Waxman-Markey Bill

The American Clean Energy and Security Act, ACES, H.R. 2454, previously known as the Waxman-Markey climate and energy bill, was passed by the US House of Representatives on 26 June 2009.

The bill's aim is stated as being:

To create clean energy jobs, achieve energy independence, reduce global warming pollution and transition to a clean energy economy.

The bill comprises five titles.

Title I – Clean Energy: would set standards for conventional and renewable energy technologies and provide funds to support the development of clean energy projects and technologies.

Title II – Energy Efficiency: would mandate new energy efficiency standards for appliances, buildings, transport and industry and provide funds to support energy efficiency projects and technologies.

Title III – Reducing Global Warming Pollution: would create a national cap-and-trade scheme that would reduce GHG emissions from major sources by 17 percent by 2020 and 83 percent by 2050 relative to 2005 levels.

Title IV – Transitioning to a Clean Energy Economy: would provide financial assistance to those industries and persons affected by the Bill’s provisions and protect consumers from increases in energy prices.

Title V – Offsets from Domestic Forestry & Agriculture: would provide opportunities for domestic emissions from the forestry and agricultural sectors.