The American Clean Energy and Security Act of 2009 (ACES)
On June 26, 2009, the Waxman-Markey Climate Change Bill, now named the American Clean Energy and Security Act of 2009 (H.R. 2454) (“ACES”) narrowly passed the House after a compromise that included an amendment sponsored by agricultural interests. The Bill touts very lofty goals with respect to climate change and the reduction of greenhouse gases and has strong support from the Obama Administration. Some of the goals of the House version of the Bill include requiring electric utilities to utilize renewable energy sources to account for 20% of their electric demand; investing $190 billion in new clean energy technologies such as carbon capture and sequestration, electric vehicles, and other energy efficient advances; mandating energy efficient building; reducing carbon emissions from major U.S. sources by 17% by 2020 and over 80% by 2050 compared to the 2005 levels. An amendment by Mr. Peterson (D-MN) provides certain exemptions for agriculture and establishes a system under which agricultural operations can earn "credits" for sequestering carbon. Craig Raysor has prepared a summary of the bill, located here.
Posted July 14, 2009