CO2 Offsets Policy Enabling Act of 1990

CO2 Offsets Policy Enabling Act of 1990 - Amends the Clean Air Act to prohibit new major sources of carbon dioxide from operating without a permit issued under this Act. Requires new stationary sources to: (1) obtain certified carbon dioxide credits; (2) demonstrate possession of certified credits equal to one year's expected carbon dioxide emissions to the permitting authority before commencing operation; and (3) deposit annually with the permitting authority sufficient credits to compensate for the year's carbon dioxide emissions. Provides that the receipt by the permitting authority of carbon dioxide offset credits shall be a condition of any permit. Directs new sources that use biomass as a fuel to obtain credits sufficient to offset only the fossil fuel used in production of the biomass. Requires new sources that use trees as fuel to obtain credits for all carbon dioxide emissions.

Directs new major sources emitting excess carbon dioxide to obtain credits as soon as practicable and to pay a penalty of $250 per ton of excess carbon dioxide. Adjusts such penalty annually according to percentage changes in the Consumer Price Index.

Authorizes a permitting authority to certify carbon dioxide reductions as offset credits if the person providing the reduction or purchasing the credit is in compliance with regulations under this Act.

Directs the Administrator of the Environmental Protection Agency to establish regulations concerning the certification of stationary source carbon dioxide reductions. Requires the Administrator to promulgate rules establishing carbon dioxide fixation rates. Directs the Administrator to promulgate rules concerning the certification of: (1) carbon dioxide credits from fleet vehicle fuel efficiency improvements beyond the applicable Corporate Average Fuel Efficiency requirement; (2) carbon dioxide credits from appliance efficiency improvements beyond the minimum required under the National Appliance Energy Conservation Amendments; (3) carbon dioxide credits for energy conservation investments; (4) carbon dioxide equivalent credits from the capture and use of coal bed methane; (5) carbon dioxide credits created by construction of cogeneration facilities; and (6) carbon dioxide equivalent credit for the capture and destruction of chlorofluorocarbons. Requires the Administrator to establish regulations identifying the carbon dioxide credits to be granted by fuel switches to less carbon intensive fuels for mobile sources.

Authorizes the Administrator to provide for expedited certification of carbon dioxide credits.

Requires the Administrator to establish a baseline for sources subject to certification, to be set according to actual performances of such sources during 1990.

Authorizes reductions in air pollutants that contribute to global warming to be certified as carbon dioxide offset credits if such reductions meet regulation criteria, except that the amounts of such credits may be reduced or increased based on radiative differences and atmospheric lifetime to reflect the global warming potential of such air pollutants.

Requires the Administrator to establish the minimum elements of a permit program to be administered by any air pollution control agency. Requires State Governors to submit permit programs to the Administrator for approval. Directs the Administrator to enforce programs for States failing to make such submission. Requires permits to set forth inspection, entry, monitoring, compliance certification, and reporting requirements.

Directs the Administrator to create a National Carbon Dioxide Offset Bank to ensure adequate supplies of carbon dioxide offsets and to create procedures for the tracking and retirement of used credits.