Tradeable Performance Standard: Net-Zero Emissions Target by 2040.
This Act establishes a tradeable performance standard for greenhouse gas emissions from the electricity and industrial sectors, aiming for a 60% reduction by 2030 and net-zero emissions by 2040. Covered facilities must surrender allowances for their emissions, which are distributed based on carbon intensity, incentivizing cleaner production. This legislation will drive significant changes in energy production and may affect consumer energy costs.
Key points
Mandatory cap-and-trade system for CO2 equivalent emissions starting in 2024 for large power and industrial facilities.
Emission allowances are distributed for free based on the facility's output and average carbon intensity, rewarding cleaner operations.
Sets a binding national target for covered entities to achieve zero aggregate greenhouse gas emissions by 2040.
Non-compliant entities face severe financial penalties (twice the highest market value of the allowance) plus the requirement to replace missing allowances.
Expired
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