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1 1 (July 18, 2005)

handle is hein.crs/crsaius0001 and id is 1 raw text is: Order Code RS22076 Updated July 18, 2005 CRS Report for Congress Received through the CRS Web Climate Change: Summary and Analysis of the Climate Stewardship Act (S. 342, S. 1151, and H.R. 759) Larry Parker and Brent Yacobucci Specialists in Energy and Environmental Policy Resources, Science, and Industry Division Summary The Climate Stewardship Act (S. 342, S. 1151, and H.R. 759) would reduce emissions of six greenhouse gases from anticipated levels beginning in 2010. Using a flexible, market-based implementation strategy, the bills would require economy-wide reductions, but permit participation in pre-certified international trading systems and in carbon sequestration programs to achieve part of the reduction requirement. The bills exclude residential and agricultural sources of greenhouse gases, along with entities that do not own a single facility that emits more than 10,000 metric tons of carbon dioxide equivalents annually. As introduced, S. 342, S. 1151, and H.R. 759 would require that greenhouse gas emissions from covered entities be limited to year 2000 levels. By restricting the reduction regime to a single phase with a 2000 level target, S. 342, S. 1151, and H.R. 759 are projected to have substantially reduced costs compared with proposals to further reduce emissions to 1990 levels. In June 2005, S. 1151 was debated on the Senate floor as S.Amdt. 826, and defeated on a 38-60 vote. This report will be updated as warranted. Overview of S. 342, S. 1151, and H.R. 759 In February 2005, Senators McCain and Lieberman introduced S. 342, the Climate Stewardship Act of 2005. At the same time, Representatives Gilchrest and Olver introduced H.R. 759, which is very similar to S. 342. The primary focus of the proposed legislation is to reduce U.S. emissions of six greenhouse gases through the use of flexible, market-based mechanisms. The six gases are carbon dioxide (C02), methane (CH4), nitrous oxide (N20), hydrofluorocarbons (HFC), perfluorocarbons (PFC), and sulfur hexafluoride (SF6). They are the six gases covered by the United Nations Framework Convention on Climate Change (ratified by the United States), and by the Kyoto Protocol (not ratified by the United States). In May 2005, Senators McCain and Lieberman introduced S. 1151, an expanded version of S. 342 that includes a new title designed to encourage innovation and deployment of less carbon-intensive technologies, sequester carbon emissions, or mitigate the effects of climate change. Congressional Research Service +o The Library of Congress

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