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Flake to co-introduce bipartisan climate bill

Outgoing GOP Sen. Jeff FlakeJeffrey (Jeff) Lane FlakeOn The Trail: Arizona is microcosm of battle for the GOP Trump looms large over fractured Arizona GOP Why Republican politicians are sticking with Trump MORE (R-Ariz.) and Sen. Chris CoonsChris Andrew CoonsConcerns grow over China's Taiwan plans Progressives want to tighten screws beyond Manchin and Sinema Overnight Defense: Pentagon details military construction projects getting .2B restored from wall funds | Biden chooses former commander to lead Navy | Bill seeks to boost visa program for Afghans who helped US 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 TrumpEx-DOJ official Rosenstein says he was not aware of subpoena targeting Democrats: report Ex-Biden adviser says Birx told him she hoped election turned out 'a certain way' Cheney rips Arizona election audit: 'It is an effort to subvert democracy' 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 RooneyAllies of GOP leader vow to oust Liz Cheney Republican rips GOP lawmakers for voting by proxy from CPAC A party of ideas, not a cult of personality MORE (R-Fla.), Brian FitzpatrickBrian K. FitzpatrickFitness industry group hires new CEO amid lobbying push House moderates unveil .25T infrastructure plan OVERNIGHT ENERGY: Biden suspends Arctic oil leases issued under Trump |  Experts warn US needs to better prepare for hurricane season | Progressives set sights on Civilian Climate Corps MORE (R-Pa.), Ted DeutchTheodore (Ted) Eliot DeutchWray grilled on FBI's handling of Jan. 6 Omar feuds with Jewish Democrats Shakespeare gets a congressional hearing in this year's 'Will on the Hill' MORE (D-Fla.), John DelaneyJohn DelaneyLobbying world Coronavirus Report: The Hill's Steve Clemons interviews Rep. Rodney Davis Eurasia Group founder Ian Bremmer says Trump right on China but wrong on WHO; CDC issues new guidance for large gatherings MORE (D-Md.) and Charlie CristCharles (Charlie) Joseph CristCongressional Black Caucus blocking Black House Republican from joining group Crist raises .35 million in first month of campaign for Florida governor The Hill's Morning Report - Presented by Citizens' Climate Lobby - Biden, Capito meet today as deadline looms 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.