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B-333635 Oct 18, 2021 1 (2021-10-18)

handle is hein.gao/gaomiq0001 and id is 1 raw text is: 1 'D U.S. GOVERNMENT ACCOUNTABILITY OFFICE G A Ot A Century of Non-Partisan Fact-Based Work 441 G St. N.W. Washington, DC 20548 B-333635 October 18, 2021 The Honorable Thomas R. Carper Chairman The Honorable Shelley Moore Capito Ranking Member Committee on Environment and Public Works United States Senate The Honorable Frank Pallone, Jr. Chairman The Honorable Cathy McMorris Rodgers Republican Leader Committee on Energy and Commerce House of Representatives Subject: Environmental Protection Agency: Phasedown of Hydrofluorocarbons: Establishing the Allowance Allocation and Trading Program Under the American Innovation and Manufacturing Act Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Environmental Protection Agency (EPA) entitled Phasedown of Hydrofluorocarbons: Establishing the Allowance Allocation and Trading Program Under the American Innovation and Manufacturing Act (RIN: 2060-AV17). We received the rule on September 27, 2021. It was published in the Federal Register as a final rule on October 5, 2021. 86 Fed. Reg. 55116. The effective date is November 4, 2021. According to EPA, the final rule implements certain provisions of the American Innovation and Manufacturing Act of 2020, Pub. L. No. 116-260, div. S, § 103, 134 Stat. 1182, 2255 (Dec. 27, 2020). EPA stated this Act mandates the phasedown of hydrofluorocarbons (HFCs), which are highly potent greenhouse gases, by 85 percent over a period ending in 2036. EPA further stated the Act directs it to implement the phasedown by issuing a fixed quantity of transferrable production and consumption allowances, which producers and importers of HFCs must hold in quantities equal to the amount of HFCs they produce or import. To establish the allowance allocation program, EPA stated the final rule determines the HFC production and consumption baselines, from which allowed production and consumption will decrease consistent with the statutory phasedown schedule; provides an initial approach to allocating calendar-year allowances and allowing for the transfer of those allowances; establishes provisions for the international transfer of allowances; and establishes recordkeeping and reporting requirements. Additionally, according to EPA, the final rule establishes provisions to support implementation, compliance with, and enforcement of, statutory and regulatory requirements under the Act's phasedown provisions. Over the time period from 2022-2050, EPA determined the final rule will avoid cumulative emissions of 4,560 million metric tons of exchange value equivalent of HFCs in the United States with a present value of cumulative net benefits of $272.7 billion.

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