Stroock Special Bulletin
“President Bush Signs Broad Energy Bill Intended to Reduce Fossil Fuel Dependence and Address Climate Change”
On December 19, 2007, President George W. Bush signed H.R. 6, the Energy Independence Act of 2007 (the “Act”), into law. Among other things, the Act mandates improved vehicle fuel economy standards; increased production of biofuels (including a renewable fuel standard); heightened standards for appliances and lighting; energy savings goals for buildings, industry, and public institutions; research and development funding for solar, geothermal, and hydrokinetic energy; plans for future carbon capture and sequestration programs; international clean energy assistance; penalties for oil market manipulation; and small business energy programs.
The Act marks a significant step by Congress towards reducing emphasis on fossil fuels by acknowledging the impacts of climate change, by raising efficiency standards for a host of industries, and by directing funding towards cleaner and more efficient energy technologies. This Climate Change Practice Group Special Bulletin provides a summary of the most important provisions of the Act.