Requires the department to, by January 1, 2009, adopt a rule that identifies an estimate as to what the statewide greenhouse gas emissions level was in the year 1990.

Provides that, by January 1, 2020, the annual statewide greenhouse gas emissions level shall be no more than the 1990 estimated level identified by the department under this act.

Requires that, by January 1, 2009, the department shall adopt rules that require the reporting and verification of statewide greenhouse gas emissions.

Provides that the rules adopted under this act must: (1) Require the monitoring and annual reporting of greenhouse gas emissions from greenhouse gas emission sources, beginning with the sources or categories of sources that contribute the most to statewide greenhouse gas emissions;

(2) Account for greenhouse gas emissions from all electricity consumed in the state, as reported by the retail sellers of electricity;

(3) Ensure consistent accounting of emissions, and provide reporting tools and formats to ensure collection of necessary data; and

(4) Ensure that greenhouse gas emission sources maintain comprehensive records of all reported greenhouse gas emissions.