American Power Act News
American Power Act
The American Power Act is a bill authored by Senators John Kerry (D-MA) and Joe Lieberman (I-CT) aimed at providing incentives for lowering carbon emissions, creating jobs in alternative energy and reducing the United States' dependence on foreign oil.
The legislation, which is known more formally as The Clean Energy Jobs and American Power Act (S.1733), was introduced on May 12, 2010.
Among the key provisions are the following:
• Sets of a goal of reducing carbon pollution by 20 percent by 2020 and 80 percent by 2050 from 2005 levels.
• Provide $10 billion over 10 years for research and development of new carbon capture technology.
• Increase funding for nuclear loan guarantees to $54 billion.
• Incentives for reducing oil consumption in the transportation sector.
• Sets a price for carbon emissions for about 7,500 facilities in the U.S. that account for nearly three-quarters of U.S. carbon pollution. Does not cover any small businesses that pollute less than 25,000 tons of carbon-based pollutants.