Washington, DC (March 20, 2007) Rep. Henry Waxman (D-CA) and 127 cosponsors introduced new climate legislation known as the “Safe Climate Act of 2007.” The bill would effectively freeze greenhouse gas emissions in 2010; cut emissions by roughly 2 percent a year until reaching 1990 levels by 2020; cut emissions by another 5 percent a year after 2020, thus reaching an overall 80 percent reduction of GHG’s from 1990 levels by 2050. These reductions would be realized under an economy-wide national cap-and-trade system.
Proceeds from auctioning of allowances would be dedicated to maximizing public benefit and promoting economic growth. This includes supporting new energy technology research and development, compensating consumers for increases in energy costs, providing transition assistance for affected workers, and protecting regions against harm from climate change consequences.
The bill also calls on the US Environmental Protection Agency and US Department of Energy to play large roles in establishing national standards to address emissions from both the transportation sector and electricity generating sector which collectively account for approximately 70 percent of US GHG emissions.
Full Text of H.R. 1590
Description of the Safe Climate Act of 2007
Statement by Rep. Henry A. Waxman