Establishes national pollutant tonnage limitations for sulphur dioxide, nitrogen oxides, mercury, and carbon dioxide.
Provides for review and revision of annual tonnage limitations.
Directs the Administrator of the Environmental Protection Agency (EPA) to establish trading programs for nitrogen oxide and mercury allowances.
Directs the Administrator to establish reserves of nitrogen oxide and mercury allowances as set asides for new units.
Establishes a nitrogen oxide and mercury allowance transfer system.
Directs the Administrator to establish a carbon dioxide allowance trading program.
Makes allowances available to projects certified by a newly established independent review board. Permits the trading of allowances under any U.S. or internationally recognized carbon dioxide reduction program.
Establishes a carbon dioxide allowance transfer system.
Revises the new source review program to cover unit changes after 2008 and to permit the lowest achievable emission rate standard to take cost into account.
Revises the sulfur dioxide allowance program to establish an allowance reserve for new units and to establish maximum emissions for states in the Western Regional Air Partnership.
Requires the Secretary of Commerce to establish within the National Oceanic and Atmospheric Administration (NOAA) a program to provide region-oriented forecasts and warnings regarding air quality for certain regions of the United States, using existing Federal programs to the degree possible.