Legislation will create jobs, spur clean-energy innovation, reduce U.S. carbon emissions by 55 percent within 10 years

Washington—Senator Dianne Feinstein (D-Calif.) today joined with Senator Chris Coons (D-Del.) and Congressman Jimmy Panetta (D-Calif.) to introduce the Climate Action Rebate Act (S.2284), legislation to help fight 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.

“Americans want more options to purchase clean, affordable energy,” said Senator Feinstein. “By placing a price on carbon, our bill encourages energy companies to take climate change seriously and reduce harmful greenhouse gas emissions. It also provides families with a monthly dividend to offset price increases as we transition to cleaner alternatives. This is a commonsense approach to cut carbon emissions by 100 percent by 2050, and I’m proud to join with Senator Coons and Representative Panetta to introduce it.”

“Climate change poses an existential threat to our economy, our environment, and our national security,” said Senator 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.”

“Climate change is a severe and serious threat to our coastal communities, agricultural economies, public health, and national security. It’s beyond time for our government to do its part to respond to this crisis by reducing carbon emissions and promoting a financially feasible transition to a clean energy economy,” said Congressman Panetta. “The Climate Action Rebate Act will allow us to set and meet long-term goals to combat climate change while investing in infrastructure, inventing efficient green technologies, furthering sustainable agriculture, and advancing American families and communities.”

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 percent 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 below $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, the American Council on Renewable Energy, DuPont and PG&E. Supporter quotes are available here.

• A one-pager on the bill is available here.
  
  
• A section-by-section is available here.