Summary: H.R.2651 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.2651. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (06/11/2007)

Greenhouse Gas Accountability Act of 2007 - Requires the Administrator of the Environmental Protection Agency (EPA) to establish a program to require specified entities (including any significant greenhouse gas (GHG) emitter and any entity with annual revenues exceeding $10 million that is engaged in the business of automobiles, aerospace and defense, chemicals, construction materials, electric utilities, energy equipment and services, oil, gas, and consumable fuels, metals and mining, paper and forest products, or transportation) to report annually to the Administrator on their GHG emissions. Sets forth program design requirements, including that it be consistent with the standards, protocols, and principles of the Climate Registry and the California Climate Registry.

Authorizes an entity to report offsets and sequestration projects to mitigate its GHG emissions.

Requires the Governmental Accountability Office (GAO) to report on entities' compliance and on whether the regulations are effective in inventorying GHGs. Provides for penalties for noncompliance.

Requires the Administrator to establish a public website containing a national GHG emissions database.

Directs the Securities and Exchange Commission (SEC) to: (1) revise its regulations under the Securities Exchange Act of 1934 to require that certain annual reports filed by issuers of securities contain specified information concerning GHG emissions; and (2) issue an interpretive release clarifying, for purposes of specified regulations, that U.S. commitments to reduce emissions of global warming pollution under the United Nations Framework Convention on Climate Change, May 9, 1992, are considered to be a material effect and that global warming constitutes a known trend.