Investing in Climate Action and Protection Act

Investing in Climate Action and Protection Act - Amends the Clean Air Act to require the Administrator of the Environmental Protection Agency (EPA) to establish: (1) a federal greenhouse gas (GHG) registry, for which affected entities must report information regarding fossil fuels and the GHGs produced, consumed, or sequestered; (2) specified quantities of GHG emission allowances, which decline for each of 2012 to 2050; and (3) a GHG emission allowance transfer system for specified covered facilities that emit more than 10,000 carbon dioxide equivalents of GHGs in a year, including facilities within the electric power sector, industrial facilities, facilities that produce or entities that import petroleum- or coal- based liquid or gaseous fuel, local distribution companies that deliver natural gas, and facilities that produce for sale or distribution, or entities that import, certain fluorinated gases that are GHGs.

Provides for the use of domestic or international offsets and destruction credits.

Requires the Administrator to: (1) allocate allowances to owners or operators of manufacturing facilities that are located in the United States and that principally manufacture trade-exposed primary goods for 2012-2019; and (2) auction all other allowances.

Establishes, and provides for the deposit of auction proceeds to and allocations from, the: (1) Investing in Climate Action and Protection Act Management Fund; (2) Climate Change Education and Outreach Fund; (3) Climate Trust Rebate Fund; (4) Low-Carbon Technology Fund; (5) National Energy Efficiency Fund; (6) Agriculture and Forestry Carbon Fund; (7) Climate Change Worker Transition Fund; (8) National Climate Change Adaptation Fund; (9) Natural Resource Conservation Fund; (10) International Forest Protection Fund; (11) International Clean Technology Fund; and (12) International Climate Change Adaptation Fund.

Requires the Administrator to establish: (1) an international reserve allowance program; (2) standards for the best available control technologies and practices for reducing methane or nitrous oxide emissions from specified stationary sources; (3) standards of emission performance for certain new electric generating units; (4) requirements regarding the distribution, use, and disposal of hydrofluorocarbon substitutes; and (5) requirements to reduce GHG emissions of transportation fuel produced, refined, blended, or imported by fuel providers.

Amends the Internal Revenue Code to establish climate trust tax credits for working families and senior citizens, climate trust rebates for low-income households, and health coverage tax credits for certain workers.

Requires the establishment of: (1) the Worker Transition Assistance Program by the Secretary of Labor; (2) an interagency group to determine whether foreign counties have addressed GHGs, a National Climate Change Adaptation Council, and an Interagency Climate Change Task Force by the President; (3) a National Climate Change Adaptation Program and a National Climate Service by the Secretary of Commerce; (4) a Science Advisory Board by the Secretary of the Interior; (5) a Climate Change Education Program by the Director of the National Science Foundation; and (6) an International Climate Change Adaptation Program by the Secretary of State.

Considers California's application for a waiver of preemption for regulations to control GHG emissions from motor vehicles to be approved.

Amends the Federal Power Act to establish in the Federal Energy Regulatory Commission (FERC) an Office of Carbon Market Oversight. Provides for the regulation of carbon markets.

Amends the Safe Drinking Water Act to direct the Administrator to promulgate regulations for state underground injection control programs establishing standards for permitting underground injection of carbon dioxide for purposes of geological sequestration.

Amends the Energy Conservation and Production Act to require the Secretary of Energy to update and provide incentive funding to states for implementing national model building energy codes and standards.