The US Environmental Protection Agency (EPA) yesterday confirmed plans to bring greater transparency to the fast-emerging carbon market, earmarking $17m (£11.3m) for investment in the development of a greenhouse gas (GHG) registry as part of the agency's new budget.
The funding might make up only a fraction of the agency's $10.5bn annual budget, but the planned rollout of GHG "data management systems, guidance and materials for the regulated community", as well as technologies for measuring emissions at source, are likely to provide a key component of the planned US carbon cap-and-trade scheme.
The development of a central registry for GHG gases will also bolster the credibility of the fast-expanding US carbon offset market and make it easier for regulators to ensure the new carbon regulations promised by the Obama administration are enforced.
The new GHG registry is just one of numerous new proposals included in the EPA's budget for fiscal year 2010 designed to help cut carbon emissions, improve water infrastructure and reduce pollution levels.
Under the new budget, businesses can expect to face new green taxes from 2011 as a result of the EPA's plans to reinstate the superfund tax, a "polluter pays " policy that expired in 2005 and required firms to pay to fund the clean-up of hazardous waste sites. The new budget projects that the reinstated tax will raise $1bn for investment in clean-up projects during its first year, rising to $2bn a year by 2019.
The new budget also earmarks $3.9bn investment in an estimated 1,000 clean water infrastructure projects, as well as a $475m to fund environmental clean-up and protection initiatives for the Great Lakes.
Tighter rules for toxic chemicals are on the cards after $55m was designated for investment in an enhanced programme for screening and assessing chemical risks, while the agency also announced it is to recruit 30 more staff to its enforcement division as it seeks to accelerate its crackdown on firms that breach environmental regulations.
Lisa P Jackson, head of EPA, said that the focus on the new budget further underlined the President's commitment to building a clean energy economy. " These investments demonstrate that it is possible to work towards both a green economy and a green environment by positioning EPA to lead the way in green jobs, in innovation and technology, and in action on global climate change," she said.
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