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House of Representatives Passes Climate Change Act by Chris Colclasure
Holme Roberts & Owen LLP - Denver Office
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August 20, 2009
Previously published on June 29, 2009
The United States House of Representatives has passed the American Clean Energy & Security Act (Clean Energy Act), also known as the Waxman-Markey bill. At roughly 1,200 pages the bill is massive with wide-ranging effects. Its core purpose is to regulate the emissions of greenhouse gases (GHGs) through a cap and trade system. About 72 percent of U.S. GHG emissions would be covered in 2012, rising to 86 percent in 2020. Among other things the bill would establish a renewable portfolio standard (RPS) requiring a percentage of electricity to be generated from qualifying renewable sources, establish a Carbon Storage Research Corporation, fund additional loans for clean energy projects and advanced vehicles, and authorize a so-called "cash for clunkers" program to give incentives for individuals to buy more fuel efficient vehicles. This Alert focuses on the bill's GHG provisions.
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