Flake to co-introduce bipartisan climate bill

Outgoing GOP Sen. Jeff FlakeJeffrey (Jeff) Lane FlakeSchumer recruiting top-notch candidate for McCain Senate seat The Hill's Morning Report — Trump eyes wall money options as shutdown hits 21 days Poll: Sanders most popular senator, Flake least MORE (R-Ariz.) and Sen. Chris CoonsChristopher (Chris) Andrew CoonsOvernight Defense: Trump unveils new missile defense plan | Dems express alarm | Shutdown hits Day 27 | Trump cancels Pelosi foreign trip | Senators offer bill to prevent NATO withdrawal Bipartisan senators reintroduce bill to prevent Trump from withdrawing from NATO Sunday shows preview: Washington heads into multi-day shutdown 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 TrumpSunday shows preview: Shutdown negotiations continue after White House immigration proposal Rove warns Senate GOP: Don't put only focus on base Ann Coulter blasts Trump shutdown compromise: ‘We voted for Trump and got Jeb!’ 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 RooneyGOP rep unveils resolution seeking congressional term limits Overnight Energy: Senators introduce bipartisan carbon tax bill | House climate panel unlikely to have subpoena power | Trump officials share plan to prevent lead poisoning Flake to co-introduce bipartisan climate bill MORE (R-Fla.), Brian FitzpatrickBrian K. FitzpatrickLatest funding bill to reopen the government fails in House GOP maps out early 2020 strategy to retake House A rare display of real political courage MORE (R-Pa.), Ted DeutchTheodore (Ted) Eliot DeutchDems demand answers following explosive new Cohen report Overnight Energy: Senators introduce bipartisan carbon tax bill | House climate panel unlikely to have subpoena power | Trump officials share plan to prevent lead poisoning Flake to co-introduce bipartisan climate bill MORE (D-Fla.), John DelaneyJohn Kevin DelaneyMoulton to visit New Hampshire amid 2020 speculation Delaney pledges sole focus on 'bipartisan proposals' in first 100 days of presidency Democratic dark horses could ride high in 2020 MORE (D-Md.) and Charlie CristCharles (Charlie) Joseph CristOn The Money: Shutdown Day 25 | Dems reject White House invite for talks | Leaders nix recess with no deal | McConnell blocks second House Dem funding bill | IRS workers called back for tax-filing season | Senate bucks Trump on Russia sanctions Democrats turn down White House invitation for shutdown talks Restoration of voting rights by felons marks shift in Florida 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.