The Hill has a Climate Bill summary document this morning that was circulated among staffers which gives a bit more detail on exact provisions in the final bill. While it is light on details and specifics, it does outline some key initiatives that will no doubt have the Cleantech media, public relations and public affairs waorlds buzzing all day.
-The legislation will establish a clean technology R&D fund. At a time when appropriations-based funding is becoming tougher for projects, this could provide a new cleantech funding avenue for emerging growth companies and their venture capital backers.
-Sets GHG reduction goals: The goals are not as aggressive as California or Europe, but would still represent the first federal line in the sand. Here are the targets:
- 95.25% of 2005 emission levels by 2013
- 83% by 2020
- 58% by 2030
- 17% by 2050
-Regulates the emissions of not only Carbon Dioxide, but Methane, Sulfur Hexafluoride, Nitrous Oxide, Hydrofluorocarbons (HFCs), Perfluorocarbons and Nitrogen Trifluoride. Carbon Dioxide may get the headlines but there are other worse emissions (on an impact basis, maybe not volume).
-The bill does not set a carbon tax, but directs EPA to set emission limits for certain activities. Allows for emission offsets, including things like renewable energy credits, offset projects (the most common of which is plant a tree), etc. My guess would be that penalties would ensue for companies who can’t satisfy the equation of "emissions – offsets < limit set by EPA," but the panalties are not spelled out in the summary document. In any event offset providers, like EcoSecurities, may stand to benefit from this legislation.
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