Directs the Administrator of the Environmental Protection Agency (EPA) to establish and maintain the National Greenhouse Gas Database, including the development of measurement and verification methods and standards.
Requires covered entities to submit to the Administrator one tradeable allowance for every metric ton of carbon dioxide equivalence, specifically: (1) the electric generation, industrial, and commercial sectors for greenhouse gases produced; (2) producers or importers for hydrofluorocarbons, perfluorocarbons, or sulfur hexafluoride produced or imported; and (3) petroleum refiners or importers for greenhouse gasses (when used for transportation).
Permits: (1) the use of tradeable allowances to achieve compliance; (2) the conversion of fuel economy standard credits to tradeable allowances, as specified; (3) borrowing against future reductions; and (4) tradeable allowances to be sold, exchanged, purchased, retired, banked, or used.
Permits the exemption of certain source categories if it is not feasible to measure or estimate emissions.
Directs the Administrator to establish tradeable allowances in units of carbon dioxide equivalence. Provides for the allocation of such allowances according to economic impact factors.
Establishes the Climate Change Credit Corporation to manage tradeable allowances.