Atlasia Clean Energy Act of 2010
Section I: FL 20.1 (Carbon Tax Act) is hereby repealed
Section II
1) A cap and trade system is hereby established, which delegates to the government the responsibility of setting a limit on the total amount of greenhouse gases that can be emitted nationally in the country of Atlasia.
2) The cap will be set between the periods of 2011 to 2050, allowing regulated entities to hold rights to emit greenhouse gases.
3) The initial cap will be set at 2005 emission levels.
4) The cap must be reduced over time, at the digression of the President, in order to reduce total carbon emissions emitted by industry into our atmosphere.
5) After allowances are initially distributed based on cause III in Section II, a set number of entities will be free to buy and sell.
6) From 2011 to 2013, the legislation will allocate 85% of allowances to industry for free, auctioning only the remainder.
7) The amount of emissions emitted nationally must either hold or be reduced over time at the digression of the President.
Emissions must be reduced to 17-percent of 2005 levels by 2020.
9) Emissions must be reduced to 80-percent of 2005 levels by 2050.
Section III
1) Electric utilities must meet 20% of their electricity demand through renewable energy resources and energy efficiency by 2020.
2) Subsidies will be provided for new clean energy technologies and energy efficiency, including renewable energy, carbon capture and sequestration, electric and other advanced technology vehicles, and basic scientific research and development.
3) Consumers will be protected from energy price increases over 25-percent from current levels.
Section IV
1) Electricity providers who supply over 4 million MWh to citizens are required to produce 20 percent of its electricity from renewable sources (wind, solar, geothermal) by 2025.
2) Companies will be required to pay a fee if they do not meet this standard by 2025.
3) The corporate tax rate will be cut 3.5% from current levels beginning in 2011 and running until 2025 to encourage industry to invest in clean technology.
Section V
1) Any company that is 15% below its allotted carbon emissions cap will receive an additional 3.5% cut on their corporate taxes in addition to the cut outlined in clause III of Section IV.
2) The aim of clause I of Section V is to provide incentives to reduce carbon emissions beyond the status quo to better our environment.
Sponsor: AH "Washed up has been, who needs to be primaried" Duke99
