Climate Stewardship Act of 2007

[AI summary unavailable — showing source text] Climate Stewardship Act of 2007 - Requires the Administrator of the Environmental Protection Agency (EPA) to establish a National Greenhouse Gas Database consisting of: (1) an inventory of greenhouse gas (GHG) emissions by covered entities (specified entities that own or control a source of GHG emissions in the electric power, industrial, and commercial sectors of the U.S. economy that emit more than 10,000 metric tons of GHGs per year); and (2) a registry of GHG emission reductions and increased sequestration, applicable to both covered and noncovered entities. Establishes a program for the market-driven reduction of GHGs by covered entities through the use of tradeable emissions allowances. Requires the Administrator to establish a declining cap on tradeable allowances to reduce GHG emissions over time. Requires covered entities, beginning in 2012, to submit to the Administrator one tradeable allowance for every metric ton of GHGs emitted. Allows tradeable allowances to be sold, exchanged, purchased, retired, borrowed, offset, or otherwise used as authorized by this Act. Imposes civil penalties on covered entities that fail to submit allowances. Establishes the Climate Change Cre…