Major Carbon Fee & Dividend Bill Reintroduced in House; Crist to Join Press Conference on Tuesday
Washington, DC, April 1, 2021
Washington, DC - Today, U.S. Representatives Charlie Crist (FL-13), Ted Deutch (FL-22), Judy Chu (CA-27), Anna G. Eshoo (CA-18), and Scott Peters (CA-52), introduced the Energy Innovation and Carbon Dividend Act, legislation to put a price on carbon and return 100% of the net revenue as a rebate to American families.
The EICDA will help reduce U.S. carbon pollution by up to 45% by 2030, with a net zero target by 2050. This would be achieved by pricing carbon at $15 per metric ton of CO2e and increasing the price by $10 every year.
On Tuesday, April 6 at 11:00 am ET, the sponsors of the legislation will hold a press conference with leaders from organizations that support the legislation. Click here to register for this virtual press conference.
Rep. Charlie Crist: “Floridians feel the effects of climate change each and every day. With hotter temperatures, more flooding, increasingly dangerous hurricane seasons, and rising seas, the Sunshine State is Ground Zero for the climate crisis. This crisis demands action now. Carbon dependency is one of the biggest contributors to climate change, so I’m honored to work with my friend and Florida colleague, Representative Deutch, in reintroducing the Energy Innovation and Carbon Dividend Act. It’s past time that we make carbon polluters pay and give that money right back to the American people. A win-win!”
Rep. Judy Chu: “The cost of emitting greenhouse gases has always been high, and we have paid that price in more frequent storms, devastating wildfires, soaring temperatures, and rising seas. The Energy Innovation and Carbon Dividend Act would ensure that polluters pay a rising cost for their emissions, driving down greenhouse gas pollution and returning the proceeds to taxpayers every month. This important legislation will be a crucial tool in our country’s urgent fight against the climate crisis.”
Rep. Anna G. Eshoo: “I’m proud to cosponsor the Energy Innovation and Carbon Dividend Act to address the climate crisis, create jobs and boost our economy. This bipartisan legislation will make the U.S. carbon-free by 2050 and put money directly into the pockets of the American people. This is bold, economy-based climate action that will set America on a path to a greener, cleaner future.”
Rep. Scott Peters: “We can’t save the planet without making every single person an actor in this crusade; placing a price on carbon does that. And the carbon pricing bill we introduced today returns the revenue to American families. It's poised to reduce emissions, empower markets to transition to a low-carbon economy, and immediately work to slow climate change.”
Former Rep. Francis Rooney, the lead Republican sponsor of the legislation in the 116th Congress: “I am thankful to Congressman Deutch for reintroducing the carbon tax and dividend proposal which we worked on together the last few years. A tax on carbon is the most market- friendly and efficient means of value pricing the adverse impacts of burning carbon and of driving the energy markets towards cleaner fuels, beginning with natural gas and moving increasingly to renewables.”
According to the International Energy Agency, carbon dioxide emissions dropped by an estimated six percent globally in 2020, largely as a result of national policies to control the spread of COVID-19. However global emissions have quickly rebounded; emissions in December 2020 were two percent higher than in December 2019. "In the absence of more rapid policy intervention and behavioural changes, longer-term drivers of growth will continue to push up oil demand," the IEA stated in its Oil 2021 report.
This legislation would also help the millions of Americans struggling financially from the impacts of the pandemic by returning 100% of the net revenue back to the American people through a monthly dividend check. A Treasury Department report from 2017 analyzes the benefits of a dividend plan, particularly for lower-income Americans.
Carbon fee and dividend policies are supported by leaders in government and the private sector.
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