The American Clean Energy and Security Act is designed to support commerce and the environment at the same time. It intends to create millions of new jobs in clean energy while saving American’s money on energy costs. In this process, it will reduce greenhouse gas emissions and support America in its struggle to be energy independent. It was voted in 33 to 25 by Congress in 2009.
The ACES Act, also known as the Waxman-Markey bill after its authors, has a few major points.
1.) A renewable electricity standard – requires utility companies to produce their electricity from renewable resources.
2.) Emissions cap – requires companies to reduce their emissions overall.
3.) Emissions permits – companies required to buy rights to emit pollution. The permits will decrease in availability over time, making them more expensive and encouraging high-polluting companies to transition to renewable resources.
4.) Invest almost $200B in energy and efficiency technology.
The five main components of the Clean Energy Act are to set new standards in renewable energy technologies that would provide support and funding to clean energy projects. The second is to support funding for energy efficiency in appliances, buildings, and transportation. The third tackles ways to reduce global warming pollution. The fourth component of the bill helps industries and their consumers transition to a clean energy economy by providing financial assistance for the initial increase cost of using clean energy. Finally, the last component deals with offsets from Domestic Forestry & Agriculture.
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