The Climate Pollution Standard and Community Investment Act of 2024 is a wide-ranging piece of legislation that includes provisions for reducing climate pollution, offering clean energy rebates, and supporting workers and communities affected by economic transitions. It covers various initiatives such as emission allowance oversight, and funds dedicated to cleaner air, negative emissions, and energy innovation, as well as providing resources for communities and workers impacted by these changes.

The section of the bill establishes a comprehensive program for reducing climate pollution through a series of actions including setting up a system for emission allowances, providing regulations for auctions of these allowances, and allocating them to various entities to support consumer benefits, low-income programs, and industry needs. It also outlines the creation of environmental funds, the establishment of emissions targets for industry sectors, and introduces an international reserve allowance program to manage imports of goods with greenhouse emissions, aiming to ensure the U.S. meets its climate goals while minimizing the risk of carbon leakage.

This section defines various terms related to controlling greenhouse gas emissions. It includes definitions for terms like "covered entity," "carbon dioxide equivalent," and "emission allowance," which describe entities or measures related to regulating and trading emissions, as well as methods for reducing the impact of these gases on the environment.

The section sets a national target for the United States to achieve net-zero greenhouse gas emissions by 2050, maintain that level each year afterward, and aim for net-negative emissions if needed.

The section requires that all workers on projects supported by this title be paid wages that are at least as high as those for similar work in the area. The Secretary of Labor has authority over this and will follow specific labor laws to ensure fair pay.

The Administrator is required to create and finalize the rules needed to implement this title within 24 months of the title's enactment, unless stated otherwise in the title.

The section outlines rules for reducing greenhouse gas emissions from certain entities starting in 2026, with specific targets for lowering these emissions by significant percentages by 2030, 2040, and 2050 compared to past levels. It also mandates annual reductions beginning in 2027 while prohibiting adjustments to targets based on new entities or gases after targets are set.

The section defines greenhouse gases to include carbon dioxide, methane, nitrous oxide, sulfur hexafluoride, hydrofluorocarbons, perfluorocarbons, nitrogen trifluoride, and any other gas identified by the Administrator. It grants the Administrator the authority to assess and designate additional gases as greenhouse gases based on their impact compared to carbon dioxide and to regulate their use if they replace certain substances.

The section sets rules for measuring greenhouse gases by converting their amounts to a common scale called "carbon dioxide equivalent." It also establishes that these measurements will be updated every five years, starting in 2030, based on the latest global climate reports, unless adjustments are needed to align with international agreements.

The section outlines the establishment of a Federal greenhouse gas registry for entities classified as "reporting entities." These entities must submit their greenhouse gas data yearly to the Administrator according to specific regulations that ensure data quality, although some entities may be exempt if reliable data is available from other sources.

The section outlines that starting in 2026, the Administrator must set a number of emission allowances each year to meet specific environmental targets. Each allowance will have a unique ID, and the Administrator has certain deadlines to establish allowances for different periods, taking into account various economic factors and goals. If the Administrator doesn't set the quantity in time, default values based on previous years will apply.

Covered entities are prohibited from emitting more greenhouse gases than their allotted emission allowances starting on January 1, 2026. The Administrator will set and can adjust deadlines for these entities to surrender allowances proving compliance, and will also provide education to help them meet these regulations and publish data about the total allowances in circulation.

A covered entity that does not comply with greenhouse gas emission rules for a year must pay a penalty calculated by multiplying the extra emissions by three times the auction price for emission allowances. The penalty is due immediately, and each ton of extra emissions counts as a separate violation. Additionally, the entity must balance out its excess emissions the following year or within a period set by the Administrator.

The section requires the creation of a system to handle emission allowances, including their issuance, recording, holding, and tracking. This system must also ensure that the information is made available online for the public.

The section describes the rules for handling emission allowances. It allows holders to sell, exchange, transfer, or retire these allowances without restrictions, but sets a limit on how many past allowances a company can keep after the first compliance period.

For each year the Administrator sets emission allowances, quarterly auctions will be held starting in 2026, offering current and future emission allowances under specific regulations. Auctions follow a sealed-bid, uniform price format and are open to all, but with financial and purchase limits to ensure fairness. Detailed auction information will be published before each year's first auction, including minimum prices and price triggers for reserves aimed at managing allowance availability and cost.

Entities holding emission allowances can ask for their allowances to be auctioned by the Administrator, either voluntarily or mandatorily, before they are sold or used for compliance. The Administrator has to provide transparency about these auctions and ensure the proceeds are quickly returned to the entities, with unsold allowances being given back to the holders. The government may not keep any proceeds as public funds.

The section outlines how emission allowances will be distributed starting in 2026. The allowances are divided among states, Indian tribes, energy-intensive industries, low-income consumers, local governments, nuclear waste jurisdictions, worker and community assistance, frontline communities, negative emissions activities, and an energy innovation fund, with specific percentages allocated for each purpose.

The section outlines the rules for determining which industrial sectors are eligible to receive emission allowances based on their energy, greenhouse gas, and trade intensities. It specifies how the allowances are calculated and distributed, including criteria for eligibility, data usage, and special cases such as new entities and sectors like iron and steel. Additionally, it sets limits on total allowances distributed each year and conditions under which an entity must return allowances if they are no longer eligible.

The proposed bill section outlines how the Administrator will distribute money from selling emissions allowances to states and Indian Tribes. It explains that this money is to be used for projects that reduce air pollution, support clean energy, or help communities adapt to climate change, while also emphasizing that a substantial amount should aid disadvantaged or rural areas.

The Administrator is required to conduct a review of the emission allowance program and gather public feedback, then report to Congress with the findings and suggestions to help meet the environmental goals stated in section 711.

The Administrator will create an advisory board to offer independent advice to the Environmental Protection Agency on running this title. The board will include members from various groups such as community organizations, governments, labor and agricultural organizations, private sector businesses, and experts in fields like environmental science and law, and it will follow the rules of the Federal Advisory Committee Act.

In this section, the terms "Cleaner Air Community," "Cleaner Air Community Fund," and "community" are defined. A "Cleaner Air Community" is one officially recognized under a specific law, the "Cleaner Air Community Fund" is a financial resource created by a 2024 climate act, and a "community" refers to smaller local government units like counties and villages.

The section outlines how funds from the Cleaner Air Community Fund will be used by the Administrator starting in 2027 to assist cleaner air communities through environmental justice grants, enhanced air pollution monitoring, creating and implementing emissions reduction plans, and supporting health services for communities affected by air pollution. Priority will be given to communities with designated cleaner air status, and grants will target improved air quality monitoring, planning, and health-related services.

The section outlines a process where certain communities can be designated as "Cleaner Air Communities" if they experience an increase in air pollution. Individuals can petition for this designation, which lasts for five years, and after four years, the decision can be reviewed for a possible extension based on continued pollution levels.

In 2027 and every year after, the Administrator must give Congress a report that explains the grants and help given, shows how much money is left in the Cleaner Air Community Fund, examines the air quality needs of disadvantaged areas, and reviews the air quality and health efforts in Cleaner Air Communities.

The Administrator is required to create any regulations needed to put this part into action within three years from the date it becomes law.

The section provides definitions for terms used in a program related to agriculture and environmental practices, including the criteria for a "begining producer," types of equipment and technology considered "eligible carbon removal technology," and what constitutes "eligible land" and "eligible practice," among others. These definitions help clarify who can participate and what activities are supported under the program.

The section outlines the goals of a program aimed at reducing greenhouse gas emissions and boosting environmental benefits. It focuses on using methods to measure and verify emission reductions, helping producers adopt practices to lessen emissions without needing new regulations, minimizing negative impacts on health and the environment, supporting adaptation to climate changes, and ensuring new and disadvantaged producers can join the program.

The Administrator will create a program, in consultation with the Secretary, to make agreements with producers to implement practices funded by the Negative Emissions Activities Fund, focusing on agricultural and forest management on specific lands. Within two years of the law's enactment, regulations to support this program will be established.

The section outlines how the Administrator, with consultation from the Secretary, will create and update a list of activities that are considered eligible practices to reduce or prevent greenhouse gas emissions or increase their sequestration. The initial list will prioritize activities with established methods for measuring emissions reduction, such as land management and carbon removal, and will have standardized methods for tracking progress and verifying results.

The section outlines the process and criteria for the Administrator to approve contracts with producers for practices that reduce or remove greenhouse gases. It includes prioritization based on effectiveness, cost, and other factors, and allows for diverse geographic representation, carbon removal technology, and reverse auction methods to select cost-effective projects.

The section outlines the requirements and conditions for contracts regarding greenhouse gas emission reduction programs. It specifies that producers must develop and implement a plan approved by an Administrator, who will also determine contract terms, payments, and possible modifications, while ensuring compliance and effective greenhouse gas management.

The section outlines the duties of the Administrator, who provides technical assistance to producers for program plans, prioritizes support for new and socially disadvantaged producers, and sets up a system for verifying reductions in greenhouse gas emissions. The Administrator also conducts random audits and coordinates with other federal agencies to streamline processes and boost participation in climate-friendly practices.

The section requires the Administrator to submit a report to Congress by January 1, 2029, and every two years after, detailing payments and results related to certain environmental practices. Additionally, it mandates the creation of a public database offering analysis and recommendations on these practices, while protecting individual privacy by providing data in aggregate form.

The section mandates that every five years, the Administrator must review and possibly update several things related to agricultural and forest management on eligible land, such as eligible practices, evaluation criteria, and efforts to boost participation from new and socially disadvantaged producers. The updates should also aim at improving the program's effectiveness by using new data on emissions to ensure accurate estimates.

In this section, a "covered article" is defined as any item brought into the United States that includes more than 100 pounds of certain specified goods. A "covered imported good" refers to either a covered primary good or a covered article. The term "covered primary good" describes any item imported into the U.S. that is produced by specific industrial sectors listed in another part of the bill.

The bill section establishes a program where the U.S. government will sell, trade, and manage international reserve allowances related to imported goods, aiming to ensure fair pricing and reduce carbon emissions globally. It requires importers to verify greenhouse gas emissions and allocates proceeds to clean energy initiatives, with the program taking effect in 2027.

The Clean Energy Rebate Program is designed to give financial rebates to low-income households that meet specific criteria, such as participating in nutrition assistance programs or having a low income relative to the poverty line. The Secretary of the Treasury, working with various departments and states, will oversee the program, ensuring funds are delivered efficiently and equitably to those eligible, without the rebates being taxed as income.

The Worker and Community Assistance Fund is established in the U.S. Treasury to support workers and communities, funded by amounts from the Clean Air Act and additional appropriations. The Secretary of Labor and the Director of the Office of Energy and Economic Transition can use this fund without needing further appropriation, with up to 5% allocated for administrative expenses each fiscal year.

The Cleaner Air Community Fund is a special fund created within the U.S. Treasury that collects money as directed by specific sections of the Clean Air Act, and can also receive additional money if needed. The Environmental Protection Agency can spend this money without needing further approval and use up to 5% of the available funds each year to cover administrative costs related to certain clean air activities.

The Negative Emissions Activities Fund is created in the U.S. Treasury, consisting of money from specific sections of the Clean Air Act and other appropriated funds. The Environmental Protection Agency can use this fund without needing further approval, but only up to 5% can be used for administrative costs each year.

The Energy Innovation Fund is established in the U.S. Treasury to fund clean energy research and development, with money coming from certain sections of the Clean Air Act and possible additional appropriations. Starting in 2026, the fund can be used by the Secretary of Energy for competitive grants to various organizations to innovate and demonstrate clean energy technologies, while ensuring not to replace existing federal resources. Each year, the Secretary of Energy must report to Congress on how the funds are used.

In this section of the bill, it describes the creation of an interagency working group by the President to oversee emission allowance transactions, including agencies like the EPA and the Commodity Futures Trading Commission. The group will make recommendations to prevent fraud and market manipulation, ensure price stability, and keep the market transparent, with regular reports to Congress and the President on any needed regulations or legal adjustments.

The Environmental Protection Agency (EPA) Administrator can directly hire highly qualified people for certain positions without following some usual hiring rules, if there aren't enough candidates or if there's an urgent need.

The section defines several key terms related to the U.S. transition to net-zero greenhouse gas emissions, including "adversely affected community," which refers to local governments or tribes facing economic disruption due to this transition, and "adversely affected worker," which denotes individuals losing jobs or working fewer hours because of it. It also describes what constitutes an "impacted employer," detailing industries like fossil fuel extraction and vehicle manufacturing that may be significantly disrupted by the transition.

The Secretary of Energy will work with the National Academy of Sciences to study the effects of the U.S. moving towards net-zero greenhouse gas emissions on workers and communities reliant on fossil fuel industries. The studies will explore topics like job impacts, community economic shifts, and propose strategies to support affected workers and communities, including retraining programs and financial assistance.

The section establishes the Office of Energy and Economic Transition within the Executive Office of the President to oversee and advise on the U.S. transition to net-zero greenhouse gas emissions. This Office, led by a Director appointed by the President, is responsible for managing relevant programs, coordinating with various agencies and stakeholders, providing assistance to affected communities and workers, and submitting a biennial report to Congress on progress and challenges.

The Interagency Energy and Economic Transition Task Force is established to coordinate efforts helping workers and communities affected by economic changes, focusing on economic development and diversification. It includes various government leaders and aims to improve program efficiency, incorporate public feedback, and support the transition to net-zero greenhouse gas emissions.

The Stakeholder Advisory Committee is set up by the Director to work with various groups affected by the U.S. transition to net-zero greenhouse gas emissions, such as workers, communities, and experts in economic and workforce development. The committee is responsible for advising on improving communication with affected communities, learning from other transitions, and holding public meetings to gather feedback and make recommendations every two years, among other duties.

The section explains a program where the Director offers financial help to local government bodies affected by businesses shutting down. Eligible entities can receive payments to replace lost revenue for up to eight years, with the amount decreasing over time, and they must report how the money is used for community needs like infrastructure, education, and public safety.

The bill section creates a program where the Director awards grants to selected organizations called Community-Based Transition Hubs. These hubs help communities affected by the shift to clean energy by offering support like job training, financial guidance, and assistance to displaced workers, with grant amounts capped at $12 million over a maximum of six years.

In this section, the U.S. Secretary of Labor is required to provide assistance to workers negatively impacted by environmental law changes, such as those affecting fossil fuel industries. This assistance includes wage adjustment, health insurance support, and educational benefits, and involves collaboration with state governments to verify eligibility and ensure that necessary employment services and training are available.