American Clean Energy and Security Act
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| Long title | A bill to create clean energy jobs, achieve energy independence, reduce global warming pollution and transition to a clean energy economy. |
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| Acronyms (colloquial) | ACES, Waxman-Markey Bill |
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The American Clean Energy and Security Act of 2009 (ACES) was an energy bill in the 111th United States Congress (H
The House passage of the bill was the "first time either house of Congress had approved a bill meant to curb the heat-trapping gases scientists have linked to climate change."
The bill was also known as the Waxman-Markey Bill, after its authors, Representatives Henry A. Waxman of California and Edward J. Markey of Massachusetts, both Democrats. Waxman was at the time the chairman of the Energy and Commerce Committee, and Markey was the chairman of that committee's Energy and Power Subcommittee.
The bill proposed a cap and trade system, under which the government would set a limit (cap) on the total amount of greenhouse gases that can be emitted nationally. Companies then buy or sell permits to emit these gases, primarily carbon dioxide CO2. The cap is reduced over time to reduce total carbon emissions. The legislation would set a cap on total emissions over the 2012–2050 period and would require regulated entities to hold rights, or allowances, to emit greenhouse gases. After allowances were initially distributed, entities would be free to buy and sell them (the trade part of the program). Those entities that emit more gases face a higher cost, which provides an economic incentive to reduce emissions. Key elements of the bill include:
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