of Directors may consider to be 
        appropriate in carrying out this part;
            (5) serve as the primary liaison for the Climate Resiliency 
        Corps in interactions with Congress, the executive branch, and 
        State and local governments, and to represent the Climate 
        Resiliency Corps in such interactions and others;
            (6) approve by a vote of 5 of the 7 voting members of the 
        Board of Directors any changes to the bylaws or internal 
        policies of the Climate Resiliency Corps;
            (7) have the authority and responsibility--
                    (A) to oversee entering into and carry out such 
                contracts, leases, cooperative agreements, or other 
                transactions as are necessary to carry out this part 
                with--
                            (i) any Federal department or agency;
                            (ii) any State, territory, or Tribe of the 
                        United States; and
                            (iii) any individual, public-private 
                        partnership, firm, association, or corporation;
                    (B) to approve of the acquisition, lease, pledge, 
                exchange, and disposal of real and personal property by 
                the Climate Resiliency Corps and otherwise approve the 
                exercise by the Climate Resiliency Corps of all of the 
                usual incidents of ownership of property, to the extent 
                that the exercise of such powers is appropriate to and 
                consistent with the purposes of the Corps;
                    (C) to determine the character of, and the 
                necessity for, the obligations and expenditures of the 
                Climate Resiliency Corps, and the manner in which the 
                obligations and expenditures will be incurred, allowed, 
                and paid, subject to this part and other Federal law 
                specifically applicable to wholly owned Federal 
                corporations;
                    (D) to sue or be sued in the corporate capacity of 
                the Climate Resiliency Corps in any court of competent 
                jurisdiction; and
                    (E) to review all projects recommended by the chief 
                executive officer for funding and to approve, postpone, 
                or deny the same by majority vote; and
            (8) delegate to the chief executive officer those duties 
        that the Board of Directors determines appropriate.
    (c) Voting Rights.--Each voting member of the Board of Directors 
shall have an equal vote in all decisions of the Board of Directors.
    (d) Qualifications of Voting Members.--Each voting member of the 
Board of Directors shall--
            (1) be a citizen of the United States; and
            (2) have significant demonstrated expertise in--
                    (A) the management and administration of an 
                institution or program relevant to the operation of the 
                Climate Resiliency Corps; or
                    (B) the financing, development, or operation of 
                infrastructure projects.
    (e) Terms.--
            (1) In general.--Except as otherwise provided in this part, 
        each voting member of the Board of Directors shall be appointed 
        for a term of 4 years.
            (2) Initial staggered terms.--Of the voting members first 
        appointed to the Board of Directors--
                    (A) the initial Chairperson and 3 of the other 
                voting members shall each be appointed for a term of 4 
                years; and
                    (B) the remaining 3 voting members shall each be 
                appointed for a term of 2 years.
            (3) Date of initial nominations.--The initial nominations 
        for the appointment of all voting members of the Board of 
        Directors shall be made not later than 60 days after the date 
        of enactment of this Act.
            (4) Beginning of term.--The term of each of the initial 
        voting members appointed under this section shall commence 
        immediately upon the date of appointment, except that, for 
        purposes of calculating the term limits specified in this 
        subsection, the initial terms shall each be construed as 
        beginning on January 22 of the year following the date of the 
        initial appointment.
            (5) Vacancies.--A vacancy in the position of a voting 
        member of the Board of Directors shall be filled by the 
        President, and a member appointed to fill a vacancy on the 
        Board of Directors occurring before the expiration of the term 
        for which the predecessor was appointed shall be appointed only 
        for the remainder of that term.
    (f) Meetings.--
            (1) Open to the public; notice.--Except as provided in 
        paragraph (3), all meetings of the Board of Directors shall 
        be--
                    (A) open to the public; and
                    (B) preceded by a public notice of at least 14 
                days.
            (2) Frequency.--The Board of Directors shall meet not later 
        than 60 days after the date on which all members of the Board 
        of Directors are first appointed, at least quarterly 
        thereafter, and otherwise at the call of either the Chairperson 
        or 5 voting members of the Board of Directors.
            (3) Exception for closed meetings.--The voting members of 
        the Board of Directors may, by majority vote, close a meeting 
        to the public if, during the meeting to be closed, there is 
        likely to be disclosed proprietary or sensitive information 
        regarding an infrastructure project under consideration for 
        assistance pursuant to this part. The Board of Directors shall 
        prepare minutes of any meeting that is closed to the public, 
        and shall make such minutes available as soon as practicable, 
        not later than 1 year after the date of the closed meeting, 
        with any necessary redactions to protect any proprietary or 
        sensitive information.
            (4) Quorum.--For purposes of meetings of the Board of 
        Directors, 5 voting members of the Board of Directors shall 
        constitute a quorum.
    (g) Compensation of Members.--Each voting member of the Board of 
Directors shall be compensated at a rate equal to the daily equivalent 
of the annual rate of basic pay prescribed for level III of the 
Executive Schedule under section 5314 of title 5, United States Code, 
for each day (including travel time) during which the member is engaged 
in the performance of the duties of the Board of Directors.
    (h) Conflicts of Interest.--A voting member of the Board of 
Directors may not participate in any review or decision affecting a 
project under consideration under this part, if the member has or is 
affiliated with an entity who has a financial interest in such project.

SEC. 533. CHIEF EXECUTIVE OFFICER OF THE CLIMATE RESILIENCY CORPS.

    (a) In General.--The chief executive officer of the Climate 
Resiliency Corps (hereinafter referred to as the ``chief executive 
officer'') shall be a nonvoting member of the Board of Directors, who 
shall be responsible for directing all activities of the Climate 
Resiliency Corps, and shall support the Board of Directors as set forth 
in this part, as the Board of Directors determines necessary or 
appropriate.
    (b) Appointment and Tenure of the Chief Executive Officer.--
            (1) In general.--The President shall appoint the chief 
        executive officer by and with the advice and consent of the 
        Senate.
            (2) Term.--The chief executive officer shall be appointed 
        for a term of 6 years.
            (3) Vacancies.--Any vacancy in the office of the chief 
        executive officer shall be filled by the President, and the 
        person appointed to fill a vacancy in that position occurring 
        before the expiration of the term for which the predecessor was 
        appointed shall be appointed only for the remainder of that 
        term.
    (c) Qualifications.--The chief executive officer--
            (1) shall have significant expertise in the financing and 
        development of infrastructure projects; and
            (2) may not--
                    (A) hold any other public office;
                    (B) have any financial interest in a project then 
                being considered by the Board of Directors, unless that 
                interest is placed in a blind trust; or
                    (C) have any financial interest in an investment 
                institution or its affiliates or any other entity 
                seeking or likely to seek financial assistance for any 
                infrastructure project from the Climate Resiliency 
                Corps, unless any such interest is placed in a blind 
                trust for the tenure of the service of the chief 
                executive officer plus 2 additional years.
    (d) Responsibilities.--The chief executive officer shall have such 
executive functions, powers, and duties as may be prescribed by this 
part, the bylaws of the Climate Resiliency Corps, or the Board of 
Directors, including--
            (1) responsibility for the development and implementation 
        of the strategy of the Climate Resiliency Corps, including--
                    (A) the development and submission to the Board of 
                Directors of the annual business plans and budget of 
                the Climate Resiliency Corps;
                    (B) the development and submission to the Board of 
                Directors of a long-term strategic plan for the Climate 
                Resiliency Corps; and
                    (C) the development, revision, and submission to 
                the Board of Directors of internal policies of the 
                Climate Resiliency Corps, including--
                            (i) policies regarding the application and 
                        approval process for projects to be carried out 
                        pursuant to this part, including--
                                    (I) guidelines for the selection 
                                and approval of projects;
                                    (II) specific criteria for 
                                determining eligibility for project 
                                selection; and
                                    (III) operational guidelines; and
                            (ii) the estimated timeline for submission, 
                        approval, and completion of projects;
            (2) responsibility for the management and oversight of the 
        daily activities, decisions, operations, and personnel of the 
        Climate Resiliency Corps, including--
                    (A) the appointment of senior management, subject 
                to approval by the voting members of the Board of 
                Directors, and the hiring and termination of all other 
                Climate Resiliency Corps personnel;
                    (B) ensuring, in conjunction with the general 
                counsel, that all activities of the Climate Resiliency 
                Corps are carried out in compliance with applicable 
                law;
                    (C) overseeing the involvement of the Climate 
                Resiliency Corps in all projects, including--
                            (i) developing eligible projects;
                            (ii) determining the terms and conditions 
                        of all infrastructure projects;
                            (iii) monitoring all infrastructure 
                        projects;
                            (iv) preparing and submitting for approval 
                        by the Board of Directors the documents 
                        required under paragraph (1); and
                            (v) ensuring the implementation of 
                        decisions of the Board of Directors; and
                    (D) such other activities as may be necessary or 
                appropriate in carrying out this part.
    (e) Compensation.--
            (1) In general.--Any compensation assessment or 
        recommendation by the chief executive officer under this 
        section shall be without regard to the provisions of chapter 51 
        or subchapter III of chapter 53 of title 5, United States Code.
            (2) Considerations.--The compensation assessment or 
        recommendation required under this subsection shall take into 
        account merit principles, where applicable, as well as the 
        education, experience, level of responsibility, geographic 
        differences, and retention and recruitment needs in determining 
        compensation of personnel.

SEC. 534. SENIOR MANAGEMENT.

    (a) Appointment of Senior Management.--The chief executive officer 
shall appoint such senior managers as are necessary to support the 
chief executive officer in the discharge of the responsibilities of the 
chief executive officer, as approved by a majority vote of the voting 
members of the Board of Directors.
    (b) Removal of Senior Management.--Any member of senior management 
may be removed, either by a majority of the voting members of the Board 
of Directors upon request by the chief executive officer, or otherwise 
by vote of not fewer than 5 voting members of the Board of Directors.
    (c) Senior Management.--
            (1) In general.--Each member of senior management shall 
        report directly to the chief executive officer.
            (2) Duties and responsibilities.--
                    (A) Chief financial officer.--The chief financial 
                officer shall be responsible for all financial 
                functions of the Corps, provided that, at the 
                discretion of the Board of Directors, specific 
                functions of the chief financial officer may be 
                delegated externally.
                    (B) Chief compliance officer.--The chief compliance 
                officer shall be responsible for all functions of the 
                Corps relating to internal audits, accounting 
                safeguards, and the enforcement of such safeguards and 
                other applicable requirements.
                    (C) General counsel.--The general counsel shall be 
                responsible for all functions of the Corps relating to 
                legal matters and, in consultation with the chief 
                executive officer, shall be responsible for ensuring 
                that the Corps complies with all applicable law.
                    (D) Chief operations officer.--The chief operations 
                officer shall be responsible for all operational 
                functions of the Corps, including those relating to the 
                continuing operations and performance of all 
                infrastructure projects.
    (d) Conflicts of Interest.--No individual appointed to senior 
management may--
            (1) hold any other public office; or
            (2) have any financial interest in a project being 
        considered by the Board of Directors, unless that interest is 
        placed in a blind trust.

SEC. 535. GENERAL EMPLOYMENT WITHIN THE CLIMATE RESILIENCY CORPS.

    (a) Employment Preference.--If the President determines that 
amounts appropriated to carry out the Climate Resiliency Corps for a 
fiscal year will be insufficient to employ all of the citizens of the 
United States who are seeking or likely to seek employment in the 
Climate Resiliency Corps, and to continue the employment of current 
employees who desire to remain in the Climate Resiliency Corps, the 
President shall give priority to the hiring of additional persons in 
the Climate Resiliency Corps to--
            (1) energy transition workers;
            (2) unemployed veterans of the Armed Forces and unemployed 
        members of the reserve components of the Armed Forces;
            (3) unemployed citizens who have exhausted their 
        entitlement to unemployment compensation;
            (4) unemployed citizens, who immediately before employment 
        in the Climate Resiliency Corps, are eligible for unemployment 
        compensation payable under any State law or Federal 
        unemployment compensation law, including any additional 
        compensation or extended compensation under such laws; and
            (5) other citizens from minority groups, including, 
        religious and ethnic minorities, women, and individuals with 
        disabilities.
    (b) Housing and Care of Employees.--The Climate Resiliency Corps 
may provide housing for persons employed and furnish them with such 
subsistence, clothing, medical attendance and hospitalization, and cash 
allowance, as may be necessary during the duration of employment.
    (c) Transportation.--The Climate Resiliency Corps may provide for 
the transportation of persons employed to and from the places of 
employment.

SEC. 536. PROJECT APPLICATIONS.

    To be eligible for a project to be completed by the Climate 
Resiliency Corps under this part, an entity shall submit directly to 
the chief executive officer an application in such manner and 
containing such information as the chief executive officer may require.

SEC. 537. FUNDING.

    There is authorized to be appropriated to carry out this part 
$10,000,000,000, to remain available until expended.
                                 <all>