Boston, MA – Moderate Liberal. Today Senators John Kerry (D-MA) and Joseph Lieberman (I-CT) introduced the Senate Energy and Climate Change Control Bill called the American Power Act.
Supported by Lyndsey Graham (R-SC), Susan Collins (R-ME) and Maria Cantwell (D-WA), the bill aims to cut carbon by 20% over 2005 levels by 2020 and 80% by 2050.
The bill funds research in new nuclear plants, offshore oil and natural gas drilling, and coal, while nurturing wind, solar and photovoltaics.
Clean Coal carbon capture and sequestration burial and injection under ground receives $10 billion in research funding for the next 10 years. New nuclear power plant construction, waste management techniques, transport and safety receives funding, as does natural gas, particularly for fleets of trucks and cars.
Coal supplies 50% of current U.S. energy while nuclear supplies 20%.
For the first time Coastal States will receive a share of revenue from new and expanded off shore coastal drilling.
Coastal States will receive funding for rising sea levels, property value loss, and economic dislocation. Western States will receive funds for drought protection, adaptation and recovery. Natural ecosystems, wildlife and habitat receives funding if particularly stressed by climate change impacts.
The bill is the result of intense crafting in the past year sine the Markey Waxman House Climate bill passed in June 2009.
The bill re-brands the carbon cap and trade tax and calls is Pollution Reduction and Investment. The PRI covers only 2% of the U.S. economy, but 75% of total U.S. carbon pollution over 25 tons per year of carbon dioxide emissions equivalent or a mere 7,500 very large U.S. power plants. Small business and agriculture are unregulated.
Energy efficiency, conservation, fuel economy, alternative transportation fuels and job training all receive funding for continued market penetration and use by consumers and students.
Clean Energy investment has a 4 to 1 dollar multiplier in the economy and local job market in contrast to coal, oil, natural gas and nuclear. Consumer rebates for low and moderate income households is provided as well as small business assistance and job opportunity.
The American Power Act will now wind its way through several key Senate Committees in coming weeks that effect every sector of the U.S. economy.
FILE – In this Nov. 4, 2009, file photo Sen. John Kerry, D-Mass., from left, with Sen. Joseph Lieberman, I-Conn., and Sen. Lindsey Graham, R-S.C., talks about climate change legislation during a news conference on Capitol Hill in Washington. Kerry said Saturday April 24, 2010, that he is postponing the unveiling of comprehensive energy and climate change legislation after Graham, a key partner in drafting the bill, threatened to withhold support if Senate Democratic leaders push ahead first with an immigration bill. (AP Photo/Harry Hamburg, File)