Climate Stewardship Act of 2004

Climate Stewardship Act of 2004 - Expands Federal climate change research initiatives by: (1) establishing a graduate fellowship program; (2) creating a grant program for research in identified priority areas; and (3) instituting research programs on potential abrupt climate change and greenhouse gas (GHG) related standards, measurement technologies, and processes.

Amends the Coastal Zone Management Act of 1972 to require the Secretary of Commerce to: (1) report to Congress on the oceanic and coastal impacts of climate change; and (2) assist certain coastal States in preparing persons to adapt to climate change.

Requires the Administrator of the Environmental Protection Agency (Administrator) to establish a National Greenhouse Gas Database consisting of: (1) an inventory of GHG emissions by covered entities (specified entities that emit more than 10,000 metric tons of GHGs per year); and (2) a registry of GHG emission reductions and increased sequestration, applicable to both covered and noncovered entities.

Establishes a program for the market-driven reduction of GHGs by covered entities through the use of tradeable emissions allowances. Requires covered entities, beginning in 2010, to submit to the Administrator one tradeable allowance for every metric ton of GHGs emitted. Allows tradeable allowances to be sold, exchanged, purchased, retired, or otherwise used as authorized by this Act.

Establishes the Climate Change Credit Corporation (CCCC) to receive, manage, buy, and sell tradeable allowances.

Directs the Administrator to make allocations of allowances to covered sectors and entities, and to the CCCC, providing initial allocations for early action and accelerated participation.

Imposes civil penalties on covered entities that fail to submit allowances.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov