Sens. Chris Coons, D-Delaware, and Dianne Feinstein, D-California, and Rep. Jimmy Panetta, D-California, introduced on July 25 legislation to address climate change while paying a monthly dividend to American families, rebuilding the nation’s infrastructure, investing in research and development and providing transition assistance to workers and communities.
The Climate Action Rebate Act places an increasing price on carbon and other greenhouse gas emissions, designed to drive down pollution and encourage market-driven innovation in clean energy technologies.
“Climate change poses an existential threat to our economy, our environment, and our national security,” said Coons. “To address this threat, we need an innovative strategy that can reduce emissions and generate economic growth, not hinder it. I’m proud that this legislation will create a cleaner environment, while investing revenue directly into workers, families and communities — helping to spur innovation, create new jobs and ease the transition to a cleaner energy future. I am hopeful that we will continue to have bipartisan conversations about addressing this issue.”
Leading economists agree that placing a price on carbon is the most effective and efficient policy to reduce emissions and address climate change. The Climate Action Rebate Act is designed to reduce U.S. carbon emissions by 55% over the first 10 years, while achieving additional reductions through forward-looking investments in cleaner infrastructure and energy research and development.
The majority of revenues received from the legislation will be returned directly to the American people in the form of a monthly dividend to households with incomes less than $150,000, protecting energy consumers and low- and middle-income Americans. The remainder of the revenue will be directed toward programs that support climate-resilient infrastructure, energy innovation and assistance for vulnerable workers and communities.
The Climate Action Rebate Act is supported by a wide range of groups including Ceres, the Environmental Defense Fund, American Council on Renewable Energy, and DuPont.
A one-pager on the bill is available at bit.ly/2Md7CyV, and a section-by-section is available at bit.ly/2McWOkd.