Global Warming Reduction Act of 2007

Bill: 110-s-485
Sponsor: Sen. Kerry, John F. [D-MA]
Introduced: 2007-02-01 in the Senate
Policy area: Environmental Protection
Subjects: Administrative procedure
Air pollution control
Alcohol as fuel
Alternative energy sources
Arctic Ocean
Arctic and polar regions
Automobile engines
Automobile industry
Biological diversity
Carbon cycle
Carbon dioxide
Climate change and greenhouse gases
Cogeneration of electric power and heat
Commerce
Congress
Congressional reporting requirements
Coral reefs
Department of Commerce
Droughts
Economic growth
Economic impact statements
Economics and Public Finance
Ecosystem management
Electric power production
Electric utilities
Electric vehicles
Emissions trading
Energy
Energy conservation
Energy consumption
Energy efficiency
Environmental Protection Agency
Environmental monitoring
Environmental research
Executive reorganization
Fines (Penalties)
Floods
Fluorocarbons
Fuel cells
Fuel consumption
Gasoline
Government Operations and Politics
Government paperwork
Government publicity
Government trust funds
Governmental investigations
Hurricanes
Hydrology
Income tax
Information disclosure (Securities law)
International Affairs
International environmental cooperation
Law
Marine and coastal resources, fisheries
Marine ecology
Methane
Motor vehicle pollution control
Negotiations
Nitrogen oxides
Petroleum industry
Public Lands and Natural Resources
Research and development
Science, Technology, Communications
Sea level
Securities and Exchange Commission
Securities regulation
Service stations
Standards
Storms
Sulphur
Tax credits
Taxation
Technological innovations
Technology transfer
Tornadoes
Transportation and Public Works
Treaties
Tsunamis
Water Resources Development
Weather

Summary:
action_date: 2007-02-01
text: 
Global Warming Pollution Reduction Act of 2007 - Amends the Clean Air Act to direct the Environmental Protection Agency (EPA) to: (1) promulgate regulations necessary to reduce the aggregate net level of global warming pollution emissions; and (2) establish a market-based emissions cap and global warming pollutants trading program.
 
Establishes the Climate Reinvestment Fund.
 
Requires EPA to: (1) establish, and revise every five years, standards for passenger vehicle emissions; and (2) research global climate change standards and processes.
 
Sets forth requirements for retail electricity suppliers and EPA concerning: (1) energy efficiency and peak load reduction; (2) a related trading system; (3) renewable energy types and sources; and (4) a renewable energy credit program and related penalties.
 
Requires the Secretary of Agriculture to establish standards for accrediting certified reductions in carbon dioxide emission through biological sequestration activities.
 
Requires major stationary sources to report annually to EPA about global warming pollutant emissions.
 
Directs the National Academy of Sciences to report biennially to EPA and Congress about U.S. progress in avoiding dangerous anthropogenic interference with the climate system.
 
Replaces specified volumes of renewable fuel required in gasoline for 2006-2012 with benchmarks for 2010, 2020, and 2030 and a requirement that EPA determine the volume for each year not specified annually.
 
Requires the Secretary of Energy to ensure that major oil companies that sell gasoline in the United States through wholly-owned or branded stations provide pumps that dispense E-85 fuel at specified percentages. Creates a related trading program.
 
Amends the Internal Revenue Code to double the new qualified fuel cell motor vehicle credit, the new advanced lean burn technology motor vehicle credit, and the conservation credit. Creates a new plug-in hybrid motor vehicle credit and an advanced technology motor vehicles manufacturing credit.
 
Directs the Securities and Exchange Commission (SEC) to: (1) require securities issuers to inform investors of financial and economic risks relating to global warming; and (2) declare that U.S. commitments to reduce emissions under the United Nations Framework Convention on Climate Change are considered to be a material effect and that global warming constitutes a known trend.
 
Requires the Secretary of Commerce to establish a National Climate Change Vulnerability and Resilience Program and an Office of Climate Change Vulnerability and Resilience Research.


Legislative actions:
action_date: 2007-02-01
text: Read twice and referred to the Committee on Finance.
action_date: 2007-02-01
text: Introduced in Senate