1. Short title This Act may be cited as the Tradeable Performance Standard Act . 2. Table of contents The table of contents for this Act is as follows: Sec. 1. Short title. Sec. 2. Table of contents. Sec. 3. Combating the climate crisis. Title VII—Greenhouse Gas Pollution Reduction Program Part A—Global Warming Pollution Reduction Targets Sec. 701. Definitions. Sec. 702. Reduction targets for covered entities. Part B—Designation of Greenhouse Gases and Thermal Energy Reporting Program Sec. 711. Greenhouse gases. Sec. 712. Carbon dioxide equivalent value of greenhouse gases. Sec. 713. Thermal energy reporting program. Sec. 714. EIA and EPA reporting. Part C—Program Rules Sec. 721. Requirements. Sec. 722. Distribution of emission allowances. Sec. 723. Trading. Sec. 724. Voluntary program participation. Sec. 725. Penalty for noncompliance. Sec. 726. Emission allowance tracking system. Sec. 727. Other program rules. Sec. 728. Oversight. Sec. 729. Regulations. Sec. 730. Savings provisions. 3. Combating the climate crisis The Clean Air Act (42 U.S.C. et seq.) is amended by adding after title VI the following new title: VII Greenhouse Gas Pollution Reduction Program A Global Warming Pollution Reduction Targets 701. Definitions In this title: (1) Average carbon intensity for qualified electric facilities The term average carbon intensity for qualified electric facilities means the number that equals the total amount of greenhouse gas emissions in metric tons of carbon dioxide equivalent emitted from qualified electric facilities in a calendar year as reported under section 714 divided by the total quantity of megawatt hours of electricity produced by qualified electric facilities in such calendar year as reported under section 714. (2) Average carbon intensity for qualified thermal facilities The term average carbon intensity for qualified thermal facilities means the number that equals the total amount of greenhouse gas emissions in metric tons of carbon dioxide equivalent emitted from qualified thermal facilities in a