Climate MATTERS Act of 2008

[AI summary unavailable — showing source text] Climate Market, Auction, Trust & Trade Emissions Reduction System Act of 2008, or the Climate MATTERS Act of 2008 - Declares the purpose of this Act to establish a federal program to reduce US greenhouse gas (GHG) emissions substantially enough by 2050 to avert the catastrophic impacts of global climate change. Directs the Secretary of the Treasury to establish an international reserve GHG emission allowance program, whose allowance sales proceeds shall be used to mitigate the negative impacts of global climate change on disadvantaged communities in World Trade Organization (WTO) participant countries. Establishes the International Climate Change Commission to determine annually whether a WTO participant country has taken certain action to limit its GHG emissions. Amends the Internal Revenue Code to: (1) establish a system for issuing, auctioning, recording, and tracking GHG emission allowances; and (2) impose an excess emissions penalty on owners or operators of covered facilities that fail to submit one or more emission allowances to the Secretary for any year. Establishes a Carbon Market Efficiency Board to: (1) analyze information on the GHG emission allowance market; and (…