Safe Climate Act of 2007

[AI summary unavailable — showing source text] Safe Climate Act of 2007 - Amends the Clean Air Act to direct the Environmental Protection Agency (EPA) to promulgate: (1) targets for a 2% reduction in greenhouse gas emissions each year from 2010-2050; and (2) regulations requiring reductions to meet such targets, including by setting caps on emissions of sources and sectors with the largest emissions or the best opportunities to reduce them, by issuing and authorizing trading of emission allowances, and by imposing penalties for excess emissions. Requires relevant federal agencies to finalize a rule to carry out the National Academies' recommendations for regulatory action needed to reduce atmospheric greenhouse gas concentrations or explain their reasons for declining to act. Requires the President to submit to Congress a plan for the distribution of emission allowances (including through auctions) and the use of proceeds (to be deposited in a Climate Reinvestment Fund) for specified goals, including mitigating the effects of energy cost increases and climate change. Requires the EPA to ensure that emissions and allowances are accurately tracked, reported, and verified. Authorizes the emission reduction regulations to include: …