Sets forth provisions concerning clean energy, energy efficiency, reducing global warming pollution, transitioning to a clean energy economy, and providing for agriculture and forestry related offsets. Includes provisions: (1) creating a combined energy efficiency and renewable electricity standard and requiring retail electricity suppliers to meet 20% of their demand through renewable electricity and electricity savings by 2020; (2) setting a goal of, and requiring a strategic plan for, improving overall U.S. energy productivity by at least 2.5% per year by 2012 and maintaining that improvement rate through 2030; and (3) establishing a cap-and-trade system for greenhouse gas (GHG) emissions and setting goals for reducing such emissions from covered sources by 83% of 2005 levels by 2050.

(Sec. 3) Requires the Administrator of the Environmental Protection Agency (EPA Administrator) to report annually to Congress on whether China and India have adopted GHG emissions standards that are at least as strict as the standards under this Act.

Bill also includes several provisions relevant to water resources protection:

• Cap on green house gas (GHG) emissions
• Funding for GHG reduction & carbo sequestration by farmers
• Adaptation funding for natural resources and public health projects and for unspecified projects in the required state adaptation plans
• Authorizes funding for EPA's WaterSense program, which identifies and promotes water efficient products, buildings, and landscapes
• Requires  federal procurement of water efficient products
• Creates an incentive program for states to adapt to water efficient products