Four House Democrats on Thursday reintroduced legislation to establish a carbon pricing system in the U.S.
The bill would price carbon at $15 per metric ton of carbon dioxide equivalent, with the price increasing $10 a year. The measure’s sponsors wrote that it would reduce carbon pollution by as much as 45 percent by 2030 and net zero by 2050.
The sponsors include Reps. Ted DeutchTheodore (Ted) Eliot DeutchIt's time for Biden to keep his promises on Israel and the UN Florida Democrats call on DeSantis to accept federal help to expand COVID-19 testing Last living Nuremberg Trials prosecutor deserves Congressional Gold Medal MORE (D-Fla.), Charlie CristCharles (Charlie) Joseph CristFlorida Democrats call on DeSantis to accept federal help to expand COVID-19 testing Eleven interesting races to watch in 2022 2021's top political celebrity moments MORE (D-Fla.), Judy ChuJudy May ChuPressley offering measure condemning Boebert Democratic caucus chairs call for Boebert committee assignment removal White House to host lawmakers as negotiations over agenda hit critical stage MORE (D-Calif.), Anna EshooAnna Georges EshooHillicon Valley — Biden's misinformation warning Lawmakers call on tech firms to take threat of suicide site seriously, limit its visibility Eshoo: More federal incentives needed for 'orphan' drug makers MORE (D-Calif.) and Scott PetersScott H. PetersBiden points to drug prices in call for Senate social spending vote Overnight Health Care — Presented by Emergent Biosolutions — Pfizer, US strike COVID-19 pill deal CBO: Democrats' package saves about 0B on drug prices MORE (D-Calif.).
“The pandemic may have temporarily interrupted the scale of global carbon emissions, but we need a robust plan that makes lasting changes to our energy sector. We're proposing a market-based solution to put a price on carbon and drive the transition to cleaner energy sources. Returning 100% of the net revenue back to American families will not only cover any increase in energy costs but also give extra support to those continuing to struggle financially from the pandemic,” Deutch said in a statement Thursday.
“Congress must move forward with this popular and effective plan to curb rising emissions and address a major contributor to climate change,” he added.
The legislation was first introduced in 2019. However, the reintroduction comes after one of the fossil fuel industry’s biggest lobbying groups, the American Petroleum Institute (API), announced its backing for carbon pricing after vocally opposing it for years. The API did not endorse a specific pricing system but said it was open to a cap-and-trade plan after spearheading lobbying against such a plan under the Obama administration.
Addressing the Biden administration’s target of net zero carbon emissions by 2050, API President and CEO Mike Sommers said last week that “there’s no way it is feasible without technologies that aren’t currently in the marketplace today. We think that the best way to do that is through a market based carbon-pricing mechanism that isn’t picking winners and losers.”