; or (B) consume a quantity of a regulated substance without a corresponding quantity of consumption allowances. (2) Compliance For each year listed on the table contained in paragraph (3), the Administrator shall ensure that the annual quantity of all regulated substances produced or consumed in the United States does not exceed the product obtained by multiplying— (A) the production baseline or consumption baseline, as applicable; and (B) the applicable percentage listed on the table contained in paragraph (3). (3) Relation to baseline On January 1 of each year listed in the following table, the Administrator shall apply the applicable percentage, as described in paragraph (1): Date Percentage of Production Baseline Percentage of Consumption Baseline 2020–2023 90 percent 90 percent 2024–2028 60 percent 60 percent 2029–2033 30 percent 30 percent 2034–2035 20 percent 20 percent 2036 and thereafter 15 percent 15 percent. (4) Allowances (A) Quantity Not later than October 1 of each calendar year, the Administrator shall use the quantity calculated under paragraph (2) to determine the quantity of allowances for the production and consumption of regulated substances that may be used for the following calendar year. (B) Nature of allowances (i) In general An allowance allocated under this Act— (I) does not constitute a property right; and (II) is a limited authorization for the production or consumption of a regulated substance under this Act. (ii) Savings provision Nothing in this Act or in any other provision of law limits the authority of the United States to terminate or limit an authorization described in clause (i)(II). (c) Regulations regarding production and consumption of regulated substances Not later than 270 days after the date of enactment of this Act, the Administrator shall issue a final rule— (1) phasing down the production of regulated substances in the United States through an allowance allocation and trading program in accordance with this Act