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1 1 (March 8, 2005)

handle is hein.crs/crsuntaagzo0001 and id is 1 raw text is: Order Code RS22076 March 8, 2005 CRS Report for Congress Received through the CRS Web Climate Change: Summary and Analysis of the Climate Stewardship Act (S. 342 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 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 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 and H.R. 759 are projected to have substantially reduced costs compared with proposals to further reduce emissions to 1990 levels. The bills are similar (but not identical) to S. 139 (phase one only) and H.R. 4067, introduced in the 108' Congress. This report will be updated as warranted. Overview of S. 342 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). Congressional Research Service + The Library of Congress

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