By Leslie Z. Walker
The House of Representatives is expected to vote on the American Clean Energy and Security Act (H.R. 2454), known as the Waxman-Markey or Cap and Trade bill, today. Under the bill, the Administrator of the Environmental Protection Agency would be required to promulgate regulations to cap and reduce Green House Gas emissions (“GHG”) annually, so that GHG emissions from capped sources are reduced by 3 percent (from 2005 levels) by 2012, 17 percent by 2020, and 42 percent by 2030. (H.R. 2454, § 703.) Sources able to meet and surpass their reduction requirements will be allowed to sell their excess reduction credits while sources unable to meet their targets may purchase offsets in order to obtain compliance. Abbott & Kindermann, LLP will keep you posted on the status of the bill.
Leslie Z. Walker is an associate at Abbott & Kindermann, LLP. For questions relating to this article or any other California land use, real estate, environmental and/or planning issues contact Abbott & Kindermann, LLP at (916) 456-9595.
The information presented in this article should not be construed to be formal legal advice by Abbott & Kindermann, LLP, nor the formation of a lawyer/client relationship. Because of the changing nature of this area of the law and the importance of individual facts, readers are encouraged to seek independent counsel for advice regarding their individual legal issues.