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Top Ten Provisions in Waxman-Markey

  1. Invests in Clean Energy: Invests $190 billion into clean energy like wind, solar, geothermal and advanced coal technology. Waxman-Markey establishes eight Clean Energy Innovation Hubs across the country, linking our top academic institutions with clean tech businesses to get technologies from the lab to the marketplace.
  2. Cuts Foreign Oil: Invests $20 billion in advanced fuel efficient vehicles like plug-in hybrids and all-electric cars and trucks, so that the next generation of drivers may never use a gas pump. When the bill is combined with fuel economy and renewable fuel standards already put in place, America will save more than 5 million barrels of oil a day, more than we already import from the Middle East and Venezuela combined.
  3. Cuts Carbon Pollution: For the first time, puts a cap on the carbon pollution causing global warming-reducing carbon and other heat-trapping pollutants 83 percent by 2050. The program makes polluters pay, driving down emissions over time by about 2 percent a year. American leadership on global warming will pave the way for an international deal that gets all polluters on board.
  4. Creates Jobs, Trains Workers: Will create millions of new clean energy jobs that can't be sent overseas to China and India, and provides $865 million in job training assistance for America's new clean energy workers.
  5. Builds a Smarter Grid: Encourages a Smart Grid that uses E-Chips and other technologies in appliances, homes and businesses that will empower consumers to save money and energy using Internet and other telecommunications technologies.
  6. Efficiency Savings: Saves consumers $69 billion annually by 2030 by making our buildings, homes, appliances, and lights use less energy. New buildings and homes will be 50 percent more efficient by 2016, and old buildings will be retrofitted with energy-saving technology. Efficiency provisions in Waxman-Markey will avoid the need to build more than 150 large power plants.
  7. Saves Families Money: Provides hundreds of dollars in energy rebates annually to low-income families and helps all families reduce their electricity bills. Cumulative energy cost-savings would total more than $4,000 per household by 2030.
  8. Protects Forests and Wildlife: Provides $65 billion in funds to protect forests, which will help cut carbon emissions by an additional 10 percent, and provides $8 billion to help protect wildlife endangered by global warming.
  9. Funds New Technologies: Establishes a “Clean Energy Bank" to provide $75 billion in loans to fund established clean energy technologies like wind and solar, and to breakthrough technologies that have yet to be invented.
  10. Fiscally Responsible: The Congressional Budget Office found Waxman-Markey will not raise the federal budget deficit.

 

Ten Things You May Not Know about the Waxman-Markey, American Clean Energy & Security Act (ACES)

Last month, the House passed historic clean energy jobs legislation that would finally begin the transition away from dangerous foreign oil and address the global challenge of climate change. The Waxman-Markey bill includes a number of provisions to help achieve these goals:

  1. Clean Cars: Invests $20 billion in advanced fuel efficient cars and trucks like plug-in hybrids and all-electric vehicles.
  2. Innovation Hubs: Establishes eight Clean Energy Innovation Hubs across the country, linking our top academic institutions (including land grant, technical colleges and historically African American institutions) with clean energy businesses.
  3. Clean Energy Bank: Establishes a “Clean Energy Bank" to provide $75 billion in loans to fund clean energy technologies.
  4. Job Training: Provides $865 million in job training assistance for America's new clean energy workers.
  5. Smart Grid: Encourages a Smart Grid that uses E-Chips (electricity processors) in appliances and homes to allow consumers to use the Internet to manage electricity usage.
  6. Green Buildings: Updates energy efficiency standards for NEW buildings, so by 2016 new buildings will use 50 percent less energy saving families and businesses money.
  7. Price Spike Protection: Dedicates 30 percent of the program to protect families and businesses from rate spikes on their electricity bills. Dedicates 15 percent of the program to protect low-income families from price increases, providing hundreds of dollars in energy rebates annually to low-income families.
  8. Fiscally Responsible: ACES will NOT increase the federal budget deficit, as the program is completely budget-neutral.
  9. Protects Forests and Wildlife: Provides $65 billion in funds to protect forests, which help cut carbon emissions by an additional 10 percent, and provides $8 billion to protect wildlife endangered by global warming.
  10. Breaking our Addiction to Foreign Oil: When combined with fuel economy standards, ACES will save 5 million barrels of oil a day. That is more than America currently imports from the Middle East and Venezuela.