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Senate Democrats To Introduce Legislation That Would Tax Energy Companies Responsible For Major Greenhouse Gas Emissions

Zack Budryk writes via The Hill: The Polluters Pay Climate Fund Act, sponsored by Sen. Chris Van Hollen (D-Md.), would require between 25 to 30 of the U.S. corporations responsible for the most greenhouse gas pollution to pay $300 billion into a fund over 10 years. The legislation would require companies to pay into the fund if they were responsible for at least .05 percent of global carbon dioxide and methane emissions between 2000 and 2019 based on data from the Treasury Department and Environmental Protection Agency. In a document shared with The Hill, Van Hollen’s office estimated major companies such as Shell, ExxonMobil and Chevron would be taxed $5 billion to $6 billion annually under the bill. The Democratic senator pointed to other policies that could accompany the measure, such as carbon pricing and a clean-energy standard.

The exact uses of the money in the fund have not yet been determined, Van Hollen said, adding there would be a public comment period. Possible uses include building more climate-resilient infrastructure, particularly in disadvantaged communities and communities of color. […] After years of opposition, major institutions and trade groups like the American Petroleum Institute and the U.S. Chamber of Commerce have come out in favor of a tax on carbon emissions in recent months. However, Van Hollen’s proposal would go further than that, specifically targeting major players like Exxon Mobil and Chevron. Further reading: Democrats Seek $500 Billion in Climate Damages From Big Polluting Companies (The New York Times)


Read more of this story at Slashdot.

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