ACES Act Heralds Climate Concerns
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by Daniel Stouffer
Pres. Barack Obama moved closer to the achievement of a significant victory with the passage of the American Clean Energy and Security Act, also known as the ACES Act, through the House of Representatives. The bill requires that utilities use more renewable energy and introduces a sliding scale of increased requirements through the year 2050. Whilst some states already require that utilities pay close attention to energy production in this way, the new Act takes this concept nationwide.
Supporters of the ACES Act maintain that its passage is a significant step towards stalling climate change and reducing carbon pollution. By the year 2020, alternative sources such as biofuel, solar, geothermal, waste reproduction and wind must account for 20% of all electricity production.
A nationwide standard is now proposed for a reduction in emission of harmful greenhouse gases. The ACES Act includes a declining cap on emissions and companies will be given a strict allowance which will be reduced over time. A cap and trade system will be introduced to take into account that individual companies have a variety of different requirements and these companies will be additionally incentivized as they can profit from the sale of their excess allowances and reduce emissions at the same time.
Those major enterprises that rely on fuels emitting greenhouse gases are being pushed to reduce such reliance. The reduction proposed by the year 2020 will have the same effect as taking up to 500 million cars off the road in the United States.
Additional, valuable jobs are anticipated within the manufacturing sector in addition to valuable investment in clean energy technology. The ACES Act, which is also known as Waxman/Markey – who are the two sponsors of the bill – proposes a certain amount of the given allowance be allocated to consumers. Tax credits, other payments and benefits will be passed directly to end-users through utility companies.
Companies likely to be impacted by the ACES Act are not waiting for full passage and are readily seeking the help of energy management initiatives and software programs that will help them to track, analyze and ultimately reduce their greenhouse gas emissions. In addition, such companies are looking for ways to utilize the cap and trade allowances to best effect and with their bottom line in mind.
The growing movement towards a lowering of carbon pollution and a reduction in greenhouse gases is bolstered by the passage of the American Clean Energy and Security Act of 2009, appropriately dubbed the ACES Act.
The ACES Act won a narrow vote in the US House on Representatives. Overcoming this first hurdle, the movement now heads to the Senate for possible modifications before returning to the House and forward to receive Pres. Obama’s signature.
