An Act establishing the Pennsylvania Climate Emissions Reduction Program; imposing powers and duties on the Environmental Quality Board, the Pennsylvania Public Utility Commission and the Department of Environmental Protection; and establishing the Consumer Protection Account, the Pennsylvania Energy Transformation Account, the Workforce Enhancement Fund, the Workforce Enhancement Fund Board and the Low-income Support Account.

Senate Bill 503 establishes the Pennsylvania Climate Emissions Reduction Program (PACER), a state-run "cap-and-invest" system to regulate carbon dioxide emissions from the power sector. Under PACER, the Department of Environmental Protection will conduct auctions where electricity generators and other eligible parties must purchase CO2 allowances. The program's revenue is intended to fund specific accounts for consumer protection, energy transformation, workforce enhancement, and low-income support. The Department is also mandated to review the program's emissions budget, considering its impacts on jobs, consumers, and the environment. This program aims to replace Pennsylvania's participation in any other multi-state carbon auction for the electric generation sector.