COEJL ACTION ALERT: December 14, 2007

Climate and Energy. This has been a remarkably busy week in Washington, D.C. with great progress in the area of climate and energy:

America’s Climate Security Act (S-2191), introduced by Senators Joseph I. Lieberman (ID-CT) and John W. Warner (R-VA), was passed by the Senate Environment and Public Works Committee last Wednesday, December 5 th. The Climate Security Act is projected to lower greenhouse gas emissions as much as 19 percent below 2005 levels by 2020 and as much as 63 percent by mid-century via a cap-and-trade system. It provides for an initial auction of 20 percent of emissions credits, with remaining credits to be allocated at no charge to states. Over time, an increasing number would be sold at auction, with all credits auctioned by 2036, and some proceeds used to promote clean-energy technologies and to offset the disproportionate impact of climate change on the poor. The Bill passed by a vote of 11 to 8, with all Democrats and Independents on the Committee voting in favor. Senator Warner, the bill’s co-sponsor, was the sole Republican on Committee voting for the bill. This breakthrough moves the United States closer than ever to passing national global warming legislation. The bill is now ready for a full Senate vote, which could come early next year.  The bill’s passage out of committee is particularly timely as delegates from over 180 nations convene for a two-week conference in Bali, Indonesia to set a roadmap for a future international agreement on enhanced global action to fight climate change. This agreement would begin in 2012, the year the first commitment period of the Kyoto Protocol expires.

Energy Bill (HR 6).

House. After months of negotiations and compromise, the Energy Bill (HR 6) is one step closer to being enacted into law. On Thursday December 13 th, the Senate passed a modified version of the Bill, which includes a historic 40% increase in fuel economy standards, a Renewable Fuel Standard (RFS) that would call for 36 billion gallons of biofuels in the fuel supply by 2022, and a mandate that the Department of Energy set new energy-efficiency standards. The Bill also includes language to promote cooperation on energy-related research between Israel and the United States. Although the House version, passed the previous week, included several additional energy-saving provisions (including an aggressive renewable energy standard and a package of clean energy tax incentives), the Senate vote is still hailed as a significant victory. The increase in fuel economy standards - the first in over thirty years - will save 1.1 million barrels of oil per day by 2020. The biofuel provision will increase U.S. production of home-grown fuel, mandating the use of 15 billion gallons of corn ethanol by 2015. The revised bill passed 86-8 in the Senate and will be signed into law pending House approval. The House vote is scheduled for Tuesday, December 18 th

Senate. The House’s passage of the landmark Energy Bill was met with immediate resistance in the Senate. The Senate voted last Friday against limiting debate, effectively barring passage of the bill. In particular, some Senators are seeking to remove the renewable-electricity mandate and to restore tax breaks for oil companies. The Senate is currently negotiating revisions to the bill, which would address these measures. If the bill is changed (which appears likely), it will be returned to the House for another vote. Meanwhile, President Bush has said he will veto the Energy Bill if it includes the Renewable Electricity Standard or the tax provisions. Please visit here for more information.