Electric Utility Cap and Trade Act of 2007 - Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to establish an allowance trading program to address greenhouse gas (GHG) emissions from electric generating facilities that: (1) have a nameplate capacity greater than 25 megawatts; (2) combust GHG emitting fuels; and (3) generate electricity for sale. Provides for annual tonnage limitations for GHG emissions from such facilities for 2011-2020.
Requires the Administrator to establish: (1) a Climate Science Advisory Panel; (2) a safe climate level; (3) a Climate Action Trust Fund for the Administrator to use to carry out this Act; and (4) an innovative low- and zero-emitting carbon technologies program, a clean coal technologies program, and an energy efficiency technology program.
Requires the Administrator to use portions of the Climate Action Trust Fund for specified programs, including: (1) providing adaptation assistance for workers and communities to address and mitigate local or regional impacts of climate change; and (2) mitigating the impacts of climate change on fish and wildlife habitat, including funding for the federal aid to wildlife restoration fund under the Pittman-Robertson Wildlife Restoration Act.
Requires the Administrator to promulgate regulations concerning early reduction credits for GHG reduction or sequestrations projects carried out between 2000 and 2010. Allows facilities to meet obligations by surrendering certain international GHG credits.
Requires the Administrator to determine if allowance prices have reached and sustained a level that is causing or will cause significant harm to the U.S. economy. Allows the Administrator to permit facilities to use allowances early and to increase the use of international credits if allowances have sustained such a level.
Allows credits obtained under this Act to be used in other GHG allowance trading programs, including state programs approved by the Administrator.
Sets forth provisions concerning; (1) outreach to landowners about reductions in GHGs and revenue enhancement; and (2) offset credits for GHG reductions from land use-related sequestration projects.
Requires the Administrator to establish and operate a national registry for allowances and credits.
Amends the Global Change Research Act of 1990 to provide for initiatives concerning: (1) priority research areas; (2) abrupt climate change research; (3) measurement technologies to calculate GHGs; (4) the promotion of the use of technologies and techniques that reduce GHGs by small manufacturers; (5) assessments by the Secretary of Agriculture and the Secretary of the Interior about increased sequestration and reduction of GHGs on public land; and (6) research on the increase in sea levels from polar ice sheet melting.