Flake to co-introduce bipartisan climate bill

Outgoing GOP Sen. Jeff FlakeJeffrey (Jeff) Lane FlakeFlake donates to Democratic sheriff being challenged by Arpaio in Arizona The Hill's Morning Report - Trump says US-China trade talks to resume, hails potential trade with Japan, UK Joe Arpaio to run for Maricopa County sheriff in 2020  MORE (R-Ariz.) and Sen. Chris CoonsChristopher (Chris) Andrew CoonsDemocratic senator: Attacks on Saudi oil refineries 'may call for military action against Iran' Senator asked FBI to follow up on new information about Kavanaugh last year The 13 Republicans needed to pass gun-control legislation 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.

"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.

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 TrumpTed Cruz knocks New York Times for 'stunning' correction on Kavanaugh report US service member killed in Afghanistan Pro-Trump website edited British reality star's picture to show him wearing Trump hat 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: House moves to block Trump drilling | House GOP rolls out proposal to counter offshore drilling ban | calls mount for NOAA probe House approves two bills to block Trump drilling This week: Congress returns for first time since mass shootings MORE (R-Fla.), Brian FitzpatrickBrian K. FitzpatrickHouse Democrats targeting six more Trump districts for 2020 Ensuring quality health care for those with intellectual disabilities and autism House Democrats target 2020 GOP incumbents in new ad MORE (R-Pa.), Ted DeutchTheodore (Ted) Eliot DeutchGun epidemic is personal for lawmakers touched by violence House panel advances anti-gun violence legislation Gun debate to shape 2020 races MORE (D-Fla.), John DelaneyJohn Kevin DelaneyTrump campaign mocks Democratic debate: 'Another informercial for President Trump' The Hill's 12:30 Report: House panel approves impeachment powers Sanders slips in NH, Biden and Warren in statistical dead heat MORE (D-Md.) and Charlie CristCharles (Charlie) Joseph CristPelosi says she'll no longer address anything Barr says GOP scores procedural win by securing more funding to enforce Iran sanctions Biz groups target Florida voters ahead of Democratic debates in Miami 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.

“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.