from ClimateProgess on the energy bill:
Kerry and Lieberman have apparently been waiting for a sign from above to release their climate and clean energy jobs bill, the American Power Act. Instead, the unmistakable message that we need to get off of dirty, unsafe fossil fuels came from an undersea volcano of oil unleashed by the hubris, recklessness, and arrogance of Big Oil.
You can read the leaked 21-page draft Section-by-Section description of the American Power Act here (big PDF). You can read the leaked 4-page “draft short summary” by clicking here.
Before offering my thoughts on individual sections, here’s Dan Weiss, CAPAF’s Director of Climate Strategy:
“The Kerry-Lieberman American Power Act jump starts efforts to adopt comprehensive clean energy and climate polices that would cut oil use, increase security, reduce pollution and create jobs. The BP oil disaster is like a signal flare warning us that we must reduce our oil use via investments in more efficient, cleaner energy technologies. President Obama and Senate leaders must work together to craft a comprehensive program that achieves these goals.”
Many analysis have shown how clean energy legislation will create 1.7 million jobs and opportunities for low-income families, including lower energy bills.
So let’s go through this, starting with the summary.
“From day one, two-thirds of revenues not dedicated to reducing our deficit are rebated back to consumers.” The rest goes to low-carbon energy development and deployment along with things to aid industries in transition to a low carbon economy.
In the later years, every penny not spent to reduce the deficit will go directly back to consumers.
You might call it cap-and-dividend, were the name not taken.
Yes, much of this money goes back to consumers through the local regulated utilities, but that was not only inevitable from a political perspective — to keep utilities and Senators from the mid-west and south from immediately bolting — it’s actually a good idea from the perspective of regional equity (see here and here). There’s just no other way to construct a bill that could have any chance whatsoever in either house of Congress.
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