New Direction for Energy Independence, National Security, and Consumer Protection Act
"The legislation we debate today is just the ambitious first phase in what will be a series of revolutionary actions for energy independence. But it is a very serious first step that honors God's creation -- our planet, and creates a better world for our children. With confidence in American ingenuity and faith in our future, today we can declare a New Direction in our energy policy --
one for our future generations."
-Speaker Pelosi, 8/4/07
Today, the House is debating two Energy Independence bills - H.R. 3221, New Direction for Energy Independence, National Security, and Consumer Protection Act and H.R. 2776, the Renewable Energy and Energy Conservation Tax Act of 2007. The bills make an historic investment in biofuels and new energy technologies and innovation to create new jobs; improve energy efficiency for a wide range of products, lighting and buildings to reduce energy costs to consumers--and reduce carbon dioxide emissions by more than the annual emissions of all of the cars on the road in America today; make the federal government a leader in reducing energy usage and greenhouse gas emissions; and strengthen research and diplomatic efforts on climate change to protect our planet.
Speaker Pelosi on the bills:
Specifically, the legislation:
Creates an Energy Efficiency and Renewable Energy Worker Training Program to train a quality workforce for good "green" jobs -- such as solar panel manufacturers and green building construction workers -- that are created by federal renewable energy and energy efficiency initiatives.Reduces global greenhouse emissions worldwide, by directing the federal government to promote U.S. energy exports in clean, efficient technologies to India and China and other developing countries.
Creates a new position within the Department of State, the Ambassador at Large for Global Climate Change, to serve as the lead advisor to the President and Secretary of State on these issues.
Gives small businesses tools they need to be more energy efficient and increase our energy independence, the bill increases loan limits to help small businesses develop energy efficient technologies and purchases, and increases investment in small firms that are developing renewable energy solutions.
Includes a measure to create an Energy Department agency to coordinate revolutionary, high-payoff energy technology research and development that private industry is not likely to pursue on its own.
Reorganizes the Bush Administration's climate change research program.
Includes measures to bolster research on solar energy
Invests $2.2 billion to help rural communities, farmers, ranchers and small businesses by reducing their energy costs through energy efficiency and promoting renewable fuels, including cellulosic ethanol and biodiesel.
Continues funding for the Biodiesel Fuel Education Program to award competitive grants to nonprofit organizations that educate governmental and private entities operating vehicle fleets, and educate the public about the benefits of biodiesel fuel use.
Increases funding for the Renewable Energy & Energy Efficiency Improvements Program, which authorizes loans, loan guarantees, and grants to farmers, ranchers, and rural small businesses to purchase and install renewable energy systems and to make energy efficiency improvements.
Extends and funds the Biomass Research and Development Program to provide competitive funding for research and development projects on biofuels and bio-based chemicals and products.
Makes the federal government a leader on reducing global warming setting an ambitious goal requiring federal government operations to be carbon-neutral by 2050, with annual government-wide emissions targets. The federal government is the largest energy consumer in the United States and these provisions will save taxpayers $7.5 billion through 2030.
Ensures greater accountability to the taxpayer from companies that area drilling for oil and gas on federal lands. Among other provisions, it requires more audits to ensure American taxpayers aren't being cheated out of the royalties they are due for the extraction of these publicly-owned resources.
Establishes a national ocean observation system to gather information for climate change research, national defense, and marine commerce, a key recommendation of the Joint Ocean Commission Initiative.
Ensures the development of a national strategy to assist wildlife populations and their habitats in adapting to the impacts of climate change, and provides states with new funding to assist wildlife in adapting to global warming.
Ensures oil companies that were awarded the 1998 and 1999 royalty-free leases for drilling pay their fair share in royalties.
Takes action to cut energy use and carbon emissions, by encouraging people to take mass transit, encouraging states to carry out transportation projects that reduce air pollution, and increasing federal help for local governments to purchase alternative fuel buses, locomotives and ferries.
Sets new efficiency standards for appliances such as refrigerators and freezers, requires more efficient lighting and promotes green buildings in the Federal and private sector, and works to speed up Energy Department action on new efficiency standards (after six years of reversal and delay of critical efficiency standards). These efficiency provisions will reduce energy costs to consumers by at least $300 billion through 2030. and remove as much as 10 billion tons of carbon dioxide from the atmosphere by 2030, more than the annual emissions of all of the cars on the road in America today.
Promotes homegrown alternative fuels by providing assistance for the installation and conversion of E-85 fuel pumps and the production of flex-fuel vehicles that run on renewable fuel, and increases the amount of grants for cellulosic ethanol production to $1 billion.
Creates a "Smart" electric grid to modernize and strengthen the reliability and energy savings of our electricity supply and improves the Department of Energy Loan Guarantee Program for projects that reduce greenhouse gas emissions and employ improved technologies.
Provides long-term incentives spurring the production of electricity from renewable sources, including wind, solar, biomass, geothermal, river currents, ocean tides, landfill gas, and trash combustion resources.
Encourages the deployment of renewable energy by providing electric cooperatives and public power providers with new clean renewable energy bonds that will allow these entities to install facilities that generate electricity from renewable resources.
Helps states leverage tax credit bonds to implement low-interest loan programs and grant programs to help working families purchase energy-efficient appliances, make energy-efficient home improvements, or install solar panels, small wind turbines, and geothermal heat pumps.
To pay for these renewable energy and conservation incentives, the bill repeals approximately $16 billion in tax breaks for oil and gas companies that were given during an era of record profits. To ensure that oil and gas companies are paying their fair share of taxes, it closes a tax loophole that allows big oil and gas companies to game the system by understating their foreign oil and gas extraction income. It also closes the "Hummer" Tax Loophole, fixing a serious mistake that provides an extra tax incentive for businesses buying luxury SUVs, while exempting vehicles that are used for legitimate business purposes.