72 Key Climate Bills Several bills and white papers and drafts are gaining support in Washington: • Bingaman-Specter (S. 1766, the Low Carbon Economy Act of 2007) Economy-wide: All major GHG producing sectors o Point of regulation: Oil and natural gas refineries and coal-fired generators Increasing auction of allowances o Allowance allocations include: 9% to states, 53% to industry declining 2% per year starting in 2017, 5% set aside for agricultural o Safety Valve: Price of allowances capped at $12/tonne of CO2 (“technology accelerator payment”) starting in 2012 and increasing 5% per year above inflation rate • Lieberman-Warner (S. 2191, America’s Climate Security Act of 2007) Major vehicle for action in the U.S. Senate Environment and Public Works Committee Economy-wide: All major GHG producing sectors o Point of regulation: Electric power sector- large generators; Industrial sector: Large facilities emitting more than 10,000 tonnes per year o Increasing auction of allowances o Allowance allocations include: 4% to states, 19% to power plants (transitions to zero in 2034), 20% to industry, 10% to electricity load-serving entities o Creates Carbon Market Efficiency Board to allow for borrowing of future year allowances with payback; limited authority to oversee market • Dingell-Boucher White Paper Reduce emissions by 60% to 80% by 2050 Best achieved by a cap-and-trade system | 
