This landmark bill will revitalize our economy by creating millions of new jobs, increase our national security by reducing our dependence on foreign oil, and preserve our planet by reducing the pollution that causes global warming.

“Today we have taken decisive and historic action to promote America’s energy security and to create millions of clean energy jobs that will drive our economic recovery and long-term growth,” said Chairman Waxman.  “After more than three decades of being held hostage to the influence of foreign energy suppliers, this legislation at long last begins to break our addiction to imported foreign oil and put us on a path to true energy security.”

“Today the House has passed the most important energy and environment bill in our nation’s history,” said Chairman Markey.  “Scientists say that global warming is a dangerous man-made problem. Today we are saying clean energy will be the American-made solution. This legislation will create jobs by the millions, save money by the billions and unleash investment in clean energy by the trillions.” 

The bill contains the following key provisions:

·                    Requires electric utilities to meet 20% of their electricity demand through renewable energy sources and energy efficiency by 2020.

·                    Invests $190 billion in new clean energy technologies and energy efficiency, including energy efficiency and renewable energy ($90 billion in new investments by 2025), carbon capture and sequestration ($60 billion), electric and other advanced technology vehicles ($20 billion), and basic scientific research and development ($20 billion).

·                    Mandates new energy-saving standards for buildings, appliances, and industry.

·                    Reduces carbon emissions from major U.S. sources by 17% by 2020 and over 80% by 2050 compared to 2005 levels.  Complementary measures in the legislation, such as investments in preventing tropical deforestation, will achieve significant additional reductions in carbon emissions.

·                    Protects consumers from energy price increases.  According to recent analyses from the Congressional Budget Office and the Environmental Protection Agency, the legislation will cost each household less than 50 cents per day in 2020 (not including energy efficiency savings).