Climate Stewardship Act of 2007

Background
Reps. John Olver (D-Mass.) and Wayne Gilchrest (R-Md.) introduced the Climate Stewardship Act of 2007 (H.R.620) on January 22, 2007 to "accelerate the reduction of greenhouse gas emissions in the United States by establishing a market-driven system of greenhouse gas tradeable allowances that will limit greenhouse gas emissions in the United States, reduce dependence upon foreign oil, and ensure benefits to consumers from the trading in such allowances, and for other purposes." It was the House version of the Senate's Climate Stewardship and Innovation Act (CSIA) of 2007 (S.280). It attracted 128 cosponsors (as of June 2007), and was referred to the House Committee on Energy and Commerce, House Committee on Science and Technology and House Committee on Natural Resources.

Bill Summary
The bill would establish an emissions "cap and trade" system, set to start in 2012, and require a cut in greenhouse gas emissions of 15 percent by 2020 and 75 percent by 2050 (focusing on electric power production and petroleum use in the industrial, commercial, and transportation sectors). It would also establish a Climate Change Credit Corporation to reduce costs to consumers resulting from this act, set higher energy efficiency and renewable portfolio standards beginning in 2008 and set low-carbon electric generation standards for electric utilities beginning in 2016. In addition, it would require periodic evaluations by the Under Secretary of Commerce for Oceans and Atmosphere to determine whether emissions targets are adequate.

Support, opposition and critiques
The organization Environmental Defense supported the provisions of the Olver-Gilchrest bill, which was first introduced by different sponsors in the Senate. For information on their commendation of the legislation, please see Climate Stewardship and Innovation Act (CSIA) of 2007 (S.280) above.

Greenpeace was considerably less supportive of the bill's provisions, as was indicated by their comments on the Senate version (see above). Their criticisms focused on the bill's emission reduction requirements and subsidies for nuclear energy.

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 * Senate Committee on Environment and Public Works
 * climate change
 * global warming
 * Kyoto Protocol