Flake to co-introduce bipartisan climate bill

Outgoing GOP Sen. Jeff FlakeJeffrey (Jeff) Lane FlakeThe Hill's 12:30 Report: House managers to begin opening arguments on day two Flake: Republicans don't speak out against Trump 'because they want to keep their jobs' GOP senator calls CNN reporter a 'liberal hack' when asked about Parnas materials MORE (R-Ariz.) and Sen. Chris CoonsChristopher (Chris) Andrew CoonsGOP Foreign Affairs leaders join pushback against potential troop drawdown in Africa Foreign Relations Democrats 'deeply frustrated' after Iran briefing Democrats rally in support of bill to repeal Trump travel ban MORE (D-Del.) introduced a carbon pricing bill Wednesday that aims to help cut climate change causing emissions.

The landmark bill would charge fossil fuel companies a tax for their carbon dioxide emissions. The bill is a companion to legislation introduced by a bipartisan group in the House in November.

The Energy Innovation and Carbon Dividend Act would charge $15 for each ton of carbon emitted into the air and would increase that fee by $10 every year afterward, in an effort to fight climate change. Other than administrative costs, all of the money would be given back to taxpayers in a dividend-- a payout lawmakers hope will act as a stimulus.

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"Republicans need to get serious about climate change. That’s why I introduced a revenue-neutral carbon tax bill in the House several years ago," Flake tweeted Wednesday. 

"Today, @ChrisCoons & I have introduced a bipartisan, revenue-neutral carbon tax bill that provides an honest path to clean energy."

According to a final version of the Senate bill, the legislation would aim to reduce greenhouse gas emissions by 40 percent within ten years, and 91 percent by 2050.

A key difference in the Senate bill from the House version is that the Environmental Protection Agency (EPA) at any time could intervene to regulate greenhouse gas emissions if the taxes prove to not be effective at cutting emissions--a measure pushed by Coons--according to a source involved in the bill's development.

The House bill on the other hand prohibits the federal government from regulating greenhouse gas emissions from the sectors that are taxed, unless the taxes aren’t effective after 10 years. The time limit was added in an effort to attract support from Republicans, who are nearly united in opposition to EPA climate regulations.

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Both are a bigger cut than former President Obama’s Clean Power Plan and the United States’s commitment under the Paris climate agreement — a pact President TrumpDonald John TrumpCNN's Don Lemon explains handling of segment after Trump criticism NPR reporter after Pompeo clash: Journalists don't interview government officials to score 'political points' Lawyer says Parnas can't attend Senate trial due to ankle bracelet MORE has promised to exit.

Introduced two weeks before Congress ends for the year, the legislation is unlikely to get serious consideration in this session. Flake is set to retire at the end of the year.

But with Democrats ready to take control of the House in January, the bill is poised for potential future consideration and will likely be a major marker of where lawmakers in both the House and the Senate from both parties can agree on tackling climate change.

The House bill was the first bipartisan piece of legislation to put a price on carbon in a decade. House sponsors are Reps. Francis RooneyLaurence (Francis) Francis RooneyOvernight Energy: Trump issues rule replacing Obama-era waterway protections | Pelosi slams new rule as 'an outrageous assault' | Trump water policy exposes sharp divides 2 Democrats say they voted against war powers resolution 'because it merely restated existing law' The Hill's 12:30 Report: Pelosi plans to send impeachment articles next week MORE (R-Fla.), Brian FitzpatrickBrian K. FitzpatrickDCCC to run ads tying 11 House Republicans to Trump remarks on entitlements House revives agenda after impeachment storm Former Pennsylvania Rep. Fitzpatrick dead at 56 MORE (R-Pa.), Ted DeutchTheodore (Ted) Eliot DeutchDemocrats offer mixed reactions to Trump's Mideast peace plan US officials, world leaders arrive in Israel for World Holocaust Forum  Bipartisan lawmakers condemn Iran, dispute State Department on number of protesters killed MORE (D-Fla.), John DelaneyJohn Kevin DelaneyThe Iowa Democratic caucuses, mapped Biden leads 2020 pack in congressional endorsements The Hill's Morning Report - Trump trial begins with clash over rules MORE (D-Md.) and Charlie CristCharles (Charlie) Joseph CristThe most expensive congressional races of the last decade The biggest political upsets of the decade Republicans disavow GOP candidate who said 'we should hang' Omar MORE (D-Fla.).

Deutch, the lead sponsor on the House's version of the bill, said he already plans to re-introduce the legislation next year.

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“When we introduced this legislation in the House, we showed our colleagues that bipartisanship is possible to address climate change and significantly reduce carbon emissions. Thanks to Senator Coons and Senator Flake, we’re now showing the American people that our plan to put a price on carbon and return the net revenue back to the American people has earned bipartisan support in both chambers of Congress,” said Deutch in a statement.”

“I look forward to working closely with Senator Coons and my fellow House sponsors to re-introduce the legislation next year.”

This story was updated at 5:41 p.m.