Climate Change: Comparison of S. 2191 as Reported (now S. 3036) with Proposed Boxer Amendment

Congressional research reportMay 30, 2008

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Order Code RL34515

Climate Change: Comparison of S. 2191 as

Reported (now S. 3036) with Proposed Boxer

Amendment

May 30, 2008

Brent D. Yacobucci and Larry Parker

Specialists in Energy and Environmental Policy

Resources, Science, and Industry Division

Climate Change: Comparison of S. 2191 as Reported

(now S. 3036) with Proposed Boxer Amendment

Summary

On December 7, 2007, the Senate Environment and Public Works (EPW)

Committee ordered reported an amended version of S. 2191, the Lieberman-Warner

Climate Security Act of 2008 (originally entitled America’s Climate Security Act of

2007). On April 10, 2008, an amendment to make the bill revenue-neutral was

submitted to CBO for analysis along with the committee version of S. 2191.

On May 20, 2008, S. 2191 was reported by EPW. At the same time, Senator

Boxer introduced S. 3036, which is identical to the reported version of S. 2191

except that it contains the proposed budget amendment. Both bills were placed on

the Senate legislative calendar. On Thursday, May 22, Senator Reid filed for cloture

on the motion to proceed on S. 3036. The cloture vote is scheduled for Monday,

June 2 at 5:30 pm, with the preceding hour set for debate.

In addition to S. 3036, Senator Boxer has proposed an amendment in the nature

of a substitute, with significant changes from the committee version of S. 2191.

This report provides a comparison of five key differences between S. 2191/S.

3036 and the proposed Boxer Amendment. This report supersedes a CRS

Congressional Distribution Memorandum entitled “Comparison of S. 2191 as

Reported (now S. 3036) with Proposed Boxer Substitute,” dated May 28, 2008.

Contents

Cost-Containment Auction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Use of Domestic Offsets, International Offsets, and

International Allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2

Changes in Established Entities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Allocation Scheme . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Carbon Market Oversight Mechanisms . . . . . . . . . . . . . . . . . . . . . . . . . 4

List of Tables

Table 1. Estimated Allowances (millions) Allocated Under S. 3036

(S. 2191 as Reported plus Amendment) . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Table 2. Allocation of Revenues from Auctions of Remainder Allowances

Under S. 3036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Table 3. Estimated Allowances Allocated Under Boxer Amendment,

Part I (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Table 4. Estimated Allowances Allocated Under Boxer Amendment,

Part II (millions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Table 5. Estimated Allowance Values and Auction Revenues Under

S. 3036 (million 2005$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10

Table 6. Estimated Allowance Values and Auction Revenues Under

Boxer Amendment (million 2005$) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Climate Change: Comparison of S. 2191 as

Reported (now S. 3036) with Proposed

Boxer Amendment

S. 2191 (the Lieberman-Warner Climate Security Act of 20081), introduced by

Senator Lieberman, was reported by the Senate Committee on Environment and

Public Works (EPW) on May 20, 2008. The bill would establish a mandatory capand-trade system to reduce greenhouse gas emissions from most sectors of the

economy.2 As reported, S. 2191’s emissions cap is estimated by its sponsors to

require a 71% reduction from 2005 levels by 2050 from covered entities (the covered

entities are estimated by the sponsors to account for 87% of total U.S. greenhouse gas

emissions). Overall, the sponsors estimate that S. 2191 would reduce total U.S.

greenhouse gas emissions by up to 66% from 2005 levels by 2050. On April 10,

2008, a proposed deficit reduction amendment was announced, aimed at making the

bill revenue-neutral.3 A new version of the bill, S. 3036 — identical to S. 2191 but

also containing the deficit reduction amendment — was introduced May 20, and a

cloture motion was filed on that bill May 22. The Senate may begin discussion of S.

3036 the week of June 2.

On May 21, 2008, Senator Boxer announced a proposed substitute amendment

to the Lieberman-Warner bill.4 This amendment would make significant changes to

the bill. For a detailed discussion of key terms and concepts used in this report, see

CRS Report RL34489, Climate Change: Costs and Benefits of S. 2191, which

provides background and much more detailed analysis of the bill.

CRS has identified five key changes that would be made by the Boxer

Amendment. These five do not represent all changes in the amendment.

Considering the time constraints these five are discussed in this report; other changes

may also be of interest in the debate. The five key changes discussed below are:

Originally entitled America’s Climate Security Act of 2007.

For more a more detailed discussion of S. 2191 (as reported) provisions, see CRS Report

RL34489, Climate Change: Costs and Benefits of S. 2191, by Larry Parker and Brent

Yacobucci. For a comparison with other proposals, see CRS Report RL33846, Greenhouse

Gas Reduction: Cap-and-Trade Bills in the 110th Congress, by Larry Parker and Brent

Yacobucci.

Submitted to CBO April 9, 2008. CBO, S. 2191, America’s Climate Security Act, with an

Amendment (April 10, 2008).

As of May 23, 2008, the substitute amendment was available at the EPW website:

[http://epw.senate.gov/public/].

CRS-2

The establishment of a “cost-containment auction” that would

expand the number of allowances available in early years;

Changes to the limits and applicability of domestic offsets,

international offsets, and international allowances;

Elimination of the Climate Change Credit Corporation and the

establishment of a Climate Change Technology Board;

Major changes in the scheme for how allowances are auctioned or

distributed at no cost to covered entities and non-covered entities;

and

Establishment of carbon market oversight mechanisms.

Cost-Containment Auction. The Boxer Amendment would establish a

“cost-containment auction.” For this auction, the amendment would take a share of

allowances from 2031 through 2050 and make them available for auction in the early

years of the program (2012 through 2027). At the end of 2012, a maximum of 450

million allowances would be available for sale. In each successive year, the number

available would be reduced by 1%. In total, up to 6 billion allowances would be

available through these cost-containment auctions.

For the auctions, the amendment would establish a “Cost-Containment Auction

Price” — effectively a reserve price for the auction. For 2012, the President would

determine the initial reserve price of between $22 and $30 per ton. In each

successive year, the reserve price would increase by the rate of inflation plus 5%.

This provision would essentially allow the borrowing of a limited number of

future allowances at a reduced rate. In general, both the bill and the Boxer

Amendment allow borrowing, but require a 10% annual rate of interest on borrowed

allowances. Assuming the allowance price for a given year is above the “costcontainment price,” participants in the auction will likely bid up the price to

something similar to the current allowance price. On the other hand, if the allowance

price on the secondary market is below the “cost-containment price,” there may be

limited participation in the cost-containment auction. All other things being equal,

having a larger pool of allowances early should lower the price of allowances, but it

is difficult to predict the magnitude of that price effect.

Use of Domestic Offsets, International Offsets, and International

Allowances. The Boxer Amendment would substantially alter the amount and type

of offsets that covered sources could use to comply with the emissions cap. Under

the reported version of the bill, a covered entity could only use domestic offsets

and/or international allowances. The Boxer Amendment expands the offset

opportunities to include international offsets and international forest credits. In the

reported version of the bill, an individual covered entity could meet up to 15% of its

allowance requirement through the use of domestic offsets and an additional 15%

through the use of international allowances. The Boxer Amendment would eliminate

the facility-specific limitation and would direct EPA to restrict the available pool of

domestic offsets to 15%, international offsets to 5%, and international forest credits

to 10% of the aggregate quantity of emission allowances distributed under the cap.

CRS-3

International allowances could be used, if any of the above percentages were not

maximized.5

Although the Boxer Amendment would increase flexibility by removing the

facility-specific limitation for offset use, the amendment would effectively reduce the

total number of offsets potentially available in a given year. The example below

illustrates this substantial change:

In 2012, both S. 2191 and the Boxer Amendment set the number of allowances

available to covered entities at 5,775 million allowances. In the reported version, a

covered facility must submit to EPA an allowance, offset, or international allowance

for each ton of actual emissions. By allowing facilities to submit offsets and/or

international allowances to satisfy up to 30% of their allowance submission (15%

from domestic offsets and 15% from international allowances), the total allowance

cap (5,775) would essentially represent 70% of actual emissions permitted. For

instance, if there was only one covered facility in the United States and it emitted

8,250 million tons of CO2-e in 2012, the facility could submit 5,775 million

allowances and 2,475 million tons in offsets and international allowances.6 However,

under the Boxer Amendment, the total number of offsets — which would include

domestic, international, forestry credits, and international allowances — would be

limited to 30% of the aggregate pool of allowances distributed under the cap.

Therefore, the hypothetical facility described above could only use 1,733 tons in

offsets.7

In addition, eliminating restrictions on the use of certified offsets, the expansion

of allowable offset types — international offsets and forest credits — may lower the

costs of the cap-and-trade program. Under the reported bill, covered entities had only

indirect access (by purchasing international allowances) to these lower-cost reduction

opportunities. The Boxer Amendment permits direct use of these options. However,

there may be some concern that the increased use of international offsets, particularly

those in the forestry sector, could flood the market with possibly questionable

emission reductions.8

Changes in Established Entities. The reported version of S. 2191 would

establish a Climate Change Credit Corporation to auction allowances under the

program. The corporation would use the proceeds from those auctions to fund

various purposes, including technology development and adaptation programs. As

reported, S. 2191 states that “the Corporation shall not be considered an agency or

establishment of the Federal government.” The Boxer Amendment would eliminate

An international allowance is an allowance purchased from an approved foreign cap and

trade system. In lieu of using or trading the allowance within its own system, a foreign firm

could choose to sell the allowance to a U.S. firm, who could use the allowance for

compliance with the U.S. program in lieu of an allowance allocated domestically.

8,250 x 0.3 = 2,475.

5,775 x 0.3 = 1,733

See CRS Report RL34436, The Role of Offsets in a Greenhouse Gas Emissions

Cap-and-Trade Program: Potential Benefits and Concerns, by Jonathan L. Ramseur.

CRS-4

the corporation. Instead, allowances would be auctioned by EPA. The funds from

those auctions would be disbursed by a Climate Change Technology Board, explicitly

established as an agency of the federal government.

Allocation Scheme. Both S. 2191 and the Boxer Amendment use a detailed

scheme for allocating allowances to covered entities, non-covered entities, and

auctions. The total number of allowances for all years is equal in S. 2191 and the

Boxer Amendment, although the timing of those allocations may be different, as the

Boxer Amendment allows for the auction of some allowances early (see “CostContainment Auction” above). Further, the reported bill and the Boxer Amendment

would distribute those allowances differently. In all years, relative to the reported

version, the Boxer Amendment would allocate a larger share of allowances to noncovered entities (e.g., states), and a smaller share for covered entities and for

auctions. For example, in 2012, the reported version of S. 2191 would allocate

roughly 36% of allowances to covered entities, 33% to non-covered entities, and 31%

for auctions. Under the Boxer Amendment, assuming all available cost-containment

allowances are purchased, 32% of allowances would go to covered entities, 34% to

non-covered entities, and 30% would be auctioned. Table 1 shows allowance

allocations in various years for the reported version of S. 2191, as amended by the

proposed deficit reduction amendment (identical to the introduced version of S.

3036), and Table 2 shows the allocation of auction revenues. Tables 3 and 4 show

allowance allocations in the same years under the Boxer Amendment. For each table,

direct allocations to covered sectors are labeled “COV,” direct allocations to noncovered entities are labeled “NC,” and auctions are labeled “AUC.”9

Various groups have modeled the economic effects of S. 2191, including

projections of allowance prices in each year of the program. Using one of the lowcost scenarios — EPA’s ADAGE-TECH scenario — estimates of the values of the

allowance allocations and auction revenues in S. 2191 and the Boxer Amendment are

shown in Tables 5 and 6.10 The same allowance price was used in both tables;

however, it should be noted that some of the changes made by the Boxer Amendment

would likely reduce costs.11 To the extent that allowance prices increase or decrease

in one version of the bill relative to another, the value of allocations and the

estimated auction revenues would also increase or decrease.

Carbon Market Oversight Mechanisms. The Boxer Amendment would

establish a Carbon Markets Working Group including the EPA Administrator, the

Secretary of the Treasury, and the Chairmen of the Securities and Exchange

Commission, the Commodities Futures Trading Commission, and the Federal Energy

Regulatory Commission. The Group must identify “the major issues related to the

integrity, efficiency, orderliness, fairness, and competitiveness” of the carbon market,

In each of the tables, the allocations are presented in the section-by-section order they

appear in the bill or amendment.

For a detailed analysis of the assumptions used in EPA’s model, as well as CRS’s

assumptions about certain program costs, see CRS Report RL34489, Climate Change: Costs

and Benefits of S. 2191, by Larry Parker and Brent Yacobucci.

The economic effects of the Boxer Amendment had not been modeled as of May 28, 2008.

CRS-5

as well as recommendations for market regulation, policy coordination, contingency

planning, and necessary legislative action.12

For more information on carbon market regulation, see CRS Report RL34488, Regulating

a Carbon Market: Issues Raised By the European Carbon and U.S. Sulfur Dioxide

Allowance Markets, by Mark Jickling and Larry Parker.

CRS-6

Table 1. Estimated Allowances (millions) Allocated Under S. 3036 (S. 2191 as Reported plus Amendment)

2012

2020

2030

2040

2050

Sec. 3101 (as amended)

Sec. 1201

5,775

5,423

4,924

4,510

3,860

3,303

2,796

2,349

1,732

1,455

AUC

Sec. 3101 (as amended)

Sec. 3101

Sec. 3102

Sec. 3201

352

271

1,166

271

414

1,646

557

2,073

447

1,632

277

1,011

Sec. 3301(a)

Sec. 3301(b)

Sec. 3302

Sec. 3303(b)(1)

Sec. 3303(b)(2)

Sec. 3303(b)(3)

Sec. 3304

COV

Sec. 3303(d)

Sec. 3401

Sec. 3501

Sec. 3601

Sec. 3701

Sec. 3803

Sec. 3901

Sec. 3903(a)(2)

Sec. 3901

Sec. 3907

108

569

488

108

217

271

136

1,030

542

108

474

406

180

226

113

722

361

347

297

132

165

247

211

117

153

131

Total Allowances

Remainder Allowances

Deficit Reduction Fund

Early Auction

Auction

Early Action

States

Energy Savings

Building Efficiency

Programs that Exceed Fed. Targets

General Allocation - by LIHEAP Share

General Allocation - by Population Share

General Allocation - by Fossil Production CO2

Mass Transit

State Subtotal

Tribal Communities

Low/Middle-Class Electricity Consumers

Low/Middle-Class Natural Gas Consumers

CCS Bonus Allowances

Domestic Agriculture and Forestry

International Forest Protection

Fossil Fueled Electric Plants

Rural Electric Cooperatives

Special Allocation to VA and MT

Energy-Intensive Manufacturing Facilities

Petroleum Production/Import Facilities

HFC Producers/Importers

Landfill and Coal Mine Methane Reduction

Source: CRS Analysis of S. 2191 as reported by the Senate Committee on Environment and Public Works and as amended by proposed revenue-neutral

amendment.

CRS-7

Table 2. Allocation of Revenues from Auctions of Remainder Allowances Under S. 3036

(percentage of “remainder allowance” auction revenues after “Off-the-Top”a [designated “ss”] distributions are made)

Off-the-Top Allocation of Auction Proceeds

BLM Emergency Firefighting Fund

Forest Service Emergency Firefighting Fund

CSA Management Fund

Percentage of Remaining Proceeds

Technology Deployment

Zero- or Low- Carbon Energy Technology

Advanced Coal and Sequestration Technology

Fuel from Cellulosic Biomass

Advanced Technology Vehicles Manufacturing Incentives

Sustainable Energy Program

Energy Independence Acceleration Fund

Energy Assistance Fund

LIHEAP

Weatherization

Rural Energy Assistance

Climate Change Worker Training Fund

DOE University Programs

Adaptation Fund

DOI - Wildlife Conservation and Restoration

DOI - Adaptation Activities

DOI - Cooperative Grant Programs

DOI - Tribal Wildlife Grants

Land and Water Conservation Fund

Forest Service Adaptation Activities

EPA Adaptation Activities

Army Corps of Engineers Adaptation Activities

Department of Commerce Adaptation Activities

Sec. 4302(b)(1)

Sec. 4302(b)(2)

Sec. 4302(b)(3)

Sec. 4302(b)(4)(B)

Sec. 4401(1)

Sec. 4401(2)

Sec. 4401(3)

Sec. 4401(4)

Sec. 4401(5)

Sec. 4302(b)(4)(C)

Sec. 4302(b)(4)(D)

Sec. 4501(1)

Sec. 4501(2)

Sec. 4302(b)(4)(E)

Sec. 4606(a)

Sec. 4302(b)(4)(F)

Sec. 4702(b)(1)

Sec. 4702(b)(2)

Sec. 4702(b)(3)

Sec. 4702(b)(4)

Sec. 4702(c)

Sec. 4702(d)

Sec. 4702(e)

Sec. 4702(f)

Sec. 4702(g)

Sec. 4302(b)(4)(G)

2012

2020

2030

2040

2050

52%

16.6%

13.0%

3.1%

6.2%

13.0%

18%

9.0%

4.5%

1.25%

18%

6.3%

3.42%

0.9%

0.2%

1.8%

0.9%

1.8%

52%

16.6%

13.0%

3.1%

6.2%

13.0%

18%

9.0%

4.5%

1.25%

18%

6.3%

3.42%

0.9%

0.2%

1.8%

0.9%

1.8%

52%

16.6%

13.0%

3.1%

6.2%

13.0%

18%

9.0%

4.5%

1.25%

18%

6.3%

3.42%

0.9%

0.2%

1.8%

0.9%

1.8%

52%

16.6%

13.0%

3.1%

6.2%

13.0%

18%

9.0%

4.5%

1.25%

18%

6.3%

3.42%

0.9%

0.2%

1.8%

0.9%

1.8%

52%

16.6%

13.0%

3.1%

6.2%

13.0%

18%

9.0%

4.5%

1.25%

18%

6.3%

3.42%

0.9%

0.2%

1.8%

0.9%

1.8%

Climate Change and National Security Fund

Source: CRS Analysis of S. 2191 as reported by the Senate Committee on Environment and Public Works and as amended by proposed revenue-neutral amendment.

a. Auction revenues must first be allocated to these accounts. However, necessary amounts are not specified in the bill, as they depend on a given year’s expenditures from that

account. For a more detailed discussion, see CRS Report RL34489, Climate Change: Costs and Benefits of S. 2191.

CRS-8

Table 3. Estimated Allowances Allocated Under Boxer Amendment, Part I (millions)

Year

Section

2012

2020

2030

2040

2050

Total Allowances (millions)

Sec. 201

5,775

4,924

3,860

2,796

1,732

Cost Containment Pool

Cost Containment Allowances Auctioned

Cost Containment Allowances Borrowed

Sec. 535

Sec. 536

Sec. 535

6,000

450

2,524

415

295

395

Remaining Allowances

5,775

4,924

3,860

2,501

1,337

Total Available Allowances

6,225

5,339

3,860

2,501

1,337

245

635

610

1,040

209

542

520

739

164

116

106

113

Allowance Accounts

Agriculture and Forestry Program

New Technology Incubator

Transition Assistance for Workers

Transition Assistance for Carbon-Intensive Manufacturers

Currently Operating Facilities

New Entrant Facilities

Petroleum Refiners (Discretionary)

Transition Assistance for Fossil Fuel Electric Generators

Rural Electric Cooperatives (Maximum)

Pilot Program for MT and VA

Transition Assistance for Petroleum Fuel Refiners

Transition Assistance for Natural Gas Processors

Federal Program for Consumers

Partnerships with State Governments

Customer Assitance Through LDCs

Electricity

Natural Gas

Assistance to States with Heavy Reliance on Manuf. and Coal

Manufacturing

Coal

Source: CRS Analysis of proposed Boxer Amendment.

AUC

COV

Sec. 331

Sec. 332(b)

Sec. 542(b)

Sec. 551(b)

Sec. 552(b)

Sec. 522(f)

Sec. 522(h)

Sec. 561(b)

Sec. 562(c)

Sec. 562(c)(2)(a)

COV

AUC

Sec. 571

Sec. 581

Sec. 592(b)

116

202

295

463

375

201

Sec. 611(a)

Sec. 612(a)

Sec. 612(b)

549

188

173

480

160

386

135

250

100

134

CRS-9

Table 4. Estimated Allowances Allocated Under Boxer Amendment, Part II (millions)

Year

Partnerships with States, Tribes, and Localities to Reduce Emissions

Transportation Sector

Efficiency and Conservation Block Grant Program

States that Have Led in Reducing Emissions

Partnerships with States and Tribes to Adapt to Climate Change

Coastal States

Freshwater and Agriculture

Alaska

Indian Tribes

Partnerships with States, Tribles, and Localities to Protect Nat. Resources

(Wildlife Adaptation)

Early Action Program

Efficient Buildings

Efficient Equipment and Appliances (SEAD Program)

Efficient Manufacturing

Renewable Energy

Low- and Zero-Carbon Electricity Technology

Advanced Research (ARPA-E)

Carbon Capture and Sequestration (CCS) Technolgy Fund

CCS Bonus Allowances

Clean Medium- and Heavy-Duty Hybrid Fleets

Advanced Vehicle Manufacturers

Cellulosic Biofuel

Federal Program to Protect Nat. Res. (Firefighting and Wildlife Adapt.)

International Forestry

International Technology Deployment

International Adaptation

Deficit Reduction Fund

Climate Security Act Administrative Fund

Source: CRS Analysis of proposed Boxer Amendment.

Section

2012

2020

2030

2040

2050

AUC

Sec. 621(c)

Sec. 624(a)

Sec. 625(a)

Sec. 631(b)

Sec. 632(b)

Sec. 633(a)

Sec. 634(a)

Sec. 635(d)

Sec. 642(b)

116

231

173

116

246

160

106

309

135

154

250

100

134

AUC

COV

AUC

Sec. 702

Sec. 811

Sec. 821

Sec. 831

Sec. 841

Sec. 913

Sec. 921

Sec. 1012

Sec. 1021

Sec. 1112

Sec. 1122

Sec. 1131

Sec. 1212(b)

Sec. 1323

Sec.1334

Sec. 1342(b)

Sec. 1402(b)

Sec. 1712

289

231

101

173

332

197

148

123

394

154

531

125

175

419

224

AUC

CRS-10

Table 5. Estimated Allowance Values and Auction Revenues

Under S. 3036 (million 2005$)

Year

2012

2020

2030

2040

2050

Total Allowances (millions)

5775

4924

3860

2796

1732

Allowance Price (2005$/ton)

$18.54

$28.30

$46.00

$74.60

$120.80

Deficit Reduction Fund

$6,531

$11,705

$25,622

$33,352

$33,455

Early Auction

$5,027

Auction

$21,616

$46,590

$95,341

$121,784

$122,160

Early Action

$5,027

Energy Savings

$2,011

$2,553

$3,039

$3,505

$3,515

Building Efficiency

$1,005

$1,276

$1,519

$1,752

$1,758

Programs that Exceed Fed. Targets

$2,011

$2,553

$3,039

$3,505

$3,515

General Allocation - by LIHEAP Share

$1,508

$1,915

$2,279

$2,628

$2,637

General Allocation - by Population Share

$1,508

$1,915

$2,279

$2,628

$2,637

General Allocation - by Fossil Production

CO2 Share

Mass Transit

$1,508

$1,915

$2,279

$2,628

$2,637

$1,005

$1,276

$1,519

$1,752

$1,758

State Subtotal

$10,556

$13,403

$15,953

$18,399

$18,456

States

$503

$638

$760

$876

$879

Low/Middle-Class Electricity Consumers

$9,048

$11,488

$13,674

$15,771

$15,819

Low/Middle-Class Natural Gas Consumers

$2,011

$2,553

$3,039

$3,505

$3,515

CCS Bonus Allowances

$4,021

$5,106

$6,078

Domestic Agriculture and Forestry

$5,027

$6,382

$7,597

$8,761

$8,789

International Forest Protection

$2,513

$3,191

$3,798

$4,381

$4,394

Fossil Fueled Electric Plants

$19,102

$20,423

$1,519

Rural Electric Cooperatives

$1,005

$1,276

$1,519

$151

$191

Energy-Intensive Manufacturing Facilities

$10,054

$10,212

$380

Petroleum Production/Import Facilities

$2,011

$2,553

$380

HFC Producers/Importers

$2,011

$2,553

$380

$1,005

$1,276

$1,519

$1,752

$1,758

BLM Emergency Firefighting Fund

$150

Forest Service Emergency Firefighting Fund

$430

CSA Management Fund

$1,071

$1,393

$1,776

$2,086

$2,092

Technology Deployment

Tribal Communities

Transition Assistance

Pilot Projects in VA and MT

Landfill and Coal Mine Methane Reduction

$10,382

$23,201

$48,352

$61,942

$62,134

Zero- or Low- Carbon Energy Technology

$3,322

$7,424

$15,473

$19,821

$19,883

Advanced Coal and Sequestration Technology

$2,595

$5,800

$12,088

$15,485

$15,533

$623

$1,392

$2,901

$3,717

$3,728

Adv. Tech. Vehicles Manufacturing Incentives

$1,246

$2,784

$5,802

$7,433

$7,456

Sustainable Energy Program

$2,595

$5,800

$12,088

$15,485

$15,533

Fuel from Cellulosic Biomass

Energy Independence Acceleration Fund

Energy Assistance Fund

$399

$892

$1,860

$2,382

$2,390

$3,594

$8,031

$16,737

$21,441

$21,508

$1,797

$4,015

$8,369

$10,721

$10,754

Weatherization

$898

$2,008

$4,184

$5,360

$5,377

Rural Energy Assistance

$898

$2,008

$4,184

$5,360

$5,377

$998

$2,231

$4,649

$5,956

$5,974

$3,594

$8,031

$16,737

$21,441

$21,508

$998

$2,231

$4,649

$5,956

$5,974

LIHEAP

Climate Change Worker Training Fund

Adaptation Fund

Climate Change and National Security Fund

Source: CRS Analysis of S. 3036.

CRS-11

Table 6. Estimated Allowance Values and Auction Revenues

Under Boxer Amendment (million 2005$)

Year

2012

2020

2030

2040

2050

Total Allowances (millions)

5775

4924

3860

2796

1732

Allowance Price (2005$)

$18.54

$28.30

$46.00

$74.60

$120.80

Agriculture and Forestry Program

$4,550

$5,922

$7,546

$8,396

$7,268

New Technology Incubator

$268

$348

$444

$466

$404

Transition Assistance for Workers

$1,071

$2,787

$5,327

$5,597

$4,845

Transition Assistance for Carbon-Intensive Manufacturers

$11,778

$15,328

$1,776

$11,306

$14,715

$1,705

$471

$613

$71

Currently Operating Facilities

New Entrant Facilities

Petroleum Refiners (Discretionary)

Transition Assistance for Fossil Fuel Electric Generators

Rural Electric Cooperatives (Maximum)

Pilot Program for MT and VA

Transition Assistance for Petroleum Fuel Refiners

$1,178

$1,533

$178

$19,272

$20,902

$4,883

$964

$1,045

$244

$145

$157

$37

$2,141

$1,393

$1,776

$803

$1,045

$1,332

$3,747

$8,361

$21,307

$27,986

$24,226

Electricity LDCs

$10,172

$13,587

$17,756

$18,657

$16,151

Natural Gas LDCs

$3,480

$4,529

$6,215

$6,530

$5,653

$3,212

$4,529

$6,215

$7,463

$6,460

Transportation Sector

$1,071

$2,787

$4,883

$5,131

$4,442

Efficiency and Conservation Block Grant Program

$2,141

$2,787

$3,551

$3,731

$3,230

States that Have Led in Reducing Emissions

$4,283

$6,967

$14,205

$18,657

$16,151

$3,212

$4,529

$6,215

$7,463

$6,460

Transition Assistance for Natural Gas Processors

Federal Program for Consumers

Partnerships with State Governments

Assistance to States with Manuf. and Coal

Partnerships with States, Tribes, and Localities

Partnerships with States and Tribes to Adapt to Climate

Change

Coastal States

$1,285

$1,812

$2,486

$2,985

$2,584

Freshwater and Agriculture

$803

$1,132

$1,554

$1,866

$1,615

Alaska

$642

$906

$1,243

$1,493

$1,292

Indian Tribes

$482

$679

$932

$1,119

$969

$2,141

$5,353

$2,787

$1,393

$7,102

$7,463

$6,460

Efficient Buildings

$803

$1,045

$1,332

$1,399

$1,211

Efficient Equipment and Appliances (SEAD Program)

$803

$1,045

$1,332

$1,399

$1,211

Efficient Manufacturing

$803

$1,045

$1,332

$1,399

$1,211

Renewable Energy

$4,283

$5,574

$7,102

$1,866

$1,615

Low- and Zero-Carbon Electricity Technology

$1,874

$2,439

$3,551

$1,866

$1,615

$268

$348

$444

$466

$404

Carbon Capture and Sequestration (CCS) Technolgy Fund

$1,071

$1,393

CCS Bonus Allowances

$3,212

$4,180

$7,102

$1,866

$1,615

Partnerships with States, Tribles, and Localities - Wildlife

Early Action Program

Advanced Research (ARPA-E)

$535

Advanced Vehicle Manufacturers

$1,071

$1,393

$1,776

$1,866

$1,615

Cellulosic Biofuel

$1,071

$1,393

$1,776

Federal Program on Firefighting and Wildlife Adaptation

International Forestry

$3,212

$1,071

$3,484

$1,393

$7,102

$1,776

$9,329

$1,866

$8,075

$1,615

Clean Medium- and Heavy-Duty Hybrid Fleets

$535

International Adaptation

$1,071

$2,787

$7,102

$13,060

$11,306

Deficit Reduction Fund

$6,156

$11,148

$24,415

$31,251

$27,053

$803

$1,045

$1,776

$1,866

$1,615

International Technology Deployment

Climate Security Act Administrative Fund

Source: CRS Analysis of proposed Boxer Amendment

This is a copy of a public record, reproduced as it was published. It is not legal advice, and it may not be the version a court would rely on. Check the official source before you cite it.