CO2 Offsets Policy Efficiency Act of 1991

[AI summary unavailable — showing source text] C02 Offsets Policy Efficiency Act of 1991 - Amends the Clean Air Act to prohibit new major sources of carbon dioxide from operating without a permit issued under this Act. Provides that such permits shall require source owners or operators to: (1) demonstrate possession of certified carbon dioxide credits equal to the carbon dioxide emissions expected to occur between the commencement of operations and December 31 of the year in which operations begin; and (2) make annual deposits of sufficient carbon dioxide credits into the National Carbon Dioxide Offset Bank to compensate for annual carbon dioxide emissions. Exempts from credit requirements new major sources that use as a fuel trees that are replaced through replanting and that have not been grown as carbon dioxide offsets. Makes owners or operators of sources emitting excess carbon dioxide liable for an excess emissions penalty. Requires such sources to offset the excess emissions by an equal tonnage amount in the following calendar year. Provides for annual adjustments of the penalty, based on the Consumer Price Index. Makes it unlawful to fail to pay the penalty or to offset emissions. Requires the Administrator of the Enviro…