Climate Change: Comparison of S. 2191 as Reported (now S. 3036) with Proposed Boxer Amendment

Climate Change: Comparison of S. 2191 as
Reported (now S. 3036) with Proposed Boxer
May 30, 2008
Brent D. Yacobucci and Larry Parker
Specialists in Energy and Environmental Policy
Resources, Science, and Industry Division

Climate Change: Comparison of S. 2191 as Reported
(now S. 3036) with Proposed Boxer Amendment
On December 7, 2007, the Senate Environment and Public Works (EPW)
Committee ordered reported an amended version of S. 2191, the Lieberman-Warner
Climate Security Act of 2008 (originally entitled America’s Climate Security Act of
2007). On April 10, 2008, an amendment to make the bill revenue-neutral was
submitted to CBO for analysis along with the committee version of S. 2191.
On May 20, 2008, S. 2191 was reported by EPW. At the same time, Senator
Boxer introduced S. 3036, which is identical to the reported version of S. 2191
except that it contains the proposed budget amendment. Both bills were placed on
the Senate legislative calendar. On Thursday, May 22, Senator Reid filed for cloture
on the motion to proceed on S. 3036. The cloture vote is scheduled for Monday,
June 2 at 5:30 pm, with the preceding hour set for debate.
In addition to S. 3036, Senator Boxer has proposed an amendment in the nature
of a substitute, with significant changes from the committee version of S. 2191.
This report provides a comparison of five key differences between S. 2191/S.
3036 and the proposed Boxer Amendment. This report supersedes a CRS
Congressional Distribution Memorandum entitled “Comparison of S. 2191 as
Reported (now S. 3036) with Proposed Boxer Substitute,” dated May 28, 2008.

Cost-Containment Auction..................................2
Use of Domestic Offsets, International Offsets, and
International Allowances................................2
Changes in Established Entities...............................3
Allocation Scheme.........................................4
Carbon Market Oversight Mechanisms.........................4
List of Tables
Table 1. Estimated Allowances (millions) Allocated Under S. 3036
(S. 2191 as Reported plus Amendment)............................6
Table 2. Allocation of Revenues from Auctions of Remainder Allowances
Under S. 3036 ................................................7
Table 3. Estimated Allowances Allocated Under Boxer Amendment,
Part I (millions)...............................................8
Table 4. Estimated Allowances Allocated Under Boxer Amendment,
Part II (millions)...............................................9
Table 5. Estimated Allowance Values and Auction Revenues Under
S. 3036 (million 2005$).......................................10
Table 6. Estimated Allowance Values and Auction Revenues Under
Boxer Amendment (million 2005$)...............................11

Climate Change: Comparison of S. 2191 as
Reported (now S. 3036) with Proposed
Boxer Amendment
S. 2191 (the Lieberman-Warner Climate Security Act of 20081), introduced by
Senator Lieberman, was reported by the Senate Committee on Environment and
Public Works (EPW) on May 20, 2008. The bill would establish a mandatory cap-
and-trade system to reduce greenhouse gas emissions from most sectors of the
economy.2 As reported, S. 2191’s emissions cap is estimated by its sponsors to
require a 71% reduction from 2005 levels by 2050 from covered entities (the covered
entities are estimated by the sponsors to account for 87% of total U.S. greenhouse gas
emissions). Overall, the sponsors estimate that S. 2191 would reduce total U.S.
greenhouse gas emissions by up to 66% from 2005 levels by 2050. On April 10,
2008, a proposed deficit reduction amendment was announced, aimed at making the
bill revenue-neutral.3 A new version of the bill, S. 3036 — identical to S. 2191 but
also containing the deficit reduction amendment — was introduced May 20, and a
cloture motion was filed on that bill May 22. The Senate may begin discussion of S.

3036 the week of June 2.

On May 21, 2008, Senator Boxer announced a proposed substitute amendment
to the Lieberman-Warner bill.4 This amendment would make significant changes to
the bill. For a detailed discussion of key terms and concepts used in this report, see
CRS Report RL34489, Climate Change: Costs and Benefits of S. 2191, which
provides background and much more detailed analysis of the bill.
CRS has identified five key changes that would be made by the Boxer
Amendment. These five do not represent all changes in the amendment.
Considering the time constraints these five are discussed in this report; other changes
may also be of interest in the debate. The five key changes discussed below are:

1 Originally entitled America’s Climate Security Act of 2007.
2 For more a more detailed discussion of S. 2191 (as reported) provisions, see CRS Report
RL34489, Climate Change: Costs and Benefits of S. 2191, by Larry Parker and Brent
Yacobucci. For a comparison with other proposals, see CRS Report RL33846, Greenhouseth
Gas Reduction: Cap-and-Trade Bills in the 110 Congress, by Larry Parker and Brent
3 Submitted to CBO April 9, 2008. CBO, S. 2191, America’s Climate Security Act, with an
Amendment (April 10, 2008).
4 As of May 23, 2008, the substitute amendment was available at the EPW website:
[ public/].

!The establishment of a “cost-containment auction” that would
expand the number of allowances available in early years;
!Changes to the limits and applicability of domestic offsets,
international offsets, and international allowances;
!Elimination of the Climate Change Credit Corporation and the
establishment of a Climate Change Technology Board;
!Major changes in the scheme for how allowances are auctioned or
distributed at no cost to covered entities and non-covered entities;
!Establishment of carbon market oversight mechanisms.
Cost-Containment Auction. The Boxer Amendment would establish a
“cost-containment auction.” For this auction, the amendment would take a share of
allowances from 2031 through 2050 and make them available for auction in the early
years of the program (2012 through 2027). At the end of 2012, a maximum of 450
million allowances would be available for sale. In each successive year, the number
available would be reduced by 1%. In total, up to 6 billion allowances would be
available through these cost-containment auctions.
For the auctions, the amendment would establish a “Cost-Containment Auction
Price” — effectively a reserve price for the auction. For 2012, the President would
determine the initial reserve price of between $22 and $30 per ton. In each
successive year, the reserve price would increase by the rate of inflation plus 5%.
This provision would essentially allow the borrowing of a limited number of
future allowances at a reduced rate. In general, both the bill and the Boxer
Amendment allow borrowing, but require a 10% annual rate of interest on borrowed
allowances. Assuming the allowance price for a given year is above the “cost-
containment price,” participants in the auction will likely bid up the price to
something similar to the current allowance price. On the other hand, if the allowance
price on the secondary market is below the “cost-containment price,” there may be
limited participation in the cost-containment auction. All other things being equal,
having a larger pool of allowances early should lower the price of allowances, but it
is difficult to predict the magnitude of that price effect.
Use of Domestic Offsets, International Offsets, and International
Allowances. The Boxer Amendment would substantially alter the amount and type
of offsets that covered sources could use to comply with the emissions cap. Under
the reported version of the bill, a covered entity could only use domestic offsets
and/or international allowances. The Boxer Amendment expands the offset
opportunities to include international offsets and international forest credits. In the
reported version of the bill, an individual covered entity could meet up to 15% of its
allowance requirement through the use of domestic offsets and an additional 15%
through the use of international allowances. The Boxer Amendment would eliminate
the facility-specific limitation and would direct EPA to restrict the available pool of
domestic offsets to 15%, international offsets to 5%, and international forest credits
to 10% of the aggregate quantity of emission allowances distributed under the cap.

International allowances could be used, if any of the above percentages were not
max imized.5
Although the Boxer Amendment would increase flexibility by removing the
facility-specific limitation for offset use, the amendment would effectively reduce the
total number of offsets potentially available in a given year. The example below
illustrates this substantial change:
In 2012, both S. 2191 and the Boxer Amendment set the number of allowances
available to covered entities at 5,775 million allowances. In the reported version, a
covered facility must submit to EPA an allowance, offset, or international allowance
for each ton of actual emissions. By allowing facilities to submit offsets and/or
international allowances to satisfy up to 30% of their allowance submission (15%
from domestic offsets and 15% from international allowances), the total allowance
cap (5,775) would essentially represent 70% of actual emissions permitted. For
instance, if there was only one covered facility in the United States and it emitted
8,250 million tons of CO2-e in 2012, the facility could submit 5,775 million
allowances and 2,475 million tons in offsets and international allowances.6 However,
under the Boxer Amendment, the total number of offsets — which would include
domestic, international, forestry credits, and international allowances — would be
limited to 30% of the aggregate pool of allowances distributed under the cap.
Therefore, the hypothetical facility described above could only use 1,733 tons in
In addition, eliminating restrictions on the use of certified offsets, the expansion
of allowable offset types — international offsets and forest credits — may lower the
costs of the cap-and-trade program. Under the reported bill, covered entities had only
indirect access (by purchasing international allowances) to these lower-cost reduction
opportunities. The Boxer Amendment permits direct use of these options. However,
there may be some concern that the increased use of international offsets, particularly
those in the forestry sector, could flood the market with possibly questionable
emission reductions.8
Changes in Established Entities. The reported version of S. 2191 would
establish a Climate Change Credit Corporation to auction allowances under the
program. The corporation would use the proceeds from those auctions to fund
various purposes, including technology development and adaptation programs. As
reported, S. 2191 states that “the Corporation shall not be considered an agency or
establishment of the Federal government.” The Boxer Amendment would eliminate

5 An international allowance is an allowance purchased from an approved foreign cap and
trade system. In lieu of using or trading the allowance within its own system, a foreign firm
could choose to sell the allowance to a U.S. firm, who could use the allowance for
compliance with the U.S. program in lieu of an allowance allocated domestically.
6 8,250 x 0.3 = 2,475.
7 5,775 x 0.3 = 1,733
8 See CRS Report RL34436, The Role of Offsets in a Greenhouse Gas Emissions
Cap-and-Trade Program: Potential Benefits and Concerns, by Jonathan L. Ramseur.

the corporation. Instead, allowances would be auctioned by EPA. The funds from
those auctions would be disbursed by a Climate Change Technology Board, explicitly
established as an agency of the federal government.
Allocation Scheme. Both S. 2191 and the Boxer Amendment use a detailed
scheme for allocating allowances to covered entities, non-covered entities, and
auctions. The total number of allowances for all years is equal in S. 2191 and the
Boxer Amendment, although the timing of those allocations may be different, as the
Boxer Amendment allows for the auction of some allowances early (see “Cost-
Containment Auction” above). Further, the reported bill and the Boxer Amendment
would distribute those allowances differently. In all years, relative to the reported
version, the Boxer Amendment would allocate a larger share of allowances to non-
covered entities (e.g., states), and a smaller share for covered entities and for
auctions. For example, in 2012, the reported version of S. 2191 would allocate
roughly 36% of allowances to covered entities, 33% to non-covered entities, and 31%
for auctions. Under the Boxer Amendment, assuming all available cost-containment
allowances are purchased, 32% of allowances would go to covered entities, 34% to
non-covered entities, and 30% would be auctioned. Table 1 shows allowance
allocations in various years for the reported version of S. 2191, as amended by the
proposed deficit reduction amendment (identical to the introduced version of S.
3036), and Table 2 shows the allocation of auction revenues. Tables 3 and 4 show
allowance allocations in the same years under the Boxer Amendment. For each table,
direct allocations to covered sectors are labeled “COV,” direct allocations to non-9
covered entities are labeled “NC,” and auctions are labeled “AUC.”
Various groups have modeled the economic effects of S. 2191, including
projections of allowance prices in each year of the program. Using one of the low-
cost scenarios — EPA’s ADAGE-TECH scenario — estimates of the values of the
allowance allocations and auction revenues in S. 2191 and the Boxer Amendment are
shown in Tables 5 and 6.10 The same allowance price was used in both tables;
however, it should be noted that some of the changes made by the Boxer Amendment
would likely reduce costs.11 To the extent that allowance prices increase or decrease
in one version of the bill relative to another, the value of allocations and the
estimated auction revenues would also increase or decrease.
Carbon Market Oversight Mechanisms. The Boxer Amendment would
establish a Carbon Markets Working Group including the EPA Administrator, the
Secretary of the Treasury, and the Chairmen of the Securities and Exchange
Commission, the Commodities Futures Trading Commission, and the Federal Energy
Regulatory Commission. The Group must identify “the major issues related to the
integrity, efficiency, orderliness, fairness, and competitiveness” of the carbon market,

9 In each of the tables, the allocations are presented in the section-by-section order they
appear in the bill or amendment.
10 For a detailed analysis of the assumptions used in EPA’s model, as well as CRS’s
assumptions about certain program costs, see CRS Report RL34489, Climate Change: Costs
and Benefits of S. 2191, by Larry Parker and Brent Yacobucci.
11 The economic effects of the Boxer Amendment had not been modeled as of May 28, 2008.

as well as recommendations for market regulation, policy coordination, contingency
planning, and necessary legislative action.12

12 For more information on carbon market regulation, see CRS Report RL34488, Regulating
a Carbon Market: Issues Raised By the European Carbon and U.S. Sulfur Dioxide
Allowance Markets, by Mark Jickling and Larry Parker.

Table 1. Estimated Allowances (millions) Allocated Under S. 3036 (S. 2191 as Reported plus Amendment)
2012 2020 2030 2040 2050
tal AllowancesSec. 3101 (as amended)5,7754,9243,8602,7961,732
ainder AllowancesSec. 12015,4234,5103,3032,3491,455
uction FundAUCSec. 3101 (as amended)352414557447277
y AuctionAUCSec. 31012710000
ctionAUCSec. 31021,1661,6462,0731,6321,011
rly ActionNCSec. 32012710000
iki/CRS-RL34515Energy SavingsNCSec. 3301(a)10890664729Building EfficiencyNCSec. 3301(b)5445332315
g/wPrograms that Exceed Fed. TargetsNCSec. 330210890664729
s.orGeneral Allocation - by LIHEAP ShareNCSec. 3303(b)(1)8168503522
leakGeneral Allocation - by Population ShareNCSec. 3303(b)(2)8168503522
://wikiGeneral Allocation - by Fossil Production CO2NCSec. 3303(b)(3)8168503522Mass TransitNCSec. 33045445332315
httpState Subtotal569474347247153
ibal CommunitiesNCSec. 3303(d)272317127
/Middle-Class Electricity ConsumersNCSec. 3401488406297211131
w/Middle-Class Natural Gas ConsumersNCSec. 350110890664729
Bonus AllowancesCOVSec. 360121718013200
estic Agriculture and ForestryNCSec. 370127122616511773
ternational Forest ProtectionNCSec. 3803136113835936
l Fueled Electric PlantsCOVSec. 39011,0307223300
ral Electric CooperativesCOVSec. 390154453300
Special Allocation to VA and MTCOVSec. 3903(a)(2)87000
ergy-Intensive Manufacturing FacilitiesCOVSec. 3901542361800
troleum Production/Import FacilitiesCOVSec. 390110890800
C Producers/ImportersCOVSec. 39011089
ndfill and Coal Mine Methane ReductionNCSec. 39075445332315
CRS Analysis of S. 2191 as reported by the Senate Committee on Environment and Public Works and as amended by proposed revenue-neutral

Table 2. Allocation of Revenues from Auctions of Remainder Allowances Under S. 3036 a
(percentage ofremainder allowance” auction revenues afterOff-the-Top [designated “ss] distributions are made)
2012 2020 2030 2040 2050
e-Top Allocation of Auction Proceeds
M Emergency Firefighting FundSec. 4302(b)(1)ssssssssss
rest Service Emergency Firefighting FundSec. 4302(b)(2)ssssssssss
A Management FundSec. 4302(b)(3)ssssssssss
tage of Remaining Proceeds
chnology DeploymentSec. 4302(b)(4)(B)52%52%52%52%52%
Zero- or Low- Carbon Energy TechnologySec. 4401(1)16.6%16.6%16.6%16.6%16.6%
Advanced Coal and Sequestration TechnologySec. 4401(2)13.0%13.0%13.0%13.0%13.0%
iki/CRS-RL34515Fuel from Cellulosic BiomassSec. 4401(3)3.1%3.1%3.1%3.1%3.1%
g/wAdvanced Technology Vehicles Manufacturing IncentivesSec. 4401(4)6.2%6.2%6.2%6.2%6.2%
s.orSustainable Energy ProgramSec. 4401(5)13.0%13.0%13.0%13.0%13.0%
leakergy Independence Acceleration FundSec. 4302(b)(4)(C)2%2%2%2%2%
://wikiergy Assistance FundSec. 4302(b)(4)(D)18%18%18%18%18%LIHEAPSec. 4501(1)9.0%9.0%9.0%9.0%9.0%
httpWeatherizationSec. 4501(2)4.5%4.5%4.5%4.5%4.5%
Rural Energy AssistanceSec. 4501(2)4.5%4.5%4.5%4.5%4.5%
imate Change Worker Training FundSec. 4302(b)(4)(E)5%5%5%5%5%
DOE University ProgramsSec. 4606(a)1.25%1.25%1.25%1.25%1.25%
aptation FundSec. 4302(b)(4)(F)18%18%18%18%18%
DOI - Wildlife Conservation and RestorationSec. 4702(b)(1)6.3%6.3%6.3%6.3%6.3%
DOI - Adaptation ActivitiesSec. 4702(b)(2)3.42%3.42%3.42%3.42%3.42%
DOI - Cooperative Grant ProgramsSec. 4702(b)(3)0.9%0.9%0.9%0.9%0.9%
DOI - Tribal Wildlife GrantsSec. 4702(b)(4)0.2%0.2%0.2%0.2%0.2%
Land and Water Conservation FundSec. 4702(c) 1.8%1.8%1.8%1.8%1.8%
Forest Service Adaptation ActivitiesSec. 4702(d)0.9%0.9%0.9%0.9%0.9%
EPA Adaptation ActivitiesSec. 4702(e)0.9%0.9%0.9%0.9%0.9%
Army Corps of Engineers Adaptation ActivitiesSec. 4702(f)1.8%1.8%1.8%1.8%1.8%
Department of Commerce Adaptation ActivitiesSec. 4702(g)1.8%1.8%1.8%1.8%1.8%
limate Change and National Security FundSec. 4302(b)(4)(G)5%5%5%5%5%
CRS Analysis of S. 2191 as reported by the Senate Committee on Environment and Public Works and as amended by proposed revenue-neutral amendment.
uction revenues must first be allocated to these accounts. However, necessary amounts are not specified in the bill, as they depend on a given year’s expenditures from that
account. For a more detailed discussion, see CRS Report RL34489, Climate Change: Costs and Benefits of S. 2191.

Table 3. Estimated Allowances Allocated Under Boxer Amendment, Part I (millions)
Section 2012 2020 2030 2040 2050
tal Allowances (millions)Sec. 2015,7754,9243,8602,7961,732
Containment PoolSec. 5356,02,54000
tainment Allowances Auctioned 5645415000
tainment Allowances BorrowedSec. 535000295395
maining Allowances5,7754,9243,8602,5011,337
tal Available Allowances6,2255,3393,8602,5011,337
g/wlowance Accounts
s.orriculture and Forestry ProgramNCSec. 33124520916411360
leakNew Technology IncubatorSec. 332(b)14121063
://wikisition Assistance for WorkersAUCSec. 542(b)58981167540sition Assistance for Carbon-Intensive ManufacturersCOVSec. 551(b)6355423900
httpCurrently Operating FacilitiesCOVSec. 552(b)6105203700
New Entrant FacilitiesCOVSec. 522(f)2522200
Petroleum Refiners (Discretionary)COVSec. 522(h)6454400
sition Assistance for Fossil Fuel Electric GeneratorsCOVSec. 561(b)1,04073910600
Rural Electric Cooperatives (Maximum)COVSec. 562(c)5237500
Pilot Program for MT and VACOVSec. 562(c)(2)(a)86100
sition Assistance for Petroleum Fuel RefinersCOVSec. 571116493900
sition Assistance for Natural Gas ProcessorsCOVSec. 58143372900
deral Program for ConsumersAUCSec. 592(b)202295463375201
rtnerships with State Governments
Customer Assitance Through LDCs
ElectricityNCSec. 611(a)549480386250134
Natural GasNCSec. 611(a)1881601358847
Assistance to States with Heavy Reliance on Manuf. and CoalNCSec. 612(a)17316013510053
ManufacturingNCSec. 612(b)8780685027
CRS Analysis of proposed Boxer Amendment.

Table 4. Estimated Allowances Allocated Under Boxer Amendment, Part II (millions)
Section 2012 2020 2030 2040 2050
rtnerships with States, Tribes, and Localities to Reduce Emissions
Transportation SectorAUCSec. 621(c)58981066937
Efficiency and Conservation Block Grant ProgramAUCSec. 624(a)11698775027
States that Have Led in Reducing EmissionsNCSec. 625(a)231246309250134
rtnerships with States and Tribes to Adapt to Climate ChangeSec. 631(b)17316013510053
Coastal StatesNCSec. 632(b)6964544021
Freshwater and AgricultureNCSec. 633(a)4340342513
AlaskaNCSec. 634(a)3532272011
iki/CRS-RL34515Indian TribesAUCSec. 635(d)262420158rtnerships with States, Tribles, and Localities to Protect Nat. ResourcesAUCSec. 642(b)1169815410053
g/wildlife Adaptation)
s.orrly Action ProgramNCSec. 70228949000
leakt BuildingsNCSec. 8114337291910
ficient Equipment and Appliances (SEAD Program)NCSec. 8214337291910
://wikit ManufacturingNCSec. 8314337291910
httpewable EnergyNCSec. 8412311971542513
- and Zero-Carbon Electricity TechnologyAUCSec. 91310186772513
vanced Research (ARPA-E)AUCSec. 92114121063
rbon Capture and Sequestration (CCS) Technolgy FundAUCSec. 10125849000
Bonus AllowancesCOVSec. 10211731481542513
ean Medium- and Heavy-Duty Hybrid FleetsNCSec. 1112290000
vanced Vehicle ManufacturersAUCSec. 11225849392513
llulosic BiofuelNCSec. 113158493900
deral Program to Protect Nat. Res. (Firefighting and Wildlife Adapt.)AUCSec. 1212(b)17312315412567
ternational ForestryNCSec. 13235849392513
ternational Technology DeploymentAUCSec.1334290000
ernational AdaptationAUCSec. 1342(b)589815417594
uction FundAUCSec. 1402(b)332394531419224
imate Security Act Administrative FundAUCSec. 17124337392513
CRS Analysis of proposed Boxer Amendment.

Table 5. Estimated Allowance Values and Auction Revenues
Under S. 3036 (million 2005$)
Year 2012 2020 2030 2040 2050
Total Allowances (millions)57754924386027961732
Allowance Price (2005$/ton)$18.54$28.30$46.00$74.60$120.80
Deficit Reduction Fund$6,531$11,705$25,622$33,352$33,455
Early Auction$5,027$0$0$0$0
Auc t i o n $21,616 $46,590 $95,341 $121,784 $122,160
Early Action$5,027$0$0$0$0
Sta te s
Energy Savings$2,011$2,553$3,039$3,505$3,515
Building Efficiency$1,005$1,276$1,519$1,752$1,758
Programs that Exceed Fed. Targets$2,011$2,553$3,039$3,505$3,515
General Allocation - by LIHEAP Share$1,508$1,915$2,279$2,628$2,637
General Allocation - by Population Share$1,508$1,915$2,279$2,628$2,637
General Allocation - by Fossil ProductionCO2 Share$1,508$1,915$2,279$2,628$2,637
Mass Transit$1,005$1,276$1,519$1,752$1,758
State Subtotal$10,556$13,403$15,953$18,399$18,456
Tribal Communities$503$638$760$876$879
Low/Middle-Class Electricity Consumers $9,048$11,488$13,674$15,771$15,819
Low/Middle-Class Natural Gas Consumers $2,011$2,553$3,039$3,505$3,515
CCS Bonus Allowances$4,021$5,106$6,078$0$0
Domestic Agriculture and Forestry$5,027$6,382$7,597$8,761$8,789
International Forest Protection$2,513$3,191$3,798$4,381$4,394
Transition Assistance
Fossil Fueled Electric Plants$19,102$20,423$1,519$0$0
Rural Electric Cooperatives$1,005$1,276$1,519$0$0
Pilot Projects in VA and MT$151$191$0$0$0
Energy-Intensive Manufacturing Facilities$10,054$10,212$380$0$0
Petroleum Production/Import Facilities$2,011$2,553$380$0$0
HFC Producers/Importers$2,011$2,553$380$0$0
Landfill and Coal Mine Methane Reduction$1,005$1,276$1,519$1,752$1,758
BLM Emergency Firefighting Fund$150$150$150$150$150
Forest Service Emergency Firefighting Fund$430$430$430$430$430
CSA Management Fund$1,071$1,393$1,776$2,086$2,092
Technology Deployment$10,382$23,201$48,352$61,942$62,134
Zero- or Low- Carbon Energy Technology$3,322$7,424$15,473$19,821$19,883
Advanced Coal and Sequestration Technology$2,595$5,800$12,088$15,485$15,533
Fuel from Cellulosic Biomass$623$1,392$2,901$3,717$3,728
Adv. Tech. Vehicles Manufacturing Incentives$1,246$2,784$5,802$7,433$7,456
Sustainable Energy Program$2,595$5,800$12,088$15,485$15,533
Energy Independence Acceleration Fund$399$892$1,860$2,382$2,390
Energy Assistance Fund$3,594$8,031$16,737$21,441$21,508
LIHEAP $1,797 $4,015 $8,369 $10,721 $10,754
Weatherization $898 $2,008 $4,184 $5,360 $5,377
Rural Energy Assistance$898$2,008$4,184$5,360$5,377
Climate Change Worker Training Fund$998$2,231$4,649$5,956$5,974
Adaptation Fund$3,594$8,031$16,737$21,441$21,508
Climate Change and National Security Fund$998$2,231$4,649$5,956$5,974
Source: CRS Analysis of S. 3036.

Table 6. Estimated Allowance Values and Auction Revenues
Under Boxer Amendment (million 2005$)
Year 2012 2020 2030 2040 2050
Total Allowances (millions)57754924386027961732
Allowance Price (2005$)$18.54$28.30$46.00$74.60$120.80
Agriculture and Forestry Program$4,550$5,922$7,546$8,396$7,268
New Technology Incubator$268$348$444$466$404
Transition Assistance for Workers$1,071$2,787$5,327$5,597$4,845
Transition Assistance for Carbon-Intensive Manufacturers$11,778$15,328$1,776$0$0
Currently Operating Facilities$11,306$14,715$1,705$0$0
New Entrant Facilities$471$613$71$0$0
Petroleum Refiners (Discretionary)$1,178$1,533$178$0$0
Transition Assistance for Fossil Fuel Electric Generators$19,272$20,902$4,883$0$0
Rural Electric Cooperatives (Maximum)$964$1,045$244$0$0
Pilot Program for MT and VA$145$157$37$0$0
Transition Assistance for Petroleum Fuel Refiners$2,141$1,393$1,776$0$0
Transition Assistance for Natural Gas Processors$803$1,045$1,332$0$0
Federal Program for Consumers$3,747$8,361$21,307$27,986$24,226
Partnerships with State Governments
Electricity LDCs$10,172$13,587$17,756$18,657$16,151
Natural Gas LDCs$3,480$4,529$6,215$6,530$5,653
Assistance to States with Manuf. and Coal$3,212$4,529$6,215$7,463$6,460
Partnerships with States, Tribes, and Localities
Transportation Sector$1,071$2,787$4,883$5,131$4,442
Efficiency and Conservation Block Grant Program$2,141$2,787$3,551$3,731$3,230
States that Have Led in Reducing Emissions$4,283$6,967$14,205$18,657$16,151
Partnerships with States and Tribes to Adapt to Climate$3,212$4,529$6,215$7,463$6,460
Coastal States$1,285$1,812$2,486$2,985$2,584
Freshwater and Agriculture$803$1,132$1,554$1,866$1,615
Al a s ka $642 $906 $1,243 $1,493 $1,292
Indian Tribes$482$679$932$1,119$969
Partnerships with States, Tribles, and Localities - Wildlife$2,141$2,787$7,102$7,463$6,460
Early Action Program$5,353$1,393$0$0$0
Efficient Buildings$803$1,045$1,332$1,399$1,211
Efficient Equipment and Appliances (SEAD Program)$803$1,045$1,332$1,399$1,211
Efficient Manufacturing$803$1,045$1,332$1,399$1,211
Renewable Energy$4,283$5,574$7,102$1,866$1,615
Low- and Zero-Carbon Electricity Technology$1,874$2,439$3,551$1,866$1,615
Advanced Research (ARPA-E)$268$348$444$466$404
Carbon Capture and Sequestration (CCS) Technolgy Fund$1,071$1,393$0$0$0
CCS Bonus Allowances$3,212$4,180$7,102$1,866$1,615
Clean Medium- and Heavy-Duty Hybrid Fleets$535$0$0$0$0
Advanced Vehicle Manufacturers$1,071$1,393$1,776$1,866$1,615
Cellulosic Biofuel$1,071$1,393$1,776$0$0
Federal Program on Firefighting and Wildlife Adaptation$3,212$3,484$7,102$9,329$8,075
International Forestry$1,071$1,393$1,776$1,866$1,615
International Technology Deployment$535$0$0$0$0
International Adaptation$1,071$2,787$7,102$13,060$11,306
Deficit Reduction Fund$6,156$11,148$24,415$31,251$27,053
Climate Security Act Administrative Fund$803$1,045$1,776$1,866$1,615
Source: CRS Analysis of proposed Boxer Amendment