Clean Air/Climate Change Act of 2007

Clean Air/Climate Change Act of 2007 - Amends the Clean Air Act to provide for: (1) a standard of performance for new electric generating facilities with respect to carbon dioxide emissions; (2) performance standards under the new source review program for sulfur dioxide and nitrogen oxides for major emitting facilities on which construction is commenced; and (3) annual tonnage limitations for emissions of sulfur dioxide for affected units regulated under the Clean Air Act's Acid Deposition Control Program, emissions of nitrogen oxide for certain fossil fuel-fired electric generating units, and emissions of carbon dioxide from certain electric generating units.

Exempts annual emissions of nitrogen oxide and sulfur dioxide emitted during 2015 and thereafter from the Clean Air Interstate Rule.

Requires the Administrator of the Environmental Protection Agency (EPA) to: (1) establish a nitrogen oxide allowance trading program; and (2) allocate nitrogen oxide allowances to fossil fuel-fired electric generating units based on average heat input formulas.

Subjects coal-fired electric generating units to inlet mercury emission limitations.

Requires the Administrator to: (1) establish a carbon dioxide allowance trading program; and (2) allocate carbon dioxide allowances to certain electric generating units based on the average heat input formulas.

Treats the correspondence of the Office of Air Quality Planning and Standards addressing best available control technology requirements for proposed coal-fired power plant projects and dated December 13, 2005, as void and of no effect.

Requires the Administrator to: (1) establish the Climate Champions Program to reward the first 30 entities to complete construction of a new coal-fired electric generating unit that meets applicable new source performance standards; and (2) auction 25% of the quantity of carbon dioxide allowances available for 2011 and each year thereafter.

Requires the Administrator to: (1) revise the acid deposition control program to implement tonnage limitations for emissions of sulfur dioxide; and (2) allocate a percentage of the allowances in accordance with a heat input formula.

Requires the Secretary of Commerce, acting through the National Oceanic and Atmospheric Administration (NOAA), to issue air quality forecasts and air quality warnings.

Requires the Administrator to limit the emission of hazardous air pollutants, other than mercury from electric utility steam generating units.

Amends the Safe Drinking Water Act to direct the Administrator to establish standards for underground injection of carbon dioxide.

Provides for offset allowances for: (1) the retirement of carbon dioxide; (2) the capture and destruction of methane; (3) the capture, storage, recycling, or destruction of sulfur hexafluoride from equipment in the electricity transmission and distribution sector; (4) the sequestration of carbon through the conversion of nonforested land to a forested condition; (5) the reduction of carbon dioxide emissions by reducing on-site combustion of natural gas, oil, or propane for end-use in a building by improving the energy efficiency of fuel usage or the energy-efficient delivery of energy services; (6) the capture and destruction of methane from animal manure and organic food waste using an anaerobic digester; and (7) a project that co-fires eligible biomass to reduce emissions of carbon dioxide.