Sen. Barbara Boxer (D-Calif.) has released an overview of the “global warming substitute amendment” to the Lieberman-Warner Climate Security Act (S. 2191) that will be the subject of debate during the first week of June.
Changes from the version of Lieberman-Warner that was passed out of the Committee on Environment and Public Works last year include:
- Title V, Subtitle C: Emergency Off-Ramps. “If the price of carbon allowances reaches a certain price range, there is a mechanism that will automatically release additional emission allowances onto the market to lower the price. The additional allowances are borrowed so that the environmental integrity of the caps over the long term is protected.”
- Title V, Subtitle I: Financial Relief for Consumers. “The bill sets aside a nearly $800 billion tax relief fund through 2050, which will help consumers in need of assistance related to energy costs. The precise details of the relief will be developed by the Finance committee.”
- Title XIV: Deficit Neutrality. “This section auctions allowances and transfers the proceeds to the Treasury to ensure that the bill is deficit-neutral.”