A detailed breakdown of the differences from earlier drafts
Here’s a document from the Senate offices of Lieberman and Warner, forwarded along by multiple
folks top-secret sources. It shows the differences between the August draft version of their bill and the version that will be released tomorrow. I pass it along for your edification. (You’ll see that the improvements in allocation were somewhat more than I thought, but still woefully short of the 100% auction that’s needed.)
Main Ways That America’s Climate Security Act (ACSA) Differs From the Draft Table of Contents That Senators Lieberman and Warner Released on August 2
ACSA’s year 2020 emissions cap is tighter (15% below the year 2005 level) than the August 2 document’s year 2020 emissions cap (10% below the year 2005 level).
Free Emission Allowances for Emitters
Like the August 2 document, ACSA allocates 20% of the year 2012 emissions cap to regulated manufacturing facilities at no charge. But whereas the August 2 document continued to allocate 20% of the cap for free to the manufacturing sector through 2050, ACSA completely phases out that free allocation by 2036.
Whereas the August 2 document allocated 2.5% of the emissions cap for free each year to oil companies, ACSA never gives those companies any free allowances.
On the whole, the August 2 document withheld 45.5 % of the emissions cap from emitters in 2012, phasing up to 73.5% in 2036 and thereafter. On the whole, ACSA withholds 51% of the emissions cap from emitters in 2012, phasing up to 100% in 2036 and thereafter.
Unlike the August 2 document, ACSA sets aside a substantial portion of the allowances that are being given to emitters as bonus allowances for those who capture and geologically sequester CO2. Specifically, 4% of the emissions cap through 2035 is devoted to this purpose.
Free Emission Allowances for States
Whereas the August 2 document allocates 4% of the emissions cap for free each year to states, ACSA allocates 9% of the cap for free each year to states.
Size of the Auction
Like the August 2 document, ACSA allocates 24% of the year 2012 emissions cap to the Climate Change Credit Corporation for auctioning. Whereas the auction in the August 2 document phased up to 52% of the annual cap by 2036, the auction in ACSA phases up to 73% of the annual cap by 2036.
Assistance for Low- and Moderate-Income American Energy Consumers
Whereas the August 2 document did not distribute any auction proceeds to low- and moderate-income American energy consumers, ACSA distributes 20% of the auction proceeds to those consumers.
Reducing Emissions from Residential and Commercial Buildings
Unlike the August 2 document, ACSA includes strengthened energy efficiency standards for residential boilers and space heaters, and for commercial and residential buildings.