Tomorrow, Sen. John Kerry (D-MA) and Sen. Joe Lieberman (I-CT) will unveil their long-awaited American Power Act, comprehensive climate and energy legislation designed to achieve President Obama’s commitment to addressing the threats of our fossil-fuel dependence.
Draft summaries of the legislation have been leaked to the press. At Climate Progress, Joe Romm has published his initial analysis of the legislation, finding that it will “create millions of clean energy jobs, slash pollution and oil use, while boosting U.S. farmers and manufacturers.”
Below is the text of the short summary, exclusively transcribed by the Wonk Room from the scanned document acquired by the National Journal, which notes that the bill would give neighboring states veto power over any expansion of offshore drilling.
Download the short summary as a readable PDF.
AMERICAN POWER ACT
**FOR STAFF USE ONLY**
**NOT FOR DISTRIBUTION OR PUBLICATION**
DRAFT SHORT SUMMARY
The American Power Act will transform our economy, set us on the path toward energy independence and improve the quality of the air we breathe. It will create millions of good jobs that cannot be shipped abroad and it will launch America into a position of leadership in the global clean energy economy.
Our approach sets an achievable national pollution reduction target and refunds the money raised right back to American consumers and American businesses. This is not a plan that enriches Wall Street speculators. And this is certainly not a plan to grow the government. It is a plan that creates jobs and sets us on a course toward energy independence and economic resurgence. It is time for Democrats, Republicans and Independents to come together to pass legislation that will create American jobs and achieve energy security, while reducing carbon pollution by 17 percent in 2020 and by over 80 percent in 2050. Our plan is based on five simple principles:
First: Consumers will come out on top. The American Power Act sends two-thirds of all revenues not dedicated to reducing our nation’s deficit back to consumers from day one. The rest is spent ensuring a smooth transition—for American businesses and investing in projects and technologies to reduce emissions and advance our energy security. In the later years of the program, every penny not spent to reduce the deficit will go directly back to consumers.
Second: We need energy made in America. Today we spend almost one billion dollars every day on foreign oil, much of which is sent to regimes that are hostile to our nation and our interests. That is money we should be investing here at home. The American Power Act invests in technology to harness domestic power supplies and reduce our dependence on foreign oil.
Third: America needs to regain its competitive edge and lead the global clean energy economy. America enjoys an abundance of home-grown energy sources: coal, natural gas, nuclear and renewables. Each will play a critical role in our clean energy future. By investing in innovation across all energy sources, we will create millions of jobs rebuilding our energy infrastructure as we reinvigorate our manufacturing base, which will be called upon to produce the clean energy technologies of tomorrow.
Fourth: We need a new approach to reducing emissions that recognizes the different needs of our different industries. The American Power Act includes separate, targeted mechanisms for the three major emitting sectors: power plants, heavy industry and transportation. Each approach is tailor-made to ensure a smooth transition into our collective clean energy future.
Fifth: The system must be simple, stable and secure. We only address the largest sources of carbon pollution and we provide predictability to businesses and consumers through a hard price collar and the creation of a single, clear set of rules. Our carbon market structure eliminates the possibility of manipulation, which will mean a secure, well-functioning market system.