Panetta, Coons and Feinstein Introduce Bill to Price Carbon Pollution, Invest in Infrastructure, Clean Energy, and Working Families

WASHINGTON, DC – On Thursday, July 25, Congressman Jimmy Panetta (D-CA) introduced 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.  U.S. Senators Chris Coons (D-Del.) and Dianne Feinstein (D-CA) introduced companion legislation in the Senate.
“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.”
“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.”
“Americans want more options to purchase clean, affordable energy.  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,” said Senator Feinstein.
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.